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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 2
    • Lucifa73
    • By Lucifa73 17th May 18, 3:24 PM
    • 7,366 Posts
    • 9,354 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: £3502.86/030718: £3348.02 0.14%
    Surveys cashed £4.84/cleared £24.17/pending £4.87... (plus 500 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, 2:32 PM
    • 29 Posts
    • 11 Thanks
    CopleyDog
    So, by way of an update, here's where I'm at.... it's been a busy few weeks with complaints, letters, phone calls etc...

    Company (Original Creditor) - Debt Type - £Total Owed (£Agreed Monthly Payment)

    Lowells (formerly Shop Direct - Very) - Catalogue - £1664.59 (£TBC)
    Have been told by Very that this passed to Lowells but Lowells STILL have no record of it. Told to call back now on 4th of June
    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 (£TBC)
    BarclayCard have been very understanding and have told me to call back by 5th June or when I have spoken with StepChange to agree a repayment plan. Have told me that the debt will not be passed to any third party and all interest/charges are frozen. Impressed with service so far.
    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)
    NW told me that interest and charges were frozen, but have now changed their mind and 'as I'm paying so much each month' they have decided I can now afford to pay interest on this overdraft! Even though I had a letter stating that there wouldn't be any interest or charges whilst I am repaying! Not impressed...
    Yorkshire Bank - Overdraft - £1159.24 (£20)
    Natwest Main Account - Overdraft - £743.23 (£20)
    Link Financial (formerly Smile/Co-Op) - Overdraft - £536.66 (£50)
    Agreed to repay £400 in full and final settlement.
    Natwest Repayment account - Overdraft - £188.46 (£94.23)
    Tesco - Overdraft - £95 (£5)
    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)
    Made a complaint re irresponsible lending. MyKredit denied any wrongdoing. Raised a case with the Ombudsman - they said that MyKredit did not fall under their jurisdiction at the time the loan was provided....

    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)
    Mr Lender took the loan back from SLL and wrote off the balance. The £165.52 originally owed to SLL included a 35% discount, so effective I have had a few hundred pounds of interest wiped altogether.

    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 (£50)
    LCS/Oakbrook (LikelyLoans) - Unsecured Loan - £2048 (£80)
    CCI Credit Management (formlerly Bitbond) - Unsecured Loan - £805.96 (£30)
    BTCPOP - Unsecured Loan - £147 (£15)

    I also have complaints pending with Wonga, Lending Stream, Natwest, WageDayAdvance, Wizzcash, Very, Littlewoods, PayPal, Tesco, Yorkshire Bank, Smile, SafetyNetcredit, RBS, LikelyLoans, MBNA and NewDay - all regarding irresponsible lending. As well as these, cases with PaydayExpress, MyJar and TheMoneyShop have been escalated to the Financial Ombudsman, currently awaiting investigation.

    At least this has kept me busy!
    • CopleyDog
    • By CopleyDog 23rd May 18, 2:51 PM
    • 29 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.
    • CopleyDog
    • By CopleyDog 24th May 18, 2:25 PM
    • 29 Posts
    • 11 Thanks
    CopleyDog
    Another one bites the dust...
    I get to strike through Link Financial today (woohoo!) and also had a nice (yet small) result from Tesco Bank....

    Company (Original Creditor) - Debt Type - £Total Owed (£Agreed Monthly Payment)

    Lowells (formerly Shop Direct - Very) - Catalogue - £1664.59 (£TBC)
    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 (£TBC)
    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) - PAID £400 to settle
    Natwest Repayment account - Overdraft - £188.46 (£94.23)
    Tesco - Overdraft - £95 £86.57 (£5) - Tesco have refunded £8 of fees - Every Little Helps!
    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 (£50)
    LCS/Oakbrook (LikelyLoans) - Unsecured Loan - £2048 (£80)
    CCI Credit Management (formlerly Bitbond) - Unsecured Loan - £805.96 (£30)
    BTCPOP - Unsecured Loan - £147 (£15)

    2 down, 27 to go!
    • Chrystal
    • By Chrystal 24th May 18, 3:18 PM
    • 327 Posts
    • 2,091 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
    GC. Oct.17 = £261.18/ £300 = + £38.82 NSDs 20/31
    GC. Sept.17 = £354.89/£300 = - £54.39

    • CopleyDog
    • By CopleyDog 24th May 18, 4:22 PM
    • 29 Posts
    • 11 Thanks
    CopleyDog
    Thanks, Chrystal :-)

    A little bit is being squirrelled away each month for those rainy days.

    Focusing on these debts (and reducing them!) is taking my mind off of the gambling addiction that is at the root of this whole mess. If anyone is interested in the back story, I'm happy to share more details. I'm now 4 weeks 'clean' and putting all of my energy into this.
    • Lucifa73
    • By Lucifa73 24th May 18, 5:16 PM
    • 7,366 Posts
    • 9,354 Thanks
    Lucifa73
    Well done CopelyDog. Debt busting is an excellent surrogate addiction... If it would help you to share you will find nothing but support on these boards
    Tesco CC 020718: £3502.86/030718: £3348.02 0.14%
    Surveys cashed £4.84/cleared £24.17/pending £4.87... (plus 500 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
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