Payplan welcomes overhaul of UK credit laws

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The DTI announces a fairer deal for consumers who settle loans early, when it overhauls the UK Credit Laws in the autumn. See link;

http://www.gnn.gov.uk/gnn/

If you would like to speak to John Fairhurst, Managing Director of Payplan about the DTI announcement, he is available on 01476 539200.

Payplan, one of the UK’s leading providers of free debt advice and management, is highly supportive of any reforms which will give consumers a fairer deal. When debtors come to Payplan, as many as half have already attempted to clear the their debts through a consolidation loan. While in a debt management plan with Payplan, around a sixth of clients re-mortgage to reduce or clear their debts.

John Fairhurst, MD of Payplan, therefore welcomes the DTI overhaul on the UK
Credit Laws as he sees it treating consumers in debt fairly, and not penalising them when they are proactively trying to pay off their debts:

“We are delighted that the White Paper will deal with the rules that penalise early repayments on loans. Once our customers start to deal with their debt problems, some discover that they could incur heavy penalties by paying off the balance early.

“However, it is nonetheless a worrying trend that individuals are relying on further borrowing such as consolidation loans and re-mortgages to pay off their unsecured debts.

“It is often difficult to know where to go for advice when in debt and information can be both confusing and conflicting. We are therefore pleased to see that the White Paper released in the Autumn also sets out to co-ordinate the money advice service.”

Payplan’s freephone number for consumers is 0800 917 7823 or they can visit www.payplan.com or complete the online Debt Calculator for a full assessment of their financial situation.

Are your debt problems written in the stars?

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Many people believe that each Star Sign has certain distinctive personality traits but do star signs influence the level of personal debt we get ourselves into?

Payplan, the free debt management company, performed a study of over 4600 customers which has revealed that while your financial future may not be written in the stars, your star sign can have some effect.

The results reveal that:

  • Those born under the signs of Aries, Capricorn, Cancer and Leo are most likely to get into debt.
  • On the other end of the scale, Sagittarians, Scorpio’s, Virgo’s and Aquarians are least likely to get into debt.

Overall, women are most likely to get into debt than men and the average debtor has 6.9 accounts and an average debt of £22,595.

For a full overview of this research and an indepth review per star sign, click here

John Fairhurst, Managing Director of Payplan commented:

“The research Payplan has carried out ties in with these star signs characteristics and shows that while it may not necessarily mean you are going to get into debt if you are an Arian, some personality types maybe more prone to debt problems.”

“Debt is, however, currently a serious problem for many people regardless of their star signs or personal characteristics. At Payplan, our service is completely free to anyone who comes to us with debt issues and we actively work to ensure that they make the best possible financial choices for their situation, taking into account their lifestyles and circumstances.”

“This is why we feel that Payplan, is ideal for everyone who has debt problems - regardless of their birthday.”

For an individual overview of their financial situation, consumers can access the Debt Calculator or phone 0800 917 7823.

For media enquiries contact John Fairhurst, Managing Director on 01476 539200 or email john.fairhurst@payplan.com