How People Are Trapped By Payday Loans
We recently conducted a survey about borrowing over the last 12months. Below is an infographic to highlight the growing number of people that are turning to payday loans.
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The Eurozone Debt Crisis Explained.
Unless you have been living on the moon for the past couple of months you will be well versed on the impending doom that is a “double dip” recession. But do any of us really understand what this means for each of us?
If reports are anything to go by, we are indeed heading into our second recession in five years and we should expect to see a domino effect with consumer spending going down, less money going into the economy, jobs getting cut and unemployment rising and finances getting stretched to their limits.
Memories are still fresh in people’s minds from the last time, with many still picking up the pieces; we can only hope that we have learnt lessons from the last time to help us through what is certain to be a difficult time for us all.
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Is my job at risk?
Many people coming to Payplan have various worries and concerns about debt management solutions. The main concern we hear is “will I lose my home?” After than comes “will it affect my employment?”
After your house, your job will be the most important thing to you; after all without your job you cannot pay your mortgage or your debts. Unfortunately not all jobs are safe with all debt solutions.
We would always recommend that if you are unsure, then check your contract of employment.
As a DMP is an informal agreement between you and your creditors you shouldn’t be at risk by entering into this type of arrangement. However some jobs are at risk if legal action is successfully brought against you, such as: a County Court Judgement, Attachment of Earnings or a Charging Order.
Individual Voluntary Arrangement
An IVA is a legally binding agreement between you and your creditors and therefore some employers may not allow their employees to enter into such as agreement. Jobs or promotions may be affected if you work in the financial services industry for example.
Many jobs are affected by bankruptcy such as those that work in financial services, legal and accountancy or if you work for a FSA regulated company. Other jobs that could be at risk include working for the Police, Armed Forces, as well as being a Local Authority Official or a Member of Parliament.
To be on the safe side, you should always check your contract of employment.
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Don’t let your finances go up in smoke.
The most common phrase we hear when our clients call is “I wish I had called you sooner.” Some bury their heads in the sand whilst others ignore things completely, hoping the problems will go away.
Burying your head in the sand and ignoring your debts can only make matters worse. To keep your finances in order you need to face them head on.
Here are some helpful tips:
- Contact each of your creditors and find out exactly how much you owe.
- Put together a financial statement to see exactly what you have coming into the household each month and what is going out.
- Calculate what your contractual payments are for each creditor, if you have enough surplus income to pay the creditors then you know you can stop panicking.
- If your surplus income doesn’t cover your payments then contact us and we can help arrange a plan with your creditors with you.
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