Jameni, I borrowed heavily from pay Day Loans. The interest has been going up daily and now I cannot pay. They are threatening to hand over to Debt Collectors, the daily calls from these lenders are just too many....but as I have said, interest keeps going up and the original loans have more than doubled in two months despite my efforts to pay. So i have stopped paying and have approached a Debt Management Planner.
What are the implications of DMP? I think the DMP company may not tell me the truth? One of the lenders is my banker. And the DMP company are telling me to close the account. Will I be able to open another account with another Bank? I need a Bank account where to channel my pay since i am once again working. How long will I be tagged for being unable to pay debts? Can this affect my jobs or future job hunt?
Remember, I want to pay but the lenders are not allowing me instalment plan because some of them were pay day loans payable at month end