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Taking a loan when on a DMP?
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PurpleMouse5
Posts: 57 Forumite
Hi,
How strict are the rules about not taking on a new loan when on a DMP? My cat needs vet treatment and it's not clear if the insurance will pay out (because I got behind with the vaccinations, which I've now fixed). And I have about £100 in my emergency fund which won't cover it. Can I take a loan from a friend if the insurance won't pay out, and pay it back over 6 months while on a DMP? I'm with Stepchange at the moment, would I have to go self-managed? Or is it a case of you just can't take any loans at all under any circumstances? Thanks
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Are you on any benefits? If so the PDSA might be able to help. You could also be frank and honest with the vets about your situation - and see if they can make suggestions. Local Cat charities too - a lot will have a discretionary fund for this sort of situation although how straightforward they are to access ai’ve got no idea.
if you can get an idea of how much then I’d suggest talking to Stepchange - if the DMP needs to be paused for a while and then your payments reduced to let you rebuild an EF then that may be a way forwards.
I’d urge against taking a loan at all - but a loan from a friend carries two risks - the first that you might not be able to repay it as planned, and the second that your relationship with your friend will be damaged or at least irrevocably altered. One of those does not necessarily rely on the other.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
You stop your DMP payments to finance any vet`s bill, consumer debt is all non-priority.
You won`t get a loan with defaults/late payments on file.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-letter0 -
Thanks both. Sourcrates it's borrowing money from friends not a commercial loanI've looked at PDSA but can't get the help at the moment0
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Ring your DMP provider and cancel the next payment, simples.If you've have not made a mistake, you've made nothing2
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