A clients story…
Written by Payplan Ryan on 23 January 2013
Here a client explains how Payplan’s free debt advice helped her to overcome the loneliness and isolation caused by overwhelming debt, which started when she was student:
“I am 26 years old and just over £13,000 in debt. Every time I think about that figure my knees go weak.
My financial problems really started when I began university. Like most 18-year olds I did not have lessons on money management at school. Suddenly I was on my own in a big city with £6,000 to last me all year.
My boyfriend rang and asked me to lend him the deposit to move and I did it from my student loan. He never paid me back. So when my money ran out I had to pay for food and travel with bad cheques.
The stress I was under affected my grades and I was diagnosed with depression. I felt lonely and isolated.
Eventually I admitted defeat and asked my parents to take me home. I got a job almost straight away as a manager of a small clothing store. I sought treatment for depression and slowly got my life back on track.
I was contacted by a fee-charging debt management company who promised to help me. I was too ashamed to go to the CAB and I didn’t realise there were free companies like Payplan. So I ended up contracted to pay exorbitant management fees. At the time I didn’t mind, I was finally back in control of my life and money.
Not finishing my degree was eating away at me though. I started dreaming of being back in London. So I moved back to London and started studying Business and Law. I got a part-time job as a Student Ambassador ….I passed my second year at university with flying colours.
In the summer of my second year I had more success getting office work and I got my first ‘real’ job at the Ministry of Justice.
It seemed nothing could bring me down, but then the financial crisis hit. My contract was terminated without notice and I wasn’t entitled to redundancy pay.
I tried to remain upbeat. After all, I told myself, I had a little money saved and I had London work experience – all to no avail……I started getting hourly calls from my creditors. I found out the fee-charging debt management company had not made payments to any of my creditors or let them know about my change of circumstances or address. I was suddenly right back where I started with no income and a mountain of debt!
I was determined to solve this problem once and for all. It was through researching government recommended agencies that I found Payplan. After discussing my situation with advisors at Payplan I was able to make an informed decision that an Individual Voluntary Arrangement was the best option for me. I make affordable monthly payments and after six years whatever debt is left will be written off.
To anyone who finds themselves in my situation the best advice I can give is to face up to it. It is a small step to ask for help but it makes such a huge difference. Never be ashamed to ask for help.”
Filed under Archive