Author Topic: Newbie  (Read 784 times)


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« on: Oct 02, 2010, 05:22:06 PM »
Hi All!

Let me introduce myself. I'm 28yrs old, living at home with the parents (who know nothing about my debt), an outstanding debt of £3000 and already on a debt management plan.

The debt management was going well until the company I work for reduced my hours and I started to struggle. So, I started to take out payday loans to keep me going for the month and now I find I'm caught in the payday trap aswell!

I am paid on the last Thursday of each month, and two days after this, every single penny of my wage has gone to creditors leaving me with £20 a month at best! I cannot even afford to take the bus to work and have to walk.

Bouncing cheques, bank fees, creditor name it I've had it. And even though £3000 doesn't seem like a lot, when you have NOTHING, it's a huge amount!

I'm just looking to reach out to people who are in a similar situation to myself, someone to share worries with and bounce ideas off because I'm completely alone with this.


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Re: Newbie
« Reply #1 on: Oct 05, 2010, 09:40:54 AM »
Hi NorthWestGirl,
You are not unique in your situation, In fact you probably know people who are in a similar plight they just do not tell you this.
With regards your loss of income and your debt management plan, A plan is designed to allow you to repay as much as you can afford to pay rather than what your contractual agreements deem you should pay.
A dmp is flexible in the respect that if you were to receive a pay rise you can increase your payment amount and as such become debt free quicker. The same flexibility applies if you suffer a pay cut, You should be allowed to contribute less each month,This will however  could mean you are paying back for longer.
Speak to your debt managemet company and explain your situation and hopefully they will be able to help. One thing to bare in mind is most companies will require you to make a minimum payment, This varies from company to company with some OK with a payment as low as £75.00 and others requiring £150 or more!
If you speak to your current dmp provider and are unsure of anything please feel free to ask!

Hope this helps?!
Ashley Park Debt Solutions Ltd

Steven Jackson

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Re: Newbie
« Reply #2 on: Oct 08, 2010, 09:25:08 AM »
Hello NorthWestGirl
Sorry to hear about your situation. It really does not matter if you owe £3000 or £300,000, the stress and worry of not being able to afford to make your repayments is the same.
I agree with Lee, if you are already in a debt management plan and working with a debt management company, you should speak to them. Did you know that you can include your payday loan debts into a DMP so the company you are working with should be able to help you with this.
If you are really struggling to repay the debt, you should also consider a debt relief order. This procedure is specially designed to help people on low incomes with debts lower than £15,000. You can find out more about these here:
Have you thought about speaking to your parents? I know that this is really not what you want to do. However, if you pluck up the courage to do so, even if they can not help financially, you may find it is a huge help just to speak to them.
Debt Expert