Debt Help Sought By Over Sixteen Thousand In January

Written by Payplan Press Release - Grantham on Friday 5 February 2010

Calls to debt helpline indicate recession is far from over

Following today’s publication of the insolvency figures for quarter four of 2009, Payplan, the free debt solutions service, has revealed that calls to its debt helpline totalled over sixteen thousand in January alone.

John Fairhurst, managing director at Payplan, said:

“Although official figures tell us that the UK is emerging from recession, we know from the experiences of those people we help that the effects of the economic downturn are still being felt by vast numbers of Britons.

“We were contacted by more than sixteen thousand people in January this year, who are seriously concerned by their debts. Worryingly, there will be many more individuals who have not yet sought help - the longer the debt is ignored the worse the problem will become.”

Today’s figures from The Insolvency Service reveal that more than 35,574 people were declared insolvent in the last quarter of 2009, an increase of 24.9% on the same period last year.

Of those individuals made insolvent over the three months to December, 17,007 people were declared bankrupt and 13,219 entered into an individual voluntary arrangement (IVA) with their creditors, while the remaining 5,348 signed up to the Government’s new Debt Relief Orders.

Notes to Editors

For further information please contact:

Payplan Press Office
Jayne Newton
jayne.newton@payplan.com
01476 541980 or 07812 736861

Debt Relief Orders

A Debt Relief Order is a cheaper form of bankruptcy for people on low incomes. Introduced in April 2009, they allow those with debts of less than £15,000 and assets of less than £300 to declare themselves bankrupt for a fee of £90, rather than the usual £510.

About Payplan

Payplan is a free debt advice and solutions service that provides impartial advice to people in financial distress. Payplan helps over 100,000 people every year and works closely with organisations in the field of money advice and consumer and employee welfare.

Payplan’s freephone debt helpline is open six days a week, call 0800 280 2816 to speak with an experienced debt adviser. Lines are open 8am to 9pm Monday to Friday and 9am to 3pm on Saturdays. Alternatively visit www.payplan.com.

Filed Under  Debt News, Financial News, Payplan Press Releases, debt help  |  Leave a Comment

House Prices See Rapid Increase

Written by Becky on Tuesday 2 February 2010

House Prices Set to Return 2007 Levels

Recent predictions made by the Centre for Economics and Business Research (CEBR) suggest that the average house price is expected to climb by 6.5% to £178,000 in 2010.

The CEBR also believes that 2012 prices will return to those previously recorded in 2007, with a high of £198,000 expected a year earlier than predicted.

Increased Mortgage Lending

In their market predictions the CEBR said it expected banks and building societies to approve more mortgages, making it easier for buyers to access the money needed to purchase a house, in turn helping to push up prices.

Nationwide

Market predictions released by Nationwide also suggest prices could climb 10% on an annual basis, as the mortgage lender recorded a 1.2% rise in January 2010, more than double the 0.5% gain seen in December 2009.

Nationwide’s Chief Economist Martin Gahbauer claims:

Unless there is a fall in property values in February, annual house price inflation is likely to move into double-digit territory next month for the first time since May 2007.

www.payplan.com

Filed Under  Debt News, Financial News, mortgages  |  Leave a Comment

End of Recession for UK Economy

Written by Becky on Tuesday 26 January 2010

GPD Growth Shows End of UK Recession

Figures released by the Office for National Statistics today showed that the economy had grown by 0.1% in the last three months of 2009, marking the end of the UK recession.

Figures show the Gross Domestic Product (GPD) increased 0.1% in the fourth quarter of 2009, compared with a decrease of 0.2% in the third quarter.

Growth in the economy had previously decreased for six consecutive quarters, the longest period since quarterly figures were first recorded in 1955.

Unemployment slows

Although economic growth is slow, other recent recovery signs are emerging as last week’s unemployment figures fell for the first time in 18 months.

The UK has been one of the last major economies to come out of the recession since the recession began in the April - June quarter of 2008.

Filed Under  Debt News, Financial News  |  Leave a Comment

Could You Save £250 a Year on Your Mobile Phone Bill?

Written by Becky on Monday 25 January 2010

Britons Waste £13bn a Year on Unused Texts and Calls

New research supplied by moneysupermarket.com reveals that the average adult wastes almost half (45%) of their mobile tariff’s minutes and text allowance each month. Staggeringly, many mobile phone users could potentially save £250 a year on their mobile phone bills.

The research for the fourth annual Mobile Money Report found that customers on contractual plans were wasting 137 minutes every month, equating to 27 hours a year for the average pay monthly mobile user.

The research also suggests that adults are now wasting up to 40 per cent more minutes and twice as many texts (compared to the 2007 Mobile Money Report) with the average adult wasting over £250 worth of mobile allowance each year, raking in £13bn every year for the mobile industry.

Mike Wilson, manager of mobiles and broadband at moneysupermarket.com said:

“It’s great that consumers are under their monthly allowance to avoid any extra costs, but it’s also important to get the most out of your contract for what you pay each month. One of the best ways to do this is to assess what your monthly usage is and find a contract that suits you best.”

Contact Your Network Provider

If you have unused messages and calls left at the end of each month it may be useful to contact your
network provider to see if you can save money and cut your monthly bill.

Payplan

If you are struggling to meet your monthly payments contact Payplan today for free, confidential debt advice.

Filed Under  Budgeting, Debt News, debt help  |  Leave a Comment

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