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My Options - Advice Please
Comments
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Just wanted to add as I don't think you're convinced, that a pay day loan on your file is as bad as a default to lenders as it shows poor money management. You don't have much to lose at this point. I reckon a DMP with reasonable payments you'll only be paying for a year, maybe 18 months. Totally stress free.
I wouldn't want to do this, take a bullet on my credit file and then creditors still demand repayment on their terms. If it is an informal arrangement then there is no legally binding obligation on their part to accept it or stick to it. Plus if they are told I am having financial difficulties, they could launch into legal action straight away and start consulting debt agencies etc. which I do not want happening.
I want to do it but are fearful of the consequences, but at the same time, I am fearful of what could happen if I do not either.0
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