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  • FIRST POST
    • CopleyDog
    • By CopleyDog 7th May 18, 5:42 PM
    • 24Posts
    • 11Thanks
    CopleyDog
    Back to Black
    • #1
    • 7th May 18, 5:42 PM
    Back to Black 7th May 18 at 5:42 PM
    Hello All!

    I'm a long time reader, new contributor.

    I'm just starting out on the journey to being debt free. I'll post updates here and hopefully this diary will help not only me, but also others who may be in a similar situation.

    I've already posted in another thread on the DFW forums about my plan to tackle some of my payday loan debt (see post 3228 in the 'Reclaiming money back from various payday loan companies' thread - can't post links yet as am new member!), but there's lots more than that to tackle.

    Any support, advice or constructive criticism along the way will be gratefully received.

    Looking forward to joining the community.

    CopleyDog
Page 1
    • Mnd
    • By Mnd 7th May 18, 6:34 PM
    • 711 Posts
    • 869 Thanks
    Mnd
    • #2
    • 7th May 18, 6:34 PM
    • #2
    • 7th May 18, 6:34 PM
    Love the thread title, post you SOA will be the first advice you receive, then people will be able to give appropriate comments
    Good luck
    • beanielou
    • By beanielou 7th May 18, 8:32 PM
    • 56,830 Posts
    • 231,398 Thanks
    beanielou
    • #3
    • 7th May 18, 8:32 PM
    • #3
    • 7th May 18, 8:32 PM
    POst up your SOA & keep a spending diary.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • CopleyDog
    • By CopleyDog 7th May 18, 9:33 PM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    • #4
    • 7th May 18, 9:33 PM
    • #4
    • 7th May 18, 9:33 PM
    Thanks, just completing it now...

    Do forum members object to people using their own format SOA? I have mine all done in a spreadsheet that I could paste in rather than re-type in the Stoozing SOA template.
    • beanielou
    • By beanielou 7th May 18, 10:20 PM
    • 56,830 Posts
    • 231,398 Thanks
    beanielou
    • #5
    • 7th May 18, 10:20 PM
    • #5
    • 7th May 18, 10:20 PM
    Pop it up & we can see
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • CopleyDog
    • By CopleyDog 8th May 18, 1:41 PM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    • #6
    • 8th May 18, 1:41 PM
    • #6
    • 8th May 18, 1:41 PM
    With my 'disposable' income at 3000 and monthly repayments currently at 1918.29, this does give me a monthly contingency of 1081.71, so that can be used for savings, extra payments, household emergencies etc.
    • CopleyDog
    • By CopleyDog 8th May 18, 1:44 PM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    • #7
    • 8th May 18, 1:44 PM
    • #7
    • 8th May 18, 1:44 PM
    Top of my list of things to do at the moment is to contact the payday loan lenders in the SOA above and talk to them about 'irresponsible lending'... Looking at the SOA, you can see a number of debts have been passed to third parties (due to arrears, defaults etc) so I have been advised that perhaps some of the later loans should not have been provided to me, but we shall see.
    • CopleyDog
    • By CopleyDog 8th May 18, 2:46 PM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    • #8
    • 8th May 18, 2:46 PM
    Targets...
    • #8
    • 8th May 18, 2:46 PM
    So, with a bit of Excel wizardry, the current Debt Free Target Date is... October 2021, so approx 3.5 years from now. This is using the snowballing method and is contingent on me paying back 1918.29 per month across my creditors.

    Current Creditors: 29
    By December 2018: 21
    By December 2019: 5
    By December 2020: 3
    Projected Debt Free Date: October 2021

    The majority of the smaller creditors will be gone between now and the middle of next year, which then leaves the 2 or 3 'big ones' to gradually tackle after that.

    Any work bonuses or unexpected windfalls (hopefully some payday loan refunds!....) will be used to tackle my debt, so it is hoped that I can bring the Debt Free Target Date forward by at least 1 year.
    • CopleyDog
    • By CopleyDog 8th May 18, 3:45 PM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    • #9
    • 8th May 18, 3:45 PM
    Discounts?...
    • #9
    • 8th May 18, 3:45 PM
    I've agreed monthly repayments with nearly all of my creditors, however, I wondered if anybody had any advice relating to requesting discounts/early settlements etc? Is this something I should ask for?

    SLL did reduce my debt to them by 35% if I paid over 2 months (which I accepted and have one more payment to go). I didn't ask for this, they just offered it in a letter.

    Should I contact any of the other companies?
    • efes shareholder
    • By efes shareholder 8th May 18, 4:14 PM
    • 286 Posts
    • 757 Thanks
    efes shareholder
    I would contact one of the lower debts at a time , I did this and obtained discounts of around 50% to settle in full
    • CopleyDog
    • By CopleyDog 8th May 18, 9:40 PM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    Success No. 1!
    So I recently signed up for Revolver having seen it mentioned in these forums a few times. Already had one case closed, a 6 refund from Carphone Warehouse! Here's to many more!
    • CopleyDog
    • By CopleyDog 8th May 18, 9:43 PM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    I would contact one of the lower debts at a time , I did this and obtained discounts of around 50% to settle in full
    Originally posted by efes shareholder
    I've contacted MBNA, NewDay (Aqua and Marbles) and Wizzcash with some lo-ball settlement offers so we'll see what happens. Worst case is they say no, but nothing ventured - nothing gained! I've also asked if they'd be willing to forgive interest/fees that have accumulated. Let's see what happens....
    • CopleyDog
    • By CopleyDog 10th May 18, 10:21 AM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    Update: I have agreed a settlement with Link Financial (acting on behalf of the Co-Op/Smile Bank) for 400, a discount of 25%. They have said I can pay this on my next Payday which is great news, another creditor scrubbed off of my list and 136.66 written off!
    • efes shareholder
    • By efes shareholder 10th May 18, 10:43 AM
    • 286 Posts
    • 757 Thanks
    efes shareholder
    Well done on the savings , If you don't ask the answer will always be NO
    • CopleyDog
    • By CopleyDog 10th May 18, 10:48 AM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    Well done on the savings , If you don't ask the answer will always be NO
    Originally posted by efes shareholder
    Thank You :-)

    I'm loving Resolver, such a great idea. Just fired off emails to SafetyNet Credit (via Resolver)and MyKredit (not on Resolver so old-school email) regarding irresponsible lending. Watch this space...
    • efes shareholder
    • By efes shareholder 10th May 18, 11:20 AM
    • 286 Posts
    • 757 Thanks
    efes shareholder
    I haven't tried this , what is the process with it
    • CopleyDog
    • By CopleyDog 14th May 18, 1:26 PM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    It's a great website that let's you raise complaints and keep track of responses etc, almost like a helpdesk style ticketing system.
    • Lucifa73
    • By Lucifa73 17th May 18, 3:24 PM
    • 7,414 Posts
    • 9,503 Thanks
    Lucifa73
    Hi CopleyDog.

    Have you used the snowball calculator to work out the most efficient order of repayment? Unless these are agreed, fixed balances with no interest accruing, in which case I would get rid of the smallest ones first as it can be really motivating to see the number of creditors drop away.

    Another thing to do is to look at the 1100 or so you have after the mandated payments and see if you squeeze a little extra out of this for debt busting to bring your debt free date closer.

    Good luck - I hope you get clear as soon as possible.
    Tesco CC 020718: 3502.86/110918: 3174.05 9.39%
    Surveys cashed 14.84/cleared 21.45/pending 0.90... (plus 600 YouGov points...)
    Don't give in; Don't you dare quit so easy
    Give all; That you got on the soul
    Snow Patrol. 'Don't give in'. 21.3.18
    • CopleyDog
    • By CopleyDog 23rd May 18, 2:51 PM
    • 24 Posts
    • 11 Thanks
    CopleyDog
    Success No. 2!
    Agreed with Link Financial to settle in full for 400, a 25% discount on the debt outstanding. This was originally an overdraft debt owed to Smile (Co-Op), for which I am still raising an irresponsible lending complaint as I don't fee it should have been provided to me given my financial circumstances at that time.
    • Chrystal
    • By Chrystal 24th May 18, 3:18 PM
    • 402 Posts
    • 2,605 Thanks
    Chrystal
    Just to wish you well and say Congratulations on being so organised! (My head's in a whirl just reading it, never mind sorting it out )

    I'm sure that with the right mindset, which you now seem to have, you'll soon have a plan in place which will allow you to have peace of mind while you pay off your debts.

    The only thing I would say is to try and build an emergency fund whilst you're paying it off, nothing worse than unexpected expenses throwing you off track..

    Subscribing to your thread to give encouragement
    I Believe.....
    That it isn't always enough, to be forgiven by others.
    Sometimes, you have to learn to forgive yourself.
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