Christian 44

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  1. Christian 44

    After 3 painful years, I'm debt free today

    Hi Essorance and all, Good post, and well done mate paying back all the loans. I just wanted to share my story; it may resonate with a few of you, and also offer some advice to some who still have payday loans. I got into the same trap a year and a half ago, I had £15,000 in debt-all pay day loans. I'd been in a dark place, and gambling was my only escape at the time. Anyhow, I had counselling with Gamcare which helped. I also contacted Step-change and have set up a debt management plan. The other thing I did was try and get some of the money back from the payday loans. I went via a financial claim specialist, but you can just do it yourself-there's a template you can use. Lots of payday loan providers have gone under now, but I got a fair chunk back from: Sunny, My Jar, Mr lender, Ferratum, and Lantern Debt. Peachy has just gone under-I owed them £800 which was written off, otherwise I would have only received 2% of what I was owed, so in some ways it's good that I hadn't paid it all off. I was offered £700 from Loans 2 Go, but the company I'm with think I should be able to get about £1,500 back from them, so it's currently sitting with the Ombudsman. The company I'm with get 25% of what I get in return which is why I recommend anyone approaches these payday loans providers yourselves. There was a lot of unscrupulous behaviour going on with these loan providers, i.e. not doing proper checks; loaning when I and others couldn't afford it and were still gambling etc. and they are now getting found out. Hence, all these pay-outs and some going into administration. My Gamstop reg finished a few months ago, and I dabbled but started losing again, so I've now banned myself from any betting sites I had again. It's all or nothing with me. Oh, and I now owe around £2,500 and that includes 2 credit card companies and 2 pay-day loan providers. The other thing is that Step-change will help you freeze all payments to these providers once you have contact them. It's well worth it. It affects your credit rating for 6 years, but it's a small price to pay and any connections to Debt management plans will be wiped off after that. Sorry for hijacking your thread.