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

harrys_dad

youknowthis123 wrote: »

Thank you DF for the pointers, much appreciated.

I just got off the phone to Payplan, and with a bit of tweaking to my budget they have come back with an offer of 238 GBP per month. To be honest I wanted max 200 per month, do you think I can negotiate down? Or should I just accept. I will be able to keep up without the extra 38 so maybe I should just leave it. Just need to send over all my ref numbers, and await a call from my assigned account manager next week. Good progress I think, still nervous about it all kicking off on payday, but at least I'm taking steps to repay the debt and take control of my finances once more!

Thanks,

YKT

My view would be to accept the £238 via Payplan, which is a huge amount less than you are currently paying ( and almost the same as you were going to pay in fees to a paid for debt management company shark in your first post!)

We still need to see your SOA on here though if possible to make more helpful suggestions as to how you can manage your outgoings better.

Shoes2013

I too took out payday loans - never again! I used to dread payday because it would all go out in one lump and then I'd have to borrow again. I finally admitted defeat and have now paid of £18,000 of debt through Payplan. I found them really good. I never missed a payment - although I'm not sure how I managed sometimes and now I am debt free. It's awful, you feel sick, embarrassed and many other emotions but you can clear your debts. Call Payplan they were great with me.

ilovelondontown

Hi YKT

I just wanted to point something else out that comes from a different stance to actually getting finances under control.

I also used to work for a world known media company (maybe the same one you do) and anyone in media knows, it's poorly paid in relation to the work you do, as everyone wants your job. I used to get such a kick out of saying who I worked for but then the novelty wore off and I ended up strugging for 5 years on a pitiful pay rise.

So what did I do? I moved jobs (not in media granted) but effectively got myself a £8k payrise by moving jobs.

What I'm saying is, maybe if you feel you're not earning enough to support the lifestyle you want and don't feel after a DMP that you're going to be better off month to month, do consider a career change, even in another media company if that's the way want to go.

Just my thought.

John1993_2

ilovelondontown wrote: »

What I'm saying is, maybe if you feel you're not earning enough to support the lifestyle you want and don't feel after a DMP that you're going to be better off month to month, do consider a career change, even in another media company if that's the way want to go.

Just my thought.

This route seems overlooked so often, even by people whose poor financial situation is ruining their life. Do people really believe that they just happpen to already be in the very best paying job available already?

youknowthis123

Hi guys,

Definitely a valid point and of course something that has been going through my mind. In fact i am applying for other jobs (both media and non-media). Like I said, an extra 3-5k per year would sort me out pretty sharpish. In fact with each day the grey cloud above my head gets a little smaller. The future is bright for us all, I'm sure of it!

Thanks for all comments and advice.

YKT

youknowthis123

HELLO everyone!

Did you think I'd disappeared? Fear not I am still alive!

Have had a hectic few weeks including a week long hospital trip which involved having some surgery, however, pleased to announce that I am in one piece and well on the road to recovery!

I also wanted to wait a while before I posted my next update because I wanted to get my DMP set up, get through pay day and make my first payment...all three of which I'm happy to say I have achieved.

I also had to battle a few thoughts in my head before I sent off my Payplan forms. Namely worries about my credit rating. But after a few days of thinking I decided that my credit rating is shot any way so what do I have to lose. I can rebuild it some day and have also heard stories of people not finding it so difficult to get credit shortly after their DMPs have finished. However I am under no illusions, I know that when i default on my loans it will remain on my file for 6 years. Even more incentive to pay off my debts as soon as possible!

So having set up my new 'Basic' account at Barclays, I informed my employer to pay my wages into there. A fresh start! Pay day came and went, and I have had relatively few phonecalls and emails. Considering I have 9 creditors on my DMP I was quite surprised by this. Someone earlier in this thread a few weeks ago said to me, 'why worry about what your creditors MIGHT do', and now I can see how right they were. They didn't do a whole lot.

Being in control of my finances is a great feeling and one I have not had for over a year. I just wish I had gone down this route earlier.

Anyway, Payplan finally received my consent forms yesterday, and I made the first payment of 228 GBP today. If I keep up my payments I should be debt free in 3 years. However I think with a potential payrise and a few larger payments, I can get out of debt within 18 months. That is my aim. If I do it, then great. If I don't, then still pretty great to be honest!

Now I just need to set up my signature so that you can all keep track on how I'm doing. Any pointers on this?

Also worth me adding, that although everything is going pretty well at the moment, I am aware that there will be tougher times ahead at some point during my DMP, where I may have to say no to that weekend away with the lads, or where I cant go out for a month but at the end of it all, I will be debt free, and that will really be something to shout about!

Thanks all for the continued support. This forum is 80% of the reason I have got this far.

YKT

wegle

Hey YKT!

What a lovely treat to see your thread pop up on my subscribed list and to read such a positive and inspiring post! It's so true that there is no point worrying about what might happen in the future. I used to be a nightmare for this and got so bad at one point I made myself very ill. Turned out none of the things I worried about ever happened and it was all just a big waste of my time, effort and health.

Please keep posting as you go through your journey. That way the lovely pele here will be able to help you through those few times where it might feel everything is getting a bit tough. Definitely shoot for the 18 months. You'll be surprised what you can achieve when you set your mind to it!

youknowthis123

Hi all,

Hope you're well. Just a quick update from me. All going well still, and minimal contact from creditors. However I did receive my first Default notice. I knew it was coming, but still scared me a bit, particularly when they threaten that they will contact my work, and in fact may try to get my place of work to pay the debt off directly, thus taking it off my pay cheque. Is this something they can do? I'm talking about 'QuidMarket'. My debt to them is only 230 pounds, so this course of action seems a bit much to me!

Anyway, besides that, my life is so much better since being on the DMP and only 1 month in. All i need now is a payrise, so i can pay my debt off quicker!!

Also any advice on how to set up my signature so that you can all keep track of how I'm doing?

Thanks,

YKT

antonic

youknowthis123 wrote: »

Hi all,

Hope you're well. Just a quick update from me. All going well still, and minimal contact from creditors. However I did receive my first Default notice. I knew it was coming, but still scared me a bit, particularly when they threaten that they will contact my work, and in fact may try to get my place of work to pay the debt off directly, thus taking it off my pay cheque. Is this something they can do? I'm talking about 'QuidMarket'. My debt to them is only 230 pounds, so this course of action seems a bit much to me!

Anyway, besides that, my life is so much better since being on the DMP and only 1 month in. All i need now is a payrise, so i can pay my debt off quicker!!

Also any advice on how to set up my signature so that you can all keep track of how I'm doing?

Thanks,

YKT

Afternoon !

No they cant ask your work to pay it for you ! and I would remind them that it would be a breach of the Data Protection Act for them to even contact your employer, let alone tell them that you owe money because the debt is between you and the PDL and NOT your employer and the PDL !.

Also setting up your signature is easy.

Click on the words "UserCP" and it will then let you enter whatever you want, upto a max of 5 or 6 lines.

HTH !

wegle

They can say lots of things, what they can actually do is a very different matter. I'd ignore it completely. It's just typical scare tactics.

Just think from now on, every day is a step closer to being debt free!!