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My experience (payday loans & bank debts)
alice87
Posts: 30 Forumite
Hi all
Would just like to thank you all for the bits of advice I've had from here
I wanted to share my experience with anyone who might be in a similar position to me.
My total debt is around £7k which includes 5 payday loans. On my last payday I paid nearly £800 out in charges/deferrments/payments and thought ENOUGH!! I contacted payplan who couldn't act for me as my total debt was too low but they gave me all the tools I needed to set up on my own with payment plans.
On the 12th November I finally plucked up the courage to send the letters and I'm delighted to say that as of today ALL creditors have agreed to my repayment plans. I know have a debt free date of june 2012. I really had to fight for it and it's been incredibly stressful but I did it and my only regret is not doing it sooner!! This Friday I'll be getting paid into a new account with standing orders flying out to my creditors, nearly £500 a month better off.
My creditors are...
Natwest loan (1600)
Natwest overdraft (2000)
Barclaycard (1000)
Capital One (150)
Quick quid (200)
Wageday advance (400)
Payday Express (400)
Lending stream (300)
Capital Finance One (300)
As mentioned each and all of these have agreed to a plan with me, and I would be more than happy to share my experience with each to anyone struggling with them.
I'm so proud to finally be back on my feet and dealing with this!
Would just like to thank you all for the bits of advice I've had from here
I wanted to share my experience with anyone who might be in a similar position to me.
My total debt is around £7k which includes 5 payday loans. On my last payday I paid nearly £800 out in charges/deferrments/payments and thought ENOUGH!! I contacted payplan who couldn't act for me as my total debt was too low but they gave me all the tools I needed to set up on my own with payment plans.
On the 12th November I finally plucked up the courage to send the letters and I'm delighted to say that as of today ALL creditors have agreed to my repayment plans. I know have a debt free date of june 2012. I really had to fight for it and it's been incredibly stressful but I did it and my only regret is not doing it sooner!! This Friday I'll be getting paid into a new account with standing orders flying out to my creditors, nearly £500 a month better off.
My creditors are...
Natwest loan (1600)
Natwest overdraft (2000)
Barclaycard (1000)
Capital One (150)
Quick quid (200)
Wageday advance (400)
Payday Express (400)
Lending stream (300)
Capital Finance One (300)
As mentioned each and all of these have agreed to a plan with me, and I would be more than happy to share my experience with each to anyone struggling with them.
I'm so proud to finally be back on my feet and dealing with this!
0
Comments
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Well done on being upfront and proactive - I know it can't have been easy initially. Thanks for posting - I think many other people in similar situations will appreciate this post.
Well done!Saving hard for Financial Independence0 -
Could you please put a copy of the letter you sent to the payday companies on here as i need to sort out a payment plan with them but am not sure how to word the letter:A0
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Hi alice87
I'd like to know how you handled NatWest, I had a current account with them that I thought I had closed a year ago but in fact hadn't :mad: and I have been stung for charges ever since, my own fault I know.
ThanksDon't Judge anyone until you've walked a mile in their shoes......Proud to be dealing with my debts - LBM 29/07/2010 = Debt at LBM £8,412.93[STRIKE]£5267.50[/STRIKE] £3740.84 left
, dealing with it one day at a time and no longer alone.
Planning to be well on the way to being debt free by my 40th :eek: - 03/10/20120 -
Hi alice87 - bl**dy well done!! Can you give me some advice please? I want to negotiate with 5 PDL companies, what did you do first? Thank you!My LBM - December 2010!
Q.Q: £726; Payday Exp: £650; WDA: £375; L.S: £779; PDP: £649; 24/7 Money: £130
Provident: £1,700
Black Horse: £3,471
TOTAL: £8,480 :eek:0 -
What an encouraging thread - especially considering the time of year! Well done you 0
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