Ending the credit card cycle.

It is easy to run up credit card debt. It starts by using your card to pay for things when money is tight. You tell yourself you will pay it off next month and that stops you worrying about the interest. When you fail to make that all-important payment the idea of having a second credit card seems like a good idea –and the vicious circle begins. Debt is common. Why? Because it is easy to fall into.

If you are in the credit card cycle you may be thinking that there is no way out. You don’t need to struggle month to month with your credit card repayments, you can seek free, independent advice from charities such as the Citizens Advice Bureau, National Debtline, Money Advice Service or from Payplan.

You could look into doing a structured plan with possible options including a Debt Management Plan or Individual Voluntary Arrangement, Bankruptcy, a Debt Relief Order, or even an informal agreement with your creditors that you set up yourself.

There are plenty of options that are available so you do not need to struggle and you can get help.

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The Shocking Truth About The UK Debt Problem

I am pretty sure we are all aware by now that our economy is weakening, as it seems, by the minute. Many are fearing that we will soon fall into another recession.

But do people really know how bad it really is? We share the shocking facts that show the current state of the UK’s debt problems.

Watch our new video about debt in the UK.

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My day at the Liberal Democrat Party Conference

Yesterday I attended the Liberal Democrat party conference and witnessed the party pass an amendment to the Quality of Life motion calling for statutory debt management regime to be put in place to ensure minimum standards, control of fees and the outlawing of front-loaded charges. As the Managing Director of Payplan it is a move I wholeheartedly support, as we have been at the forefront of the campaign to introduce regulation into the debt management sector.

In his speech proposing the amendment, Gareth Epps an activist and former counsellor from Reading, said: “there is no greater personal tragedy than unmanageable, all-consuming debt. The impact that this can have on an individual’s quality of life is significant.”

The amendment was successfully carried, after being seconded by Linda Jack, and now has the effect of handing the party’s mandate to Liberal Democrat Minister, Ed Davey MP, to introduce such a system.

I believe this is an important milestone in the campaign for regulation and I look forward to seeing the Minister take this forward with his Westminster and Whitehall colleagues.

In his speech proposing the amendment, Gareth Epps the MP for Reading, said: “there is no greater personal tragedy than unmanageable, all-consuming debt. The impact that this can have on an individual’s quality of life is significant.”

I believe this is an important milestone in the campaign for regulation and I look forward to seeing the Minister take this forward with his Westminster and Whitehall colleagues.

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I can’t afford bankruptcy.

If you don’t have any assets or a job that is easily affected then the chances are bankruptcy is an option for you. Many people choose to avoid bankruptcy as they have a home or other assets to protect, they have a job that would be at risk or they would prefer to pay as much back towards their debts as possible. However some avoid it as they feel they cannot afford the fees.

In June this year the fee for bankruptcy rose to £700.00 consisting of £525.00 for the cost of petitioning for bankruptcy and a further £175.00 for the court fee. Due to these high costs it is no surprise that many are avoiding a suitable route because it is too expensive.

For those who are avoiding bankruptcy as they cannot afford the £700.00 fee, there is help available from a number of different sources.