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Setting up a DMP/Recently taking a loan - William 2018-11-06 08:03:55
I was just wondering if it's possible to set up a DMP covering the loans I have if I've only made 0-1 payments on some of them? As I have payments coming up but I think if I don't do something, I'm going to be stuck again and trying to get another loan to cover costs which will just make the situation worse the following month.

Re: Setting up a DMP/Recently taking a loan - Jane 2018-11-08 08:11:53
Hello William

We would usually advise making the full payments to the loans for a couple of months even if this means making token payments to your other creditors. The reason for this is technically if you took out the loans knowing you could not repay them, you would be committing fraud. However, it is unlikely they would prosecute but you need to be aware.

If they are short term loans to be repaid in full - aka payday loans - then the situation can be different. Also if there has been a sudden change in circumstances.

I would suggest you contact one of the free to client debt advisory services such as ourselves at the number above - 0800 2802816 - then a trained adviser will be able to discuss with you. I should also say that the service is confidential and there is no obligation.

I hope that helps.



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