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

youknowthis123

Thanks Sourcrates for your input and support! :-)

Since my mind is now less overwhelmed, I can focus clearly on what I need to do in order to better my situation. My current thinking is as follows:

My Everyday Loan, is the biggest debt I have, it's also the only creditor to refuse to freeze interest and charges. I need to clear this debt ASAP as 51 GBP of my 90 GBP payment is going on interest.

I have set up a savings account this week, (with the same provider that I set my Basic account up with, Barclays). This means I can now easily transfer money from one to the other. I'm already enjoying this privilege! My plan is to save as much as I possibly can in order to reach a figure which would be a realistic maximum F&F offer for Everyday Loans. The current outstanding balance is 2600ish GBP. I'm thinking if I can save 2000 GBP I can approach them with an offer of 1500, and see where we go from there. I know I will have up to 2k to negotiate with. Worst comes to the worst, I will save a little more and pay off in full.

If I can do this by Christmas, then along with my DMP payments, my outstanding debt will go to about $5k (less than half my original debt).

Now, I realise this will technically void my DMP with Payplan. But I thought that this would be a good chance to either self manage or switch to CCCS (to be honest I haven't been 100% impressed with Payplan). I can then focus on remaining creditors, or if I choose to self manage, I can pay off some of the smaller loans, and save a again for F&F's.

That is the plan moving forward. What do you think?

Thanks

YKT

Puzzcat

Hi YKT,


Glad you have all up to date balances and now know who is charging what...!!!


As for doing a full & final on EDL, I don't think it would affect your current dmp provider unless they scrutinise your details each month which I doubt... If its anything like SC (previously CCCS) you update your own balances.. I have heard of others doing f & f and carrying on with the rest on there dmp. Maybe worry about it at the time...!!


Good Luck with your journey, you'll be at the finish line before you know it..


Puzz.

Toomuchdebt

No idea about f&f but I went self managed 2 months ago and it's going very well.Everyone froze interest and charges straight away, which they hadn't done while I was with stepchange.

youknowthis123

Hi guys,

Been a long time since I've been on here. I've been keeping my head down, still in DMP and making monthly payments.

Updated balance in signature, certainly progress has been made in the last year, but under no illusions there is still a long way to go.

Thanks all for helping me get this far.

YKT

youknowthis123

just to add:

I have been in debt to Wonga for a year at least. I'm hoping I will be one of the 330,000 people who get their debt written off...! I still owe them £1000.

That would be a nice boost!

ghostmadlittlemiss

I don't know if you're still saving for that F & F as you haven't mentioned it in a while. But if you are, just tell Payplan that a family member gave you money to clear that one, specific debt and they'll let you stay on your plan with them after paying it. Or at least, that's the case with StepChange so I imagine they'd be the same. Get in touch with them and check just in case but don't let them know that you saved the money or they'll want to know why you're not paying more. Say it's a gift.
Kayleigh

youknowthis123

Thanks for the advice guys.

tonight my plan somewhat changed, Wonga got in touch via email and told me my balance had been written off. That's £1000 slashed off my overall debt, which I'm over the moon about.

My remaining debts are one personal loan, and several payday loans. My plan is to focus on a F&F for the personal loan and wait to see how the payday lenders react to a.) Wonga's mass write off, and b.) the new regulations in 2015. Wishful thinking but I think worth seeing if any of the others follow suit.

An important evening in my debt free journey, still far from over, but a big step forward!

Thanks for continuing support!

YKT

youknowthis123

Hi everyone,

Just an update as I haven't logged on for a while, I've been keeping my head down throughout the winter and patiently letting my DMP improve my situation on a monthly basis.

I am now down to nearly half my original debt, which is really a great result. I still have a couple of years to go, but as this figure gets smaller I will be more tempted to make a bulk payment or two. So I think by this time next year I can be close to debt free!

Thanks all for your continued support. The future is brighT!!

YKT

andyfromotley

Great thread, well done you.

chesky

... And you never did post your SOA...