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  • FIRST POST
    • CopleyDog
    • By CopleyDog 7th May 18, 5:42 PM
    • 29Posts
    • 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
    • 575 Posts
    • 681 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
    • 55,533 Posts
    • 222,937 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.
    • CopleyDog
    • By CopleyDog 7th May 18, 9:33 PM
    • 29 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
    • 55,533 Posts
    • 222,937 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.
    • CopleyDog
    • By CopleyDog 8th May 18, 1:37 PM
    • 29 Posts
    • 11 Thanks
    CopleyDog
    • #6
    • 8th May 18, 1:37 PM
    The numbers are in.... yikes...
    • #6
    • 8th May 18, 1:37 PM
    So, here's an SOA (of sorts). I've put down my income but rather than list my priority bills, I've just put a lump sum of 1500 as this is what I transfer to my partner each month to take care of my contributions towards the mortgage and all other household expenses (the flat is in her name, I moved in several years after she bought it).

    All figures are monthly:

    Income
    Income (after tax): 4500

    Expenditure
    To Partner for ALL bills, food, utilities etc: 1500

    Leftover: 3000

    Debts Owed (Monthly Repayment)

    TOTAL DEBT: 84,203.94

    Creditors listed below. Amounts are total owed at time of writing, with the value in brackets the agreed monthly payments.

    Lowells (formerly Shop Direct - Very) - Catalogue - 1664.59 (50)
    Lowells (formerly Shop Direct- Littlewoods) - Catalogue - 925 (50)
    Parents - Consolidation Loan - 21633 (360.55)
    Nationwide credit card - Credit Card - 13721.74 (150)
    Barclaycard - Credit Card - 12544.3 (150)
    Royal Bank of Scotland (Mint Credit Card) - Credit Card - 4472.73 (20)
    Fredrickson International (formerly Aqua Credit Card) - Credit Card - 933.83 (50)
    Marbles Credit Card (NewDay Ltd) - Credit Card - 308.22 (25)
    MBNA Credit Card - Credit Card - 293.45 (25)
    Nationwide overdraft - Overdraft - 2340 (150)
    Yorkshire Bank - Overdraft - 1159.24 (20)
    Natwest Main Account - Overdraft - 743.23 (20)
    Link Financial (formerly Smile/Co-Op) - Overdraft - 536.66 (50)
    Natwest Repayment account - Overdraft - 188.46 (94.23)
    Tesco - Overdraft - 100 (10)
    Credit Resource Solutions 2 (formerly Lending Stream) - Payday Lender - 2718.13 (29.87)
    Credit Resource Solutions 1 (formerly SafetyNetCredit) - Payday Lender - 1258.9 (59.95)
    BW Legal (formerly Payday Express) - Payday Lender - 1170.15 (25)
    Credit Resource Solutions 3 (formerly MyKredit) - Payday Lender - 825.99 (59)
    Moorcroft (formerly Wonga) - Payday Lender - 539.51 (25)
    Wizzcash - Payday Lender - 375.73 (93.93)
    SLL (formerly Mr Lender) - Payday Lender - 80.76 (80.76)
    Home Retail Group (Argos Card) - Store Card - 884.77 (20)
    Moorcroft (formerly Creation) - Store Credit - 1207.56 (50)
    Moorcroft (formerly Creation) - Store Credit - 608.2 (25)
    Zopa - Unsecured Loan - 9311.81 (100)
    LCS/Oakbrook (LikelyLoans) - Unsecured Loan - 2048 (80)
    CCI Credit Management (formlerly Bitbond)[/B] - Unsecured Loan - 805.96 (30)
    BTCPOP - Unsecured Loan - 804 (15)

    Total Monthly Repayments: 1918.29

    So, what's the plan? Well, I already got rid of two smaller creditors from the list before the time of writing, and the next payment to SLL (formerly Mr Lender) will be the last - so that's 3 creditors gone in Month 1. Obviously there's a long, long way to go. I'm planning on adopting the snowball method, i.e. next month SLL will be totally repaid, giving me 80.76 to assign to something else in the list.

    Most of the figures above are final, but I may need to make some slight tweaks as am still waiting for confirmation of one or two arrangements.

    It's a big,giant number - but I am fortunate that I have a good income and am determined to take back my life!

    I'm happy to talk more about how I got into this mess, but only if people want to hear it. let me know!
    • CopleyDog
    • By CopleyDog 8th May 18, 1:41 PM
    • 29 Posts
    • 11 Thanks
    CopleyDog
    • #7
    • 8th May 18, 1:41 PM
    • #7
    • 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
    • 29 Posts
    • 11 Thanks
    CopleyDog
    • #8
    • 8th May 18, 1:44 PM
    • #8
    • 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
    • 29 Posts
    • 11 Thanks
    CopleyDog
    • #9
    • 8th May 18, 2:46 PM
    Targets...
    • #9
    • 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
    • 29 Posts
    • 11 Thanks
    CopleyDog
    Discounts?...
    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
    • 132 Posts
    • 158 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
    • 29 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
    • 29 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
    • 29 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
    • 132 Posts
    • 158 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
    • 29 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
    • 132 Posts
    • 158 Thanks
    efes shareholder
    I haven't tried this , what is the process with it
    • CopleyDog
    • By CopleyDog 14th May 18, 1:26 PM
    • 29 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.
    • CopleyDog
    • By CopleyDog 15th May 18, 4:49 PM
    • 29 Posts
    • 11 Thanks
    CopleyDog
    I've spent a couple of days collating all of the details of payday/short term loans that were provided to me to assist with irresponsible lending complaints and/or Financial Ombudsman cases.

    Since the 16/11/16 (my first PDL), I have been provided the following:

    Lending Stream (2000)
    H&T (250)
    Mr Lender (1050)
    MyJar (1050)
    MyKredit (3200)
    Payday Express (650)
    The Money Shop (650)
    WageDayAdvance (1500)
    Wizzcash (1400)
    Wonga (1980 + one other that I can't find the details of)
    SafetyNet Credit (6971)

    Note: These amounts are the principal amounts borrowed, not including interest.

    Looking at the most expensive months in terms of repayments, in March and May 2017, I spent 4700 and 4130 on PDL repayments alone, which was way more than my income at the time). Surely this is clear-cut irresponsible lending? If I managed to get back just a fraction of the interest on these loans, it would be a great help getting me back on track. I've raised quite a few cases using the Resolver tool, and have already escalated to the Ombudsman cases against MyKredit and Instant Cash Loans Ltd (Payday Express & The Money Shop) who have already sent 'Final Response' letters denying any wrongdoing.

    Mr Lender have 'as a gesture of goodwill' offered to recall my loan from SLL Capital (to whom they had passed it on for collection) and to wipe whatever else is owing. I've paid all but 80 of it back so am considering whether to take that, or to push for more given the amounts borrowed and what I have already paid them.

    It's also worth pointing out that during the period mentioned above, I was also given 2350 in overdrafts on various bank accounts, despite all of the above (and the 'maxed out' credit cards and other unsecured loans being evident on my credit file).

    I wasn't in the right frame of mind mentally during the period above and it's taken me quite a while to realise that some of these lenders MUST bear some of the responsibility and that I'm not entirely to blame.
    • CopleyDog
    • By CopleyDog 17th May 18, 2:38 PM
    • 29 Posts
    • 11 Thanks
    CopleyDog
    The first creditor has been stricken from the list! Mr Lender recalled the loan from SLL Capital and wrote off the balance owed. A small victory, but a victory nonetheless. This means now that I can put that 80 payment towards something else on the list, most likely that Natwest Repayment amount, which I should be able to clear this month. If I then strike Mr Lender and Natwest Repayment Account from the list, that means in June I will take 94 + 80 to assign to one of the other debts - let the snowballing commence!

    Lowells (formerly Shop Direct - Very) - Catalogue - 1664.59 (50)
    Lowells (formerly Shop Direct- Littlewoods) - Catalogue - 925 (50)
    Parents - Consolidation Loan - 21633 (360.55)
    Nationwide credit card - Credit Card - 13721.74 (150)
    Barclaycard - Credit Card - 12544.3 (150)
    Royal Bank of Scotland (Mint Credit Card) - Credit Card - 4472.73 (20)
    Fredrickson International (formerly Aqua Credit Card) - Credit Card - 933.83 (50)
    Marbles Credit Card (NewDay Ltd) - Credit Card - 308.22 (25)
    MBNA Credit Card - Credit Card - 293.45 (25)
    Nationwide overdraft - Overdraft - 2340 (150)
    Yorkshire Bank - Overdraft - 1159.24 (20)
    Natwest Main Account - Overdraft - 743.23 (20)
    Link Financial (formerly Smile/Co-Op) - Overdraft - 536.66 (50)
    Natwest Repayment account - Overdraft - 188.46 (94.23)
    Tesco - Overdraft - 100 (10)
    Credit Resource Solutions 2 (formerly Lending Stream) - Payday Lender - 2718.13 (29.87)
    Credit Resource Solutions 1 (formerly SafetyNetCredit) - Payday Lender - 1258.9 (59.95)
    BW Legal (formerly Payday Express) - Payday Lender - 1170.15 (25)
    Credit Resource Solutions 3 (formerly MyKredit) - Payday Lender - 825.99 (59)
    Moorcroft (formerly Wonga) - Payday Lender - 539.51 (25)
    Wizzcash - Payday Lender - 375.73 (93.93)
    SLL (formerly Mr Lender) - Payday Lender - 80.76 (80.76)
    Home Retail Group (Argos Card) - Store Card - 884.77 (20)
    Moorcroft (formerly Creation) - Store Credit - 1207.56 (50)
    Moorcroft (formerly Creation) - Store Credit - 608.2 (25)
    Zopa - Unsecured Loan - 9311.81 (100)
    LCS/Oakbrook (LikelyLoans) - Unsecured Loan - 2048 (80)
    CCI Credit Management (formlerly Bitbond)[/B] - Unsecured Loan - 805.96 (30)
    BTCPOP - Unsecured Loan - 804 (15)

    I now have quite a few Resolver complaints logged regarding irresponsible lending, plus two cases raised to the Ombudsman. Thinking positive, onwards and upwards (or downwards in terms of the debt!)
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