Breaking News – Daily Mirror Stop The Debt Rogues
We at Payplan have welcomed the “Stop the Debt Rogues” campaign launched today in the Daily Mirror. The Mirror’s campaign calls for a clamp down on the widespread bad practice by fee-charging debt management companies – with an estimated 400 firms operating in the UK, many are ripping off consumers and not paying their creditors.
The debt management sector needs to be regulated as a matter of urgency to protect vulnerable consumers suffering at the hands of these unscrupulous providers. We have long called for the proper regulation of operators of debt management plans. As part of their call to action, the Daily Mirror has launched an online petition which is available by clicking here.
The debt management industry is currently regulated by the Office of Fair Trading (OFT) – but when the OFT published its Debt Management Guidance Compliance Review, assessing a large number of firms in the debt management market, it identified a litany of malpractice. It said that 129 firms were non-compliant with Debt Management Guidance
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Surviving On A Budget
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Whether you are in a DMP, an IVA, filing for Bankruptcy or maintaining your own repayment arrangement then you will know what it is like living on a budget. I f you are struggling with debt and don’t know what to do to stick to a budget then hopefully this brief guide will help you.
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- Before you start budgeting you need to know where you need to budget. Make a list of all of your outgoings; food, clothes, gas, water, toiletries, cleaning, electric, home/car insurance, fuel etc…By making this list you can see exactly what you are spending each month and this will give you a better chance of seeing where you do need to cut back
- Once you know where you need to cut back, you can now start looking at where you can start making changes. Making the changes is usually the hard part and the key to success is to start off small and gradually build yourself up, as you do not want to do too much too soon. Things that you can do to try and save money include; switching gas/electric supplier, shop around at different supermarkets to reduce your food bill, change or reduce your mobile phone contract, change or reduce your phone/broadband/cable TV package, take packed lunches to work or why not use comparison websites for home and car insurance to get the best deal.
- Once you have altered your budget and changed your spending habits, to be successful you need to make sure that you stick to it. Sticking to a budget can sometimes be very difficult, particularly if you are used to spending whatever you like on cards and such like. In order to be successful you need to be determined to stick to the budget and to get yourself out of debt.
- Once you have adapted to your revised budget and you are comfortably getting by, you can give the money you are not spending to your creditors. That is not to say that you will be able to afford full contractual payments, but you may now have enough surplus income to set up a repayment plan with your creditors.
If you have done everything that you can to try and reduce your outgoings and you are still struggling, you can still contact us as we can help you by advising you how to deal with your creditors while you make reduced token payments.
If you are struggling with debts then please call Payplan on 0800 2802816.
Don’t forget you can also follow me on Facebook and Twitter.
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Budget 2011
The 2011 Budget has been officially announced and, after allowing time for it to sink in, here are some key points.
Income Tax
Starting from April 2012 your personal tax allowance will raise a further £630 to £8,105. April this year personal tax allowance will rise from £6,475 to £7,475.
What does this mean? You will now get to keep more of the money that you earn before paying tax and from April 2012 it is thought a further 260,000 people will be lifted out of the income tax bracket altogether.
Cuts to fuel duty
From 6pm 23rd March fuel duty was cut by 1p per litre. In addition to this the inflation-based increase that was due soon has now been postponed until the start of 2012.
What does this mean? Fuel prices have been a big issue over the last few months with many people calling out for help bringing the situation under control. This is a step in the right direction, but there is still a rocky road ahead.
Unemployment help
With unemployment soaring, up 50,000 apprenticeships will be created for young people out of work. On top of this funding will be given for 100,000 new work experience placements.
What does this mean? Younger people out of work have the opportunity to learn a particular skill or trade to help them secure full time employment and get them into work.
If you are struggling with debts then please call Payplan on 0800 2802816.
Don’t forget you can also follow me on Facebook and Twitter.
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Hiding Debts From Your Partner?
One very common situation that many of our clients find themselves in is having debts that their partners do not know about. Whether the debts built up before you met your partner, or whether the debts occurred when together, hiding something from your partner can put immense strain on your relationship. The reasons why people tend to hide their debt from their partner varies, but the outcome will always be the same – that it is always best to be open and honest with them.
I built up the debt before I met my partner, and they don’t know.
A recent study revealed that 1 in 5 single people are living on credit; this is due to their lifestyles but also the high costs of living and low income. If you have built up debt prior to meeting your partner, then you should probably be open with them from the beginning. You could sit down with your partner and explain to them that you have debts and the reason why you feel you got into debt to begin with. By doing this you will enable them to understand the situation you were in before you met them.
I am married/in a long term relationship and have built up debts since meeting them.
There are many reasons why someone, either married or in a long term relationship would obtain credit and get into debt without the knowledge of their partner. A common occurrence that I have often seen in the past is where one partner earns a lower salary than the other and struggles to keep up with them. If this is the case then perhaps you should sit down with your partner and explain to them that you don’t earn as much as they do and that you are struggling to keep up with their idea of a lifestyle. Without telling them this, they will not be aware and will carry on as they are.
Another common occurrence that I have often seen is where one partner is in charge of all of the finances and they take on the burden and take out credit to fund the family lifestyle when their income doesn’t cover it.
How do I tell my partner?
Whatever the reason for keeping your debts from your partner, if you are struggling to maintain the payments then you need to tell your partner, it doesn’t need to be because you want them to support you financially, it needs to be for them to support you as you deal with your debts. It may be embarrassing or you may fear how they react but you need to remember that your partner loves and cares for you and will support you. They may be angry initially, but you have to remember that you have kept a big secret from them so this should be understandable; you just need to give them time.
If you are struggling with debts then please call Payplan on 0800 2802816.
Don’t forget you can also follow me on Facebook and Twitter.
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