Brogden's Debt Disaster & Self Managed DMP!

Brogden

Good Morning Everybody

Payday loans - why were they ever invented? Make no mistake folks, the FCA is not to be messed with!! I am in debt and I decided to share my outstanding debt balances with everybody in my signature here. I confess that I did agonise for a moment about whether to show the PDL separately. I felt aen more ashamed of that than the rest I thought I would show it as I do see it differently and it is turning out to be very different indeed!!

Wonga......wow! It looks like I may be able to reduce the debt figures on my signature very shortly. Its almost embarrassing as I like to say that I took responsibility for everything I did but IF our financial regulator is to have it this way then who am I to argue?

Another of my PDL's has issues with the FCA. That is CFO Lending who have stopped issuing new loans and ceased all outbound debt collection. For obvious reasons I have taken the decision to not overpay them on my DMP. I have emailed them twice and they have not responded - I believe they think they will be in breach of their agreement with the FCA if they do. Does anybody have any knowledge or experience of CFO? Is anybody in the same position? Has anybody got any response from them?

Have a great day all.

Brogden

Brogden

Historybuff wrote: »

Hey, Brogden. Your story and debt level resonate with me. I've been self managing my DMP since Feb And for the first time in my whole life my debt levels are going down - albeit very slowly - rather than up! It's going to be a long slog, but I can't wait for that debt free day.
I've subscribed!
Historybuff

Thanks Historybuff

Well done with your reducing balances! I'm going slowly but I am targeting a serious change over the next few months. Please chip in whenever you get a moment.

All the best,

Brogden

Brogden

'Evenin' all

I've spent a bit of time going though my spreadsheets this afternoon and I keep having good ideas to reduce or clear something but then real life gets in the way. The three problems are (1) I have a 'bus lane' fine (2) I owe an insurance excess of £250 on the car and (3) I am behind with the electricity bill.

I am not deluding myself.......I spit on the bus lane fine but funnily these little 'traps' we fall into can be ones to quickly bring about legal actions and the sort of domestic unrest which I do not need increasing. I mean.......I was driving in a strange town.....I accidentally went into a bus lane and on realising I was in a bus lane I promptly got out of it. Do I really deserve this? What havoc or wreckage did I create? Its a money making scam and I despise it. Unlike most things there is no real appeal I can make. The computer saw me in there and the computer sent me a bill......period I would prefer to be dealing with NatWest

I think I am just going to have to chill out and allow my debt reduction to be slower than I would really like. I am currently awaiting a letter from Wonga, hopefully telling me that I would have failed under their new critreia and the loan is being wiped out. I am not the lowest paid person in the country so I am not sure on that one......we'll see.

There is another one where I could possibly reduce the figures on my signature too.......I don't want to mention the name in case it should start some ball rolling but another PDL company passed my debt to ARC Europe. When I got around to calling ARC the debt had apparently been recalled......? I was on a mission at the time and rang the number on the last letter I received from the PDL. The number was that of their parent company........'nothing to do with us' said the pleasant gentleman. 'Who should I ring then?' said I. 'Nothing to do with us' he said again......that's it and nothing heard. I am not pushing any further.......if there's nothing happening by the end of the year I'll take the debt amount off my spreadsheet (and signature here) as they are clearly total numpties OR they maybe have reason to have decided to not collect the debt......maybe a forerunner of Wonga.......time will tell ??!!

I hope to speak to more of you as I go along and am intending to do an update daily.......or almost daily.

All the very best in your debt-busting activities :):)

Brogden.

Brogden

Good Evening Debt-Busting Pals

Its a bit quiet at Brogden Towers at the moment and I'm hoping it stays that way for a while, but it would be nice to post some great news.......:(

I seem to be not doing or achieving too much but thinking about what I could do to reduce the national debt with a few extra squids but I'm into that time of the month where I'm trying to keep everything ticking over whilst payday is on the horizon. Its overdoing things in the month that was surely a large part of the payday loan debt anyway. If I met you in the street and was chatting I would never mention 'payday debt' but here it seems OK......having said that, I'll be glad when there isn't any and that can't be too far away ....the way things are in that industry it could be very soon indeed......I'm not counting chickens but lets see........all I really want to do is to attack the 'bedrock' of the debt and have rid of the irritating bits and pieces as quickly as possible.

Just so you know.......the 'payday debt' is all defaulted and on payment plans.......thank the Lord I don't have the scenarios I used to have - I dreaded payday because so much was gone on the very day that so much arrived if you know what I mean......uuuurgh.....I could never go back to that - probably wouldn't have the choice if I wanted - not now

I feel a big 'shift' or 'change' in me which I should have made so long ago. Month by month I find everything is more manageable than it used to be and a little 'frugality' is a pleasure rather than something to be cursed. I am a member of a family....I am not alone and I cannot say that everybody sees everything the same way that I now do...... None the less I will carry on and the benefits down the line will be enjoyed by all :)

I will try to post something a little more 'interesting' or 'sexy' next time.

As always, I wish all the greatest in their 'debt-busting' and I have some fishcakes, chips and mushy peas to eat whilst I have alook at a few diaries.....life could be so much worse !!!!

Brogden

NoOneAround

Keeping fingers crossed for you about the Wonga - That would be a great result!
x

Brogden

NoOneAround wrote: »

Keeping fingers crossed for you about the Wonga - That would be a great result!
x

Fanx NOA!! x

I'm embarrassed about having that debt but what debt are we ever proud of ? Between friends....sshhhhhh !!!;)

Brogden x

Brogden

Hi all you fellow DMP-ers

Well I knew my DMP progress would be slow for a while but I thought wot the hell, I'm gonna carve a bit off with the Wonga Scandal............ Nope

Apparently I am not 'affected.' why am I not 'affected?' Because they sold the debt to BCW Group. I have wrongly quoted the name of the DCA elsewhere but what the hell.....a DCA is a DCA in my book. I am trying to keep a little upbeat so I'll say it quickly and quietly.......this is an absolute disgrace :mad: I am not one of those who thinks they should never pay anything back but if Wonga has been forced to admit that it made rash lending decisions and other people have benefited form its 'get back into favour' campaign then how on earth can the fact that a debt has been sold come into it? Basically they loaned me money.........then they racked it up with massive interest and charges.......then they gave the loan to somebody else to collect........then they excluded me from the 'fair treatment programme. You couldn't make it up. I have typed a letter of complaint to post tomorrow and one for BCW Group who I have just put on £1.00 per month now. I have told both I will go to the FOS if the final response is not acceptable and bring the matter into the public domain

Strangely and something that is raising the spirits around here is the fact that this has been just about the best month since my DMP began for controlling the funds. I am still scratching my head working out how this can be as the month started abysmally. I owed a little bit of 'wonga' shall we say which was like a firm punch in the gut on payday - stuff I had accrued so my fault but.....how has the month gone so well? I haven't been on the ciggies for a year and we have been more careful with the now legendary take away 'gross outs' at the weekend so I can't quite work it out......decent result though I know I can can do better and am going to introduce 'envelope budgeting on Friday :T

I add each bill I have to pay into a spreadsheet. I have entered the functions so it adds them up and then deducts the total from my wages payment to give me a net spendable figure. This figure I will divide by the number of days to my next payday and that amount goes into a number of envelopes which I will keep in my drawer, held together by a bulldog clip. Each envelope has the day it can be used written on it. If I don't spend all in a day, I can put what money is left into another envelope (maybe a Saturday envelope if I think there may be a 'gross-out.') The beauty of this method is that I don't have to check my bank balance all the time and providing I don't cheat, I will wake each day to an envelop full of money! What more could a man (or woman) possibly want? I'll post to say how this sophisticated budgeting is going

Mrs. Brogden has a heavy cold so its a frozen pizza for tea (although I'll make sure its hot when I eat it) instead of the labour intensive chicken roast dinner which we'll have tomorrow. I'm not looking forward to tomorrow........work is a real, real pain currently

Sunday evening to enjoy in the meantime - have a smashing one everybody

Brogden

grannyx2

Hey Brogden

I found you, after reading on another thread that you have a diary. I've subscribed and will be following your posts happily as you fight your way to debt freedom.

You mention in one post about not wanting to name a predator, in case...... Well a tip for that is replace some of the letters of their name with numbers, eg 5ainsbury or 3gg. We will all know who you are talking about

Sorry to hear about the disappointment with W0nga, hope your appeal works.

Also hope Mrs B feels better soon and the frozen pizza was warm and tasty

Granny x

Brogden

grannyx2 wrote: »

Hey Brogden

I found you, after reading on another thread that you have a diary. I've subscribed and will be following your posts happily as you fight your way to debt freedom.

You mention in one post about not wanting to name a predator, in case...... Well a tip for that is replace some of the letters of their name with numbers, eg 5ainsbury or 3gg. We will all know who you are talking about

Sorry to hear about the disappointment with W0nga, hope your appeal works.

Also hope Mrs B feels better soon and the frozen pizza was warm and tasty

Granny x

Hi Granny x

Thanks for visiting me and for your good wishes

I guess that you alter the names so they don't get caught in any searches? It has to make sense but my worries about mentioning names goes back to being on the payday loans forums a couple of years ago. Some people reckoned that PDL predators may be looking so closely as to actually identify their own defaulting customers! If I'm honest, I guess this may have happened too - not to me I don't think! With this Wonga thing I have just thought 'what the hell' but I am going to exercise a little caution going forward.

When you get to the likes of Mr T, its pretty unlikely any 9 to 5 call centre operative would be trying to do this and even if they did and thought they had spotted somebody they were speaking to, with the 'misuse of information' scandals we have had, what could they possibly do?

I was once very worried indeed about PDL's and not knowing what they may do. Now I see that debt as another pile of carp to be wiped away. They are also all well on the back foot at the moment.

I think it is a good idea to keep out of any searches though like you do and I'll be doing the same

Speak soon,

Brogden x

PennySaving

Morning, I really like your envelope idea and the positivity of waking to an envelope full of money each day. I would be fantastic at budgeting like this but 3 children all in double figures would definitely throw a spanner in the works! :rotfl:

Keep us all up to date on your letters to the PDL. Fingers crossed!

I hope work isn't too bad today, Mondays can be a real drag!