Missed payment

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by chrissy7 » Fri Dec 29, 2017 4:06 pm
Hello, I'm not in an IVA yet but might have to do one.

I was advised by Stepchange to contact creditors. The payday loan now has my account as "held" and are offering a repayment plan with frozen interest. When i log in it says today's payment has been "missed".

The thing is I can (just about!) afford the normal payments for now.

If i go ahead with the repayment plan I would save £600 but would it say something obviously DMP/IVAish on my credit file?

If I pay the normal amount today (the due date) then will my credit file be untarnished?

As I can pay the full amount today, should I and is it not too late to (now that the PDL have my account on hold)?

Advice urgently appreciated so I can pay today if that is the best option. :?
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by Foggy » Fri Dec 29, 2017 4:15 pm
In theory you are not insolvent if you can afford the payments as well as essential living expenses. A DMP isn't usually recorded as such on credit files, but the individual creditors are free to record a default or late payment if they so wish. If you maker tha payment now I doubt they would report it to the CRA --- but there are no guarantees, especially with PDL forms as they can be quite aggrssive.
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by kallis3 » Fri Dec 29, 2017 4:51 pm
Agree with Foggy but would suggest you sit down and work your figures out. You should have a chat with one or two firms for some advice.
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by chrissy7 » Fri Dec 29, 2017 5:39 pm
Thanks Foggy and Jan.

I got back in touch with the PDL. It appears with this company that once you let them know you are having financial difficulty, they freeze interest and put the account on hold, giving you one month to arrange a repayment plan with them.

I'd like to avoid IVA/BR if possible.

The PDL company said they would report back to CRAs that an arrangement is in place and this would stay on my file even after the account is settled. I think this means the only way to keep my file free of adverse markers (for now) is to settle the account in full.

My folks are willing to clear it and let me pay them back at 0% IF it will have no negative impact on my credit file.

Would you advise offering the PDL monies owed up to the point they froze interest OR offering the full amount including interest at 0.8% per day to date?

If the second one will definitely avoid any adverse markers that take 6 years to go then I'd rather do that.
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