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Debt management question.

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Hello,

I'm in that vicious payday loans cycle and I'm wondering if I did choose to go down the debt management path will all debt be included?

For example can I keep certain payments out of it and pay them normally? Just include payday loans?
Thanks.

Comments

  • DCFC79
    DCFC79 Posts: 40,635 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 26 November 2018 at 8:43PM
    3832always wrote: »
    Hello,

    I'm in that vicious payday loans cycle and I'm wondering if I did choose to go down the debt management path will all debt be included?

    For example can I keep certain payments out of it and pay them normally? Just include payday loans?
    Thanks.


    Stepchange says

    Priority debts, like most household bills, your mortgage or a debt where court action has already been taken, won’t usually be included in a DMP, and you should keep paying these at the agreed amount.


    Link


    Which debts you thinking of not including ?


    Its a bit unfair if your paying less to the pdl but keeping to your agreement with other creditors. Stepchange would tell you for sure if you can do what your thinking.

    Another link

    As the link says you don't have to include all your debts.
    Apologise if I come across as harsh, not intentional.


    Its entirely up to you, there is the potential for the dmp to be rejected.
  • No not harsh at all, thank you for the honest answer.

    It was a guarantor loan I didn’t want to include. No court action or missed payments so far just concerned I took it too far.
  • We always allow guarantor loans to be left out of debt management plans if requested but insist all other non priority unsecured debt must be included, eg. You can’t leave a catalogue out etc.
  • sourcrates
    sourcrates Posts: 31,409 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    3832always wrote: »
    No not harsh at all, thank you for the honest answer.

    It was a guarantor loan I didn’t want to include. No court action or missed payments so far just concerned I took it too far.


    Just a friendly warning for you, anything less than full monthly payments to this loan will result in the creditor chasing the guarantor for the money.


    These forums are filled with horror stories of such things happening, usually from bemused guarantor`s who didn't really understand what they were signing up to.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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