Category Archives: Industry News

  • Why guarantor loans can land you in debt

    Written by PayPlan

    Due to the recent collapse of Wonga, payday loans have been all over the news lately. With such bad press, people are beginning to search for other means of quick and easy credit, one of which is the guarantor loan.* A guarantor loan is a form of loan which is secured…

  • Are Payday Loans Becoming a Thing of the Past?

    Written by PayPlan

    The recent collapse of Wonga has been ugly and well-publicised. The payday lender had a less than favourable reputation, and was seen by many as a business model that preyed on people who were either desperate or didn’t understand what they were getting into, due to the extortionate interest rates…

  • Welsh Government set to abolish Council Tax Imprisonment

    Written by PayPlan

    PayPlan’s reaction to Welsh Government abolishment of council taxAlistair Chisholm, head of advice sector policy and partnerships at PayPlan, wrote an industry report ‘I can’t believe we still do that: council tax report’ in November 2017.  The report, a joint project between PayPlan and the Institute of Money Advisers revealed:There…

  • PayPlan announced as finalist for Debt Advice Provider of the Year

    Written by PayPlan

    PayPlan have been shortlisted for Debt Advice Provider of the Year for the Credit Awards 2018, which has been the industry’s flagship event for over 20 years. They have been recognised for their work in creating an end to end Digital Advice Journey making it easier for clients to access…

  • FCA warns of interest-only mortgages

    Written by PayPlan

    Around 1 in 5 of all mortgages are interest-only and the industry’s regulator is worried that consumers are at risk of losing their homes. The Financial Conduct Authority (FCA) is urging people to speak to their mortgage providers if they don’t have any plans in place to meet the gap…

  • New credit card rules estimated to save consumers millions

    Written by PayPlan

    The Financial Conduct Authority (FCA) has published new rules for the credit card market and is estimating consumers will save between £310 million and £1.3 billion a year in lower interest charges. The changes announced today will offer more protection for credit card customers in persistent debt or at risk…

  • Interest rates hikes set to hit struggling homeowners hard

    Written by PayPlan

    Households on variable rate mortgages with the lowest levels of disposable income are at risk of sinking further into debt if interest rates increase by 0.25 per cent.PayPlan has warned that even this modest rise could have a ‘devastating’ impact on millions of Brits, especially those with a poor credit…

  • Nine in 10 homeowners are worried about rise in interest rates

    Written by PayPlan

    A rise in interest rates could have a catastrophic impact on homeowners who are already living on a tight budget, according to figures from leading free debt advice provider PayPlan.PayPlan has launched its Out of Interest calculator to help clients work out how a rise may affect their monthly mortgage payments.This…

  • New data reveals Essex has the highest average debt in the UK

    Written by Chelsea Potter

    PayPlan have revealed new debt figures to show the top 10 counties in the UK with the highest average debt figures and Essex was revealed to have the highest debt level.  According to the data 1212 people from the area used our service throughout 2015 with their average debt coming to £18,508.Our report…

  • ARE YOU WORRIED ABOUT THE RISE OF INTEREST RATES? YOU’RE NOT ALONE

    Written by Chelsea Potter

    In autumn this year we surveyed hundreds of homeowners already living on a tight budget asking how to a rise in interest rates would affect their finances.While the Bank of England held interest rates again, our survey revealed 72% of you would not be able to cope with a £100…

  • Pensioners Struggle to make ends meet

    Written by

    Almost a million people in the UK will die in debt, many of them pensioners who struggle daily to make ends meet.  In today’s Daily Mirror reporter Tricia Phillips speaks to Jane Clack, our Money Advice Consultant, and PayPlan client David Barber, about what happens if you die in debt and…

  • Interest only mortgages – FCA warn borrowers of shortfalls

    Written by Payplan Ryan

    2 May 2013 Latest statistics out today show that around half of 2.6million homeowners who have an interest only mortgage, may not be able to pay the capital when the mortgage ends. 48% (some 1.2m customers) of them will be faced with a shortfall – the average in excess of…

  • Millions face rise in council tax.

    Written by Payplan Ryan

    It has been announced that millions of low income households will see a rise in council tax from April 1st, with some bills rising by £600! Here is what people had to say on Twitter...

  • Rent arrears reaches a new high

    Written by Payplan Ryan

    Christmas is being blamed for the increase in the number of people who fell into arrears with their rent in December. Here is what people have been saying on Twitter.

  • Why iPhone 5 Users May Be More Prone To Debt [Infographic]

    Written by Payplan Ryan

    After months of speculation, the iPhone 5 is finally being unleashed on the market. However, before you rush out in the hope of getting your hands on the coveted smartphone, you might want to check your bank balance first. After a launch of our own in June 2012, we introduced…

  • Welfare Reform Act

    Written by Payplan Ryan

    Millions of people around the UK are currently claiming benefits, with some of them having their entire income made up of them. This costs the government millions of pounds each year, and they have set out a plan to reduce the Welfare bill over the next few years.