Repossession - “Get Advice As Early As Possible”

Filed Under  Personal Finance, UK Debt News  |  Leave a Comment

Home repossessions up 48%

The Council of Mortgage Lenders (CML) issued figures today stating a 48% rise in home repossessions in the first 6 months of 2008.

Payplan’s Managing Director, John Fairhurst, speaking today on BBC Radio 5 Live about the repossession announcement, said:

“I think the most important thing that people can do is to get advice as early as possible. In about 80% of mortgage repossession cases it’s possible to avoid repossession simply by getting the right advice at the right time.”

He added:

“It’s rarely too late to get advice.”

Payplan repossession advice - contact details

You can get repossession advice from Payplan’s Special Repossession Advice Team on 0800 917 7819 or by submitting your details using the online Debt Calculator.

Hanging On To Debt By Your Fingernails

Filed Under  Personal Finance, UK Debt News  |  3 Comments

The Royal Bank of Scotland records profit losses

The Royal Bank of Scotland is the latest bank to record substantial profit losses, and questions are being asked about what the future now holds for the economy, lending and people’s personal finances.

On this morning’s BBC Today programme, Terry Smith of bonds broker Tullit Prebon, forecast that people’s personal finances could get much worse, and that a future rise in UK individuals with debt problems was a ‘time bomb’ waiting to explode.

Hanging on to debt - increased living costs

Recent personal insolvency and bankruptcy figures did not rise, suggesting that somehow, people are managing to cope with the increased demands on their income, including rising household food and energy bills and increased petrol costs. However, as Terry Smith also pointed out:

“When things go wrong for borrowers, they don’t immediately rush in and inform their bank. Basically, they tend to hang on by their fingernails for as long as they can.”

Last minute debt problems

This is a fact that debt advice organisations such as Payplan experience first-hand. Amanda Ryans, Payplan’s Debt Helpline manager, also recognises this fact. She said:

“Many clients call us with serious debt problems, and many of these could increase their options by calling us when things are beginning to go wrong.

The problem is that sometimes a debt situation’s been building up gradually for several years until something gives way. Unfortunately for our clients, it’s often a significant event that triggers their first call to us - a relationship breakdown or loss of a job for example, and we have to help them pick up the pieces.”

Get debt help sooner than later

It’s clear from Payplan’s experience that someone who’s struggling with debt should get help as soon as the problem is realised, although, this is often much easier said than done, especially when so much can be at stake. The fear of losing a family home for example, can prevent those needing debt help urgently from seeking advice sooner. However, debt advisers are trained to be empathetic and should be the first port of call for anyone who thinks that their debts could be a problem.

Payplan contact details

Freephone 0800 917 7823
Online Debt Calculator

Solid Fuel Alternatives to Rising Fuel Prices

Filed Under  Consumer News, Money Saving Tips, Personal Finance, UK Debt News  |  Leave a Comment

Rising energy prices have become a bit of a theme on Payplan Debt News, but it’s not surprising.

british-gas-price-increasesAverage energy bills for gas and electricity are estimated to rise to £1200 per year for UK households, following EDF and British Gas’ announcements within the last week. But worse is to come - utility prices are set to rise again in the New Year – a whopping 60% increase has been forecast in less than 6 months.

So what can we do about it?

The first thing to do is to save money on fuel by reducing our energy usage, and then use energy more efficiently. However, there is always a point at which everything that can be done has been done.

Prepare for winter now and save money on fuel

Another possibility is to look for alternative fuels, especially when heating our homes this winter. For those with open fires, solid fuel alternatives are a real possibility – and one which need not necessarily damage the environment. Whilst there are a few months to go before the cold taste of Winter is back amongst us, its worth looking into solid fuel alternatives now, making sure that chimneys are swept, grates are prepared and fuel is purchased and stored.

Smokeless solid fuel alternatives

If you live in a Smoke Control Area, then the types of solid fuels that can be burnt are restricted to authorised smokeless fuels, such as coke or Ecologs. These are heat efficient and are not disproportionately expensive when compared to today’s gas and electricity prices. These sorts of solid fuel alternatives may be the perfect answer to supplement a central heating system, allowing the average household, using only one room in the evening, to cut the temperature settings on the thermostat, and stoke the open fire.

For those able to use other solid fuels, wood is a highly efficient and carbon-neutral option too. Wood, when burnt correctly, releases no more carbon dioxide into the atmosphere than it absorbs when it’s growing, making it a perfect alternative for these environmentally conscious times.

Make your own solid fuel alternatives

It is also now possible to make your own solid fuel alternative. Using a ‘Briquette Maker’, you can recycle all your old newspapers, form them into solid fuel briquettes and store them ready for burning on your open fire in the winter.

Budgeting advice from Payplan

Payplan are conscious that household energy prices, food prices and petrol prices are increasing, and that with the level of unsecured debt in the UK, more people are struggling to pay their debts. Payplan’s free budgeting advice can help you prioritise your finances - call 0800 917 7823 or submit your details for online debt help

Are You Struggling to Pay Your Mortgage?

Filed Under  Debt Case Studies, Payplan Press Release, Personal Finance, UK Debt News  |  Leave a Comment

Please help us raise debt awareness

Can you answer YES to any of the following?

Mortgage arrears, mortgage shock and the credit crunch - help Payplan raise debt awareness.

1. Are you behind with your mortgage payments?

2. Are you struggling to pay your mortgage because of your debts?

3. Are you facing eviction for non-payment of your mortgage or rent?

Payplan case-studies

If so, then Payplan would like to hear from you. Not only can we help you by offering free expert debt advice, but you can help us do our part in raising awareness of current debt issues. Payplan regularly receives requests for client case-studies from journalists and TV documentary researchers for news articles, press releases and TV documentaries about debt.

Payplan Press Office Details

If you’re a Payplan client, or someone who’s simply willing to share their experiences of dealing with debt for the benefit of others, then please email

jayne.newton@payplan.com

or call Jayne on

01476 541980

for an informal chat about your situation. All contact with Payplan is treated in the strictest confidence.

Further information about mortgage debt

Many people are finding new mortgage deals difficult to come by because of the ‘Credit Crunch’ or ‘Credit Squeeze’ and particularly hard hit are those suffering from ‘Mortgage Shock’. This is when a homeowner’s fixed rate mortgage deal ends and their mortgage reverts to the standard rate - usually adding a substantial amount to their monthly mortgage repayments as a result.

Mortgage arrears are a serious concern during periods of financial instability

During these financially uncertain times, it’s important to generate greater awareness of the issues and concerns surrounding people struggling with debt amongst the general public, and of the enormous financial pressures to which they are exposed.

Payplan Press Office
Email jayne.newton@payplan.com
Telephone 01476 541980

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