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.
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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