Never thought it would happen to me...help!

youknowthis123

I never thought I'd be doing this, but i have nowhere else to turn so here's my story!

I'm 28 and work for one of the biggest names in global media (I'm not showing off, merely demonstrating that ANYBoDY can get themselves into a debt nightmare!)

My monthly take home is just under 1600 after tax.

Outgoings as follows:

Rent: £750 (I live in London and am under contract)

Travel: £120

Living: 350-400 (inc. all bills)

My story:

I decided once it would be a good idea to take payday loan (free money after all!) I then got myself into the !!!!. I took out a personal loan (everydayloans) in order to pay off payday loan. Now 6 months later and many payday lenders later, I'm sat in a pub in Westminster(don't have a go at me for having a pint, i had the lightbulb moment and realised a few things as a result) dreading the next three to four years of my life paying off debts. But I'm an intelligent guy (despite being financially inept!) , I know I won't get beaten up or go to jail. However I want to rid myself of debt demons ASAP.

So I finally reached a point where my income will not cover my remt, living and creditor payments.

Here is my financial situation:

Every day loan: 2000
Wonga: 1500
Swift Sterling: 775
Wage day advance: 195
Quid Market: 250
Quick quid: 312
Vivus: 246
CFO: 200
Mr Lender: 300
Lending Stream: 160
Vodafone: 500

Total: 6438

I am on payment plans with the majority but still this didn't help. Details as follows (per month):

Wonga: 150
Swift Sterling: 100
QQ: 50
LS: 50
Vivus: renew monthly for £40
WDA: 50
Mr. Lender: 50

My Everyday Loans agreement is an 18 month loan paying £200/month (don't ask me what I was thinking!) original loan was for £1500. I called today and to pay off today would cost around £1700 (despite already paying £200 per month since april

CFO and Quid Market are due to come out in full this payday (27/09)

From where I'm sitting/leaning. I have a few options ":

1: Churchwood finance - i pay them a Pre agreed fee (£230 per month). They do the leg work and I get a hugely reduced monthly payment. I've read the forums I know they have a bad rep. But these posts are from years ago, have they improved? Is it worth going with them just to get a DPA in place? By the way I know they charge a monthly fee.(I've actually already signed the documents but I'm not due to pay until the end of the month, I know I can get out of this.)

2: Payplan - will they even be able to help beyond advice?

3. CCCS- just tried calling but offices are closed will try again tomorrow lunchtime.

My aim: is obviously to be debt free ASAP but to pay off at a rate I can afford. Around £200-£250 per month.

My concerns: mainly everydayloans. They are a face to face lender, I have spoken to them , I have been to their office, they do scare me a bit. But I'm a big boy , I can stand up to them if I have the grounds upon which to do so. I'm confident of handling the payday lenders myself, but EDL worry me.

Second concern is keeping this between the creditors and I. This is my mess and I intend to sort it out but at a rate that I can afford.

My plan of action: despite the concerns I am intending on going with Churchwood Finance in order to get the ball rolling. However I have an appointment with Payplan tomorrow and will be speaking to CCCS tomorrow lunch also.

So guys there it is in black and white. I am committed to paying this off and have the occasional increase in. Income from month to month, nothing too drastic. I also earn okay money but by no means am i raking it in.

I need your help. In a year or two I want to be offering you all advice having drastically decreased what I owe. Please, any pointers at all would be more than welcome.

Thank you all for being there when I thought I was all alone.

Regards,

Youknowthis

brettcta

First of all, well done for posting your situation. There have been far worse debt problems written on here and there will be in the future, but you've taken the right first step in getting help.

I'd hold fire on churchwood - that £2760 per year could go towards paying off one or two of your accounts. speak to step change tomorrow (new name for CCCS)

brettcta

also, this might get a better response in the debt-free wannabe section - maybe a kindly mod can move it?

youknowthis123

Thank you very much for your response and support. I have reposted in the topic you suggested. If a mod is reading please feel free to remove this thread.

Thanks,

YKT

mum2one

brettcta wrote: »

First of all, well done for posting your situation. There have been far worse debt problems written on here and there will be in the future, but you've taken the right first step in getting help.

I'd hold fire on churchwood - that £2760 per year could go towards paying off one or two of your accounts. speak to step change tomorrow (new name for CCCS)

Great minds think alike, doesnt matter what agency is it, if your paying that is money you could be paying off your debts.

personally I am with CCCS and have been for just over a year, and they have been brilliant, I have a couple of different things go wrong, they sorted it out, they do have a thread on here, and they have a link to the site which lets u do a budget planner and see what they suggest xx

dalesrider

mum2one wrote: »

personally I am with CCCS

Note they are now called Stepchange.