Personal Debt In The UK - Quick 20 Second Survey

Written by Payplan Surveys on Tuesday 30 June 2009

Tell us what you think in 20 seconds and help us raise awareness about attitudes towards debt in the UK.

>>>Click to take the survey about personal debt<<<

Thank you for your time.
We’ll publish the results on this website very soon.

Filed Under  Surveys  |  Leave a Comment

‘Debt Sale Scams Beware’ Warns Office of Fair Trading

Written by Paul on Tuesday 30 June 2009

The Office of Fair Trading (OFT) is warning consumers not to be taken in by businesses claiming to help them become debt free by ‘buying’ or ’selling on’ their debts.

Consumer Liable Even If Debt Is ‘Sold’

Online advertising has seen a significant rise of certain kinds of adverts from various debt and credit companies that claim to ‘buy’ consumers’ credit agreements and ‘write-off their debts’.

This is nothing more than a very misleading technique which has been labelled as a ‘scam’ by the OFT.

Some adverts claim that in return for a small percentage cost (usually as an upfront fee) they will purchase unsecured debts from consumers and take over the liability for the debts, leaving the consumer ‘debt free’ – a remarkable claim.

Too Good To Be True

These claims are quite clearly too good to be true, but unfortunately, they are very appealing to the many vulnerable people with serious debt problems who are desperate to find a quick way out. This is made even more concerning given the current economic climate and the current worldwide recession in which working families who have previously serviced their debts adequately have run into financial problems due to a loss of income.

Debt Scam Warning

Consumers are warned by the OFT that regardless of what these ads may state, ‘selling’ a debt to a third party does not make a borrower exempt of their financial obligation to a lender – and the terms of their credit agreement will still stand. Essentially this means that the borrower will be legally pursued for any outstanding debt by their creditors.

Sources & Further Reading

Follow these links for further comment on the ‘Debt Sale’ scam:

Office of Fair Trading (OFT) – Debt Sale Scam
The Independent – Debt ‘Transfer Scam’

About Payplan

Get Help with Debts
Payplan provides free impartial debt advice to anyone that has debt problems.

To find the most suitable free debt solution for your financial situation, call Payplan free on 0800 716 239 or contact us online

Filed Under  Debt News, Financial News  |  Leave a Comment

Debt Counsellor Of The Year - Credit Today Awards 2009

Written by Payplan Media Release - Grantham on Friday 22 May 2009

Payplan’s Debt Counsellor Of The Year

Payplan’s specialist money adviser Diane Watson, has been voted ‘Debt Counsellor of the Year’ at the tenth annual Credit Today awards in London.

Diane was amongst four other experts from leading debt advice providers all shortlisted to win this prestigious title. However, the judges at Credit Today recognised her twelve years experience and expertise in providing free financial advice to those who need it the most - and the title was won.

Debt Counselling Expert

Judges assessed nominees from 70 companies using a very specific set of criteria. To become ‘Debt Counsellor of the Year’, Diane had to demonstrate and provide evidence of her technical and legal knowledge of the debt advice sector, her strong counselling and communication skills, and her commitment to raising awareness of debt issues within the retail, corporate and voluntary sectors.

On receiving the award, Diane said:

“I was delighted and overwhelmed! The evening has been an experience to remember, and I’m so pleased to win this award for myself and for Payplan.”

John Fairhurst, Payplan’s Managing Director, said:

“Diane is an ambassador for Payplan and I’m delighted that her expertise in client care and providing debt advice has been recognised by Credit Today. This award is richly deserved and everyone in Payplan is very proud of Diane’s achievement.”

Notes to Editors

About Diane Watson

Diane Watson is a trained money adviser with twelve years experience. She manages Payplan’s Special Advice Team, which is responsible for requesting medical write-offs for terminally ill clients, offering advice and guidance to clients who have no surplus income, looking after clients waiting to go into a debt management plan or an IVA, and offering specific debt advice including bankruptcy and repossession.

The tenth Credit Today awards were held at The Grosvenor Hotel, London on Thursday, 14 May. Over 70 companies were shortlisted in 22 categories and over 1,100 guests took part in the celebrations.

About Payplan

Payplan provides free, ethical and immediate debt advice to over 100,000 people every year, working closely with organisations in the field of money advice and consumer and employee welfare. Payplan have excellent relationships with both creditors and consumer groups, such as National Debtline, the Citizens Advice Bureau and high street lenders.

Freephone: 0800 716239, six days a week to speak to an experienced debt adviser. Lines are open 8am - 9pm Monday to Friday and 9am - 3pm on Saturdays. Visit www.payplan.com

Payplan Press Office: Contact Rachel Heath 01476 539251, or email rachel.heath@payplan.com

Filed Under  Debt News, Payplan Press Releases  |  3 Comments

The Homeowner Mortgage Support Scheme

Written by Payplan on Tuesday 21 April 2009

The Homeowner Mortgage Support Scheme(HMS)

Today (Tuesday 21st April 2009) sees the launch of a new government backed initiative that is intended to provide greater assurance to homeowners that they will be able to remain in their homes if they suffer a temporary fall in income but are expected to recover at a later date.

What is the HMS?

The new scheme will give homeowners who are experiencing financial problems sufficient time to find new employment or recover income, without the added concern and stress of potentially losing their home in the interim. The scheme will allow lenders to reduce a borrower’s current monthly mortgage payments, with the deferred payments rolled up, added to the principle, and paid at a later date when the borrower’s financial circumstances have improved.

For the official Press Release by the government, please click here to view the (PDF).

How do I find out more?

The scheme is voluntary and subject to eligibility criteria to ensure that there is proper risk sharing between government, lenders and borrowers and the scheme is sustainable for those that participate. You will need to have received formal money advice from a money advice provider, such as Payplan, for your application to be considered.Please click the link to be directed to either the CLG or Direct Gov website for eligibility criteria and details on how to apply.

www.direct.gov.uk/hms

www.communities.gov.uk

For the official guide to the Homeowners Mortgage Support, please click here to view the (PDF)

Mortgage Rescue scheme (MRS)

If you are having difficulty making your mortgage repayments and at risk of becoming homeless you could get help to stay in your home. You’ll need to meet the eligibility criteria to get help from the Mortgage Rescue scheme. The Mortgage Rescue scheme won’t help people in ‘negative equity’, which is when the amount owed on your mortgage is more than the value of your home.

What is the MRS?

Depending on your circumstances, and providing you meet the eligibility criteria, the scheme may help you either with a ’shared equity loan’ or through a ‘Government mortgage to rent’. It is available in England only (separate schemes are under developments for clients in Wales, Scotland and Northern Ireland).

How do I find out more?

You can be referred for help through the Mortgage Rescue scheme by advice agencies (such as Payplan), courts or lenders. You can also contact your local council for advice. Please click the link to be directed to either the CLG or Direct Gov website for eligibility criteria and details on how to apply.

www.communities.gov.uk

www.direct.gov.uk

Filed Under  Debt News, Financial News  |  Leave a Comment

Next page »