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.”


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This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.

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