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Karl’s story

Payplan client Karl knows only too well how being in debt often leads to severe depression. Here he shares his story in the hope that it will help other people:

“I have never been good with money. I have always bought what I want and had expensive tastes. Over the last couple of years the debts have slowly begun to mount and there has been less money to spend on my family.

“I had to have my wages paid into my wife’s account so that the bills were being paid. This got worse and when I was offered a credit card I very soon amassed another debt. Towards the end of last year things were pretty desperate for me and I often thought about taking the easy way out. Harsh I know! Then at the beginning of this year I changed my job and went to monthly pay (still with the same company). This was even worse and there was pressure at the end of the month when I couldn’t make ends meet.

“I spoke to a debt company and, after a brief telephone call, they asked for a £5 deposit – before I had even received an agreement to sign they had taken a substantial sum out of my account. This led to bounced direct debits and bank charges. I eventually got the money back, but it was too late to cancel the charges. In desperation I called the Samaritans and the National Debt Line, who referred me to Payplan. Since I switched to Payplan I have not heard from my creditors and they have agreed to my repayment plan. I feel happy and positive, but it’s early days.

“Living with debt nearly drove me over the edge. Up until this point I had always taken pride in being able to support my family and provide a good standard of living. My wife has stood by me and has had to go without many things and we will have to endure this for another six years (length of Debt Management Plan), although things will get better.

Talking about living with debt Karl added: “The feeling of shame is overwhelming sometimes and I still have some very dark days. There is no way to live with debt, you can deny it, you can hide it for a while, but you cannot live with it. It stays in the mind and is there constantly.”

Written by Gemma on December 9th, 2011

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