Response to OFT Guide

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Payplan, one of the UK’s leading providers of FREE debt advice and management, today welcomes the launch of The Office of Fair Trading’s guide, “In Debt? Help Yourself Out!”

If you would like to discuss this further, John Fairhurst, managing director of Payplan is available on 01476 539200.

Payplan works very closely with organisations recommended in the OFT guide, such as National Debtline and Citizen’s Advice Bureaux, by providing free debt management plans for people coming to them with debt problems. Payplan is a commercial organisation, which is funded by creditors and therefore does not need to charge debtors a fee.

John Fairhurst, Payplan, says

“Our highly trained advisers will carry out a full assessment of the person’s finances before helping them to reach an affordable flexible repayment solution agreeable to creditors that will help towards managing their debts. We have also found that for 80% of people who approach us for help we are able to free up extra income through a combination of reducing outgoings and increasing income (via unclaimed benefits etc). This allows debts to be repaid more quickly.”

Payplan has used its extensive experience in dealing with this topic to put together a list of the top ten serious debt warning signs.

Warning Signs

  1. Once you have paid creditors and a few basic expenses, there isn’t enough money to survive the month/week on.
  2. You drastically cut back on basic necessities such as food or travel to pay creditors.
  3. You consolidate personal loans and credit card debts more than once in a five-year period.
  4. Without overtime or benefits such as Child Benefit, you would not be able to pay creditors.
  5. You use credit cards/borrow further to pay creditors or for basic expenses because you are unable to cover them out of your own pay packet
  6. If a minor financial emergency happened for example your fridge broke down, you would not be able to afford to fix it without borrowing money.
  7. You regularly exceed your overdraft to an extent that you are not in credit when your wages are paid into the bank.
  8. Your bank is in regular contact with you about unpaid direct debits, personal loans arrears and your use of your unauthorised overdraft.
  9. You have Mortgage, Utility or Council tax arrears.
  10. Your financial situation starts to drastically affect other areas of your life for example you can’t sleep, you argue about money with your loved ones or you can’t concentrate at work.

People who are able to identify three or more warning signs as factors they are experiencing should consider seeking advice from a free debt management company such as Payplan.

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

Are you in serious debt?

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Use Payplan’s Top Ten Warning Signs to Check

The festive season is often a time when consumers overspend but some people are constantly fighting to keep their ‘financial heads above water’ without acknowledging that they have a serious debt problem. Payplan, one of the UK’s leading providers of FREE debt advice and management, has used its extensive experience in dealing with this topic to put together a list of the top ten serious debt warning signs.

Warning Signs

  1. Once you have paid creditors and a few basic expenses, there isn’t enough money to survive the month/week on.
  2. You drastically cut back on basic necessities such as food or travel to pay creditors.
  3. You consolidate personal loans and credit card debts more than once in a five-year period.
  4. Without overtime or benefits such as Child Benefit, you would not be able to pay creditors.
  5. You use credit cards/borrow further to pay creditors or for basic expenses because you are unable to cover them out of your own pay packet.
  6. If a minor financial emergency happened for example your fridge broke down, you would not be able to afford to fix it without borrowing money.
  7. You regularly exceed your overdraft to an extent that you are not in credit when your wages are paid into the bank.
  8. Your bank is in regular contact with you about unpaid direct debits, personal loans arrears and your use of your unauthorised overdraft.
  9. You have Mortgage, Utility or Council tax arrears.
  10. Your financial situation starts to drastically affect other areas of your life for example you can’t sleep, you argue about money with your loved ones or you can’t concentrate at work.

People who are able to identify three or more warning signs as factors they are experiencing should consider seeking advice from a free debt management company such as Payplan.

John Fairhurst, Managing Director, Payplan said,

“Many consumers who have serious debt problems struggle to pay for basic expenses such as food while trying to pay their creditors each month. They often get further and further into debt while trying to pretend that their situation is normal and that they don’t have debt problems.

“People who identify three or more warning signs in their own personal finances need to seriously consider taking proactive steps to change the situation. It is not easy to make this realisation but one phone call to Payplan can be a great relief.

“Our highly trained advisers will carry out a full assessment of the person’s finances before helping them to reach an affordable flexible repayment solution agreeable to creditors that will help towards managing their debts. We have also found that 80% of people who approach us for help find that they are able to free up extra income by making various savings in all areas of their lives and in doing so pay of their debts quicker.

Debt is a serious problem for many people but it isn’t the end of the world provided that you recognise your problem and take sensible proactive steps to change your circumstances.”

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