Author Topic: at my wits end please help  (Read 829 times)

twodogs

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at my wits end please help
« on: Nov 25, 2011, 03:46:51 AM »
hello new to the forum so bear with me please. i am already on a dmp thats not the problem i have taken out 5 different payday loans i was using one to pay off the other and so on but now one of them has refused another loan after me paying off the loan and the whole pack of cards is falling down with a big chunk of my wages gone im going to default on a lot of my debts dont know what to do any advice will be appreciated thanks

James Falla

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Re: at my wits end please help
« Reply #1 on: Nov 28, 2011, 04:50:57 PM »
Hi there twodogs. Sorry it has taken a while to respond to your question. I do look at this forum every day. My first suggestiong would be to speak to your debt management company and see if they will include your payday loans into your plan. Which debt management company are you using to manage your debt management plan? Most reputable ones will be able to help you with this. However the problem you have is that of course the level of your debts has increased so the length of time it will take to repay them in full using your DMP will be significantly extended.
 
As such have you considered the other options to resolve your debt problem? Depending on your circumstances you might be better off changing to an IVA. This would mean that all of your debts are settled in 5 years. However you need to be able to make a payment of at least £150 a month.  Alternatively there is the bankruptcy option which would mean that all of your debts are taken away immediately.
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