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In our latest case study, we catch up with a PayPlan customer who shared their story of taking out a Protected Trust Deed.

How did your debt troubles start?

I struggled financially and mentally with my appearance, and I ended up having to fund two operations which I then ended up taking ridiculously high interest on loans because that was all I could get. This spiralled out of control, and I ended up living month to month on overdrafts and credit cards to pay my bills and continued from there. 

How did that affect you?

Every single month from about 2015, nearly 8 years, I could not sleep without the stress of money. It was something I ended up normalising however every month I ended up in my overdraft, and it ended up being a way of life, and I thought this would be life forever.

How did you end up coming across PayPlan?

I always heard adverts about PayPlan on the radio however it was something I never thought twice about. Growing up, it was frowned upon to have bad credit, so I never ever thought I would have to use PayPlan. The situation ended up getting really bad, and I was at rock bottom, so I swallowed my pride and sent a WhatsApp message, which changed my life.

How did we help you?

PayPlan looked at all my payments and was able to advise me on the best steps. We got down to a Debt Arrangement Scheme (DAS) or a Trust Deed. I didn’t want to enter into a Trust Deed as I thought about the impact it would’ve had on my credit rating. However, both options would’ve had an impact. 

The Debt Arrangement Scheme would’ve been monthly payments for around 13 years, while the Trust Deed helped me to become debt-free in around four years, so from then, it was an easy decision.

How did you feel afterwards?

On the day it became a Protected Trust, I think I genuinely cried, but with happy tears. It was the first time in my life I felt I was on track again and I could live my life without thinking about my finances first. I probably underestimated how much it actually affected me over the eight years, and because I bottled it all in, it probably made the situation ten times worse. 

What advice would you give to anyone out there who is struggling with their debts?

I can genuinely say, please send the WhatsApp message to PayPlan or phone call (they accommodate whatever you prefer). Opening up about your money worries, even to a ‘stranger’ will make you feel 100 times better. For me, the issue was pride and my credit score, which stopped me from taking any action. Your credit score can be repaired, so make sure your mental health comes first rather than doing what I did. I am genuinely a new person since speaking to PayPlan and I would suggest with all my heart go and have a chat if you are struggling.

Did you use our BudgetSmart website for advice on saving money?

BudgetSmart is great for advice on the website, I would highly recommend checking this out. Great hints and tips.

Get in touch

If you’re struggling with debts, call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday, and 9am – 3pm on Saturdays. Alternatively, you can visit our advice page to speak to us via live chat or for more information.