Money Saving Tips – 5 free things to do at home with the children

Written by Administrator on Thursday 29 July 2010

Cut your summer holiday costs with these things to do for free at home

The school holidays have arrived yet again, but with family day tickets to major attractions costing more than £100, it is prudent to check for alternatives. Here are some handy money saving tips from Payplan to cut the cost of your summer holiday, but still allowing your children to have a fun filled six week break and reducing their boredom at home.

1. Plan a treasure hunt

Make clues and put them in the garden or around the house, so that each clue leads to the next. The final clue would lead to the treasure which could be a home-made treat.

2. Make your own restaurant

First, choose what type of food you want to serve. Then, name the restaurant. Next, design the menu and prepare the decorations. Get cooking and then finally you can sit down to enjoy the meal!

3. Arrange a ‘dress up’ day

Be creative. A box of clothes can provide hours of fun. Use old clothes to make costumes, which can later be used in a home-made theatre production!

4. Have a sports day

Prepare outdoor games, such as the egg and spoon race and present homemade certificates at a prize giving at the end of the activities.

5. Create your own show

Get the children to write and then perform the play using the costumes made during the dress up day. Or make a shadow puppet theatre, where you can use old cereal boxes to make the characters and the stage.

Payplan
Providing free budgeting advice and free, confidential debt help for those struggling to manage their debts. Contact us for free on 0800 280 2816.

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The UK Tax System is to be simplified to attract foreign investment and decrease the burden on businesses

Written by Administrator on Tuesday 27 July 2010

Tax System to be simplified

The Chancellor of the Exchequer, George Osborne is preparing an Office for Tax Simplification to reduce the 11,000 page tax code; due to Britain having one of the most complex tax codes in the world.

It is hoped that the tax code will become more readable and more people will understand the tax laws they are being asked to comply with.

Initially two reviews will be conducted:

  1. The tax system for small business will be simplified
  2. Restructuring of tax reliefs, allowances and exemptions

Tax credits will not be adjusted as they are considered to be part of the benefits system.

It is being simplified in order to make the system more competitive for the growth of small businesses, in hope of stimulating economic growth.

The Chancellor has said:

The previous Government took a complex tax system and made it even worse. A decade of meddling and intervening has made the tax affairs of millions of families and businesses across the UK extremely complicated. We need to sort out this mess.

Two years ago I promised to create the Office of Tax Simplification. Today, we’re delivering on that promise. With its independent, expert advice it will be a permanent force for a simpler tax system.

Simpler, more competitive taxes will help us show the world that Britain is open for business.

Payplan

If you are worried about your finances contact Payplan today on 0800 280 2816, for free and helpful debt advice

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Lenders can turn new arrears rules to their advantage

Written by Payplan on Friday 23 July 2010

The regulator’s latest changes to the way lenders should treat customers in arrears – particularly the requirement for lenders to consider all options before starting action to repossess a property – are to be welcomed.

In my experience, mortgage arrears need to be dealt with in the context of the overall financial situation of borrowers.

In trials in which we are working with a small number of lenders to talk to clients in arrears, we have found that by engaging with borrowers about their whole debt situation we’re nearly always better able to effect a solution that stabilises and makes their repayments on unsecured debt more manageable.

This leaves a greater proportion of income available to put towards improving the arrears situation.

So without having to run the risk of giving advice, lenders adopting a more holistic approach to arrears can turn the FSA’s rules to their advantage and put more borrowers back on the straight and narrow.

They can also fulfil their obligations with regard to Treating Customers Fairly.

So lenders should see the new rules, rather than being a burden, as a chance to tackle underlying unsecured debt liabilities at source and free up disposable income for the repayment of arrears.

John Fairhurst

Managing Director

Payplan

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New FSA Proposals Could Help Mortgage Customers

Written by Administrator on Thursday 15 July 2010

New FSA proposals for mortgage borrowers

The Financial Services Authority (FSA) has outlined new suggestions for mortgage borrowers to ensure that they can afford monthly mortgage payments.

The FSA wants to ensure that mortgage customers are protected and that lenders only lend to those who can afford mortgage payments.

Key proposals:

  • Introducing affordability tests
  • Verification of borrowers’ income
  • Extra protection for susceptible customers

The proposals are a direct result of a review undertaken by the FSA, which looked into causes of mortgages in arrears and repossessions since 2005.

Conclusions from the review:

  • Nearly half of all households either had no money left or had a shortfall, after mortgage payments and living costs were deducted from their income
  • Almost 50% of new mortgage customers were not asked to verify their income between 2007 and 2010
  • Interest-only mortgages have been increasing, at the topmost, 30% of all mortgages were interest-only
  • Many borrowers depend on future house price rises and unsure life events to repay their mortgage
  • Customers with credit-impaired history are the most vulnerable

The FSA director responsible for the mortgage market, Lesley Titcomb, said:

There is a clear link between financial overstretch and mortgage arrears and repossessions, and we are determined to protect vulnerable consumers by making sure that everyone who takes on a mortgage can afford to pay it back.

Payplan

If you are struggling to manage your monthly outgoings then contact Payplan for free debt advice online or simply call 0800 280 2816.

Filed Under  Debt News, mortgages  |  Leave a Comment

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