Debt free in 18 months!

Hi all,

First post here, but I know full well that I would have LOVED to read something like this when I was in the depths of my problems which I hate to say were entirely self caused through poor financial planning and over reliance on credit once my income fell below the level I was previously used to.

I won't go too deeply into the circumstances behind the pot of money, but as all of my accounts were on frozen interest and token arrangements I saved every penny I could once I'd put together a strict budget rather than paying it to my creditors. This meant that if push came to shove I'd have some money behind me if anything went wrong.  This did eventually happen in September when consultation for redundancy started and as I wouldn't get a payout I took the choice to make settlement offers to all creditors to get a 'clean slate' and go to university to benefit myself for the long term.

Detailed below are the accounts and the amount accepted as full and final settlement. I understand the ethical implication of this as I didn't pay what was legally owed and I've left myself with what is actually a substantial (to me, at £7000) pot of savings, which once I've finished uni will hopefully have grown through working part time to an amount that will enable me to put a deposit down on my own place!

Creditor - Value outstanding at January 1st 2020 - Payment accepted to clear the account - Percentage of the account balance
Satsuma loans - £1992 - £0 as an unaffordability complaint led to them clearing the interest and as a goodwill writing off the remaining balance.  :) - 0%
Vanquis Bank - £1442 - £600 - 41.61%
Lowell (Vodafone phone contract) - £2325.81 - £488.42 - 21%
Lantern (Overdraft) - £1724.40 - £600 - 34.79%
Safetynet Credit - £240 - £0 as they wrote off the balance as a goodwill gesture - 0%
Everyday Lending - £2513 - £1256.50 - 50%
Capital One - £594 - £297 - 50%
Ferratum - £399 - £165 - 41.35%
Asset collections and investigations (Payday Loan) - £1227.18 - £343.61 - 28%
TSB Overdraft - £2913.09 - £495.22 - 17%

Total Outstanding - £15370.48 Total Paid - £4245.75 - Percentage paid - 27.62%

I hope this helps even just one person with a starting point of knowing what each creditor might be likely to accept in case they have any accounts with those that I did. It took some backwards and forwards as I went in with lower offers across the board and these are where we ended up but I'm still very happy with the outcome!!

Glenn x

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