Category Archives: Debt Facts

  • The Facts: DMPs

    Written by PayPlan

    What is a DMP? A DMP, Debt Management Plan, is an informal arrangement between you and your creditors, managed free by PayPlan. To pay your debts back, you pay one single monthly payment, as part of your plan, which goes toward repaying your unsecured debts. There is no guarantee that…

  • Can you go to prison for debt?

    Written by PayPlan

    Can you go to prison for debt? It’s a question many people start to ask if they are being chased for payment and dealing with court instructions, such as CCJs and third party debt orders. However, we can confirm that it is very unlikely you will go to prison for your…

  • What is a third party debt order?

    Written by PayPlan

    As soon as you hear the word court, alarm bells may start to ring. But if the court system is involved in your debt struggles, it’s important to understand the facts and keep a level head.If you are late on debt payments, your creditors may have obtained a County Court…

  • The Facts: IVAs

    Written by PayPlan

    Here at PayPlan, we always want to offer a solution which is best suited to you. That’s why we are creating a series of blog posts which are aimed at giving you all the information you need about the different kinds of debt solutions we offer. Our trained advisors are…

  • What is Britain’s attitude to debt in 2017?

    Written by PayPlan

    We wanted to know exactly what the people of Britain thought about debt. And so, we asked 1,200 people about their thoughts on the matter, to discern just how serious our debt problem is or if we’ve got things under control.We asked them questions about debt and whether they considered…

  • Self-employed IVAs: Frequently Asked Questions

    Written by Chelsea Potter

    A self-employed IVA is a debt solution tailored for the self-employed. This week’s blog post looks at what a self-employed IVA is and answers the most common questions we get asked about how this debt solution works.

  • What happens to your debt when…

    Written by Chelsea Potter

    Some of our most common questions often centre around what will happen to debt in different scenarios. For example, what happens to debt when you die? We thought this week’s blog post would be the perfect opportunity to explain how debt is dealt with during specific periods and expose some…

  • ‘Invisible Money’ Over Half of Spending Goes Unchecked

    Written by PayPlan

    52.1% of UK shoppers have no idea of their bank balance, thanks to paying on card, according to a recent national study from a free debt advice provider.Over half of people believe they are less aware of how much money they are spending as they are more reliant on ‘invisible…

  • Young People In Wales Have Highest UK Debt Levels

    Written by PayPlan

    18-25 year-olds in Wales have higher levels of personal debt than anywhere else in the UK, owing an average of almost £10,000.New figures from free debt advice provider PayPlan show that whilst calls to its helpline from every other age group have decreased over the past five years, calls from…

  • Declaring yourself bankrupt

    Written by Chelsea Potter

    Is bankruptcy right for you? Can you declare yourself bankrupt? In our latest post we look at the most common questions surrounding bankruptcy.

  • Can old debts be written off?

    Written by Chelsea Potter

    How long can a creditor chase you for your debt? If your default has been forgotten about for some time, does that mean the debt is written off? In today's post we answer the most common questions about old debt.

  • Payday Loans: What are they?

    Written by Chelsea Potter

    Payday loans might seem like a good solution when you're short of money but with high interest rates, are they a slippery slope into deeper debt? Learn more about what they are and how they are regulated in our latest blog post.

  • Top 10 FAQs about Trust Deeds

    Written by Niall Davison

    PayPlan Scotland speak to hundreds of clients in Trust Deeds every day. Some questions come up time and time again, so the team at PayPlan Scotland have put together a list of the Top 10 things they get asked about Trust Deeds by clients – and the answers! 1. What…

  • Top 10 Questions about Debt Management Plans

    Written by Niall Davison

    Guest post by Rhianne Hall from PayPlan’s DMP Annual Review team   Speaking to clients in Debt Management Plans (DMPs) on a daily basis gives you an idea of the questions that are generally asked throughout the course of the plan. Here are the top ten questions about Debt Management…

  • What affects your credit rating?

    Written by Niall Davison

    There are some things that will obviously affect your credit rating; failing to make payments, and overloading yourself with debt and County Court Judgments (CCJs). You probably already know that these will affect how much of a risk future lenders think you are. But there are a number of other…

  • Debt Relief Order (DRO) – Changes to Qualifying Criteria

    Written by Niall Davison

    From October 2015, the qualifying criteria for Debt Relief Order (DRO) in England and Wales are changing, with an increase in both the maximum permitted debt level and allowed assets. This means that more people who are struggling with debts in England and Wales could now consider Debt Relief Order…

  • Changes to Protected Trust Deeds.

    Written by Payplan Ryan

    Trust Deed Regulations have changed as of 28th November 2013.  The changes aim to give greater protection to those in a Trust Deed and higher returns to creditors. Payplan have already adopted many of the changes, considering them to be ‘best practice’.  The Scottish Government has decided to make this…

  • Opening a joint bank account: The pros and cons.

    Written by Payplan Ryan

    f you’re in a serious relationship in which food, bills, utilities and other expenses are paid for together, you may be tempted to open up a joint bank account. However, you may be unsure whether it is the right move. Here we look into the possible impacts of a joint…

  • The facts about Universal Credit

    Written by Payplan Ryan

    If you are confused by the new Universal Credit you are not on your own. Many people are still not clear about how they will be affected or what they need to do. If that sounds like you don’t panic, help is at hand. Here are some facts on Universal…