Category Archives: Industry News

  • Can I still Get Debt Advice During the Coronavirus Pandemic?

    Written by PayPlan

    The Prime Minister recently announced a UK lockdown, which means people are being told to stay home and certain businesses have had to close as a result. This has affected millions of people in varying degrees of employment. The Chancellor announced plans to help support the many facing an income…

  • Breathing Space: Time to Deal With Your Debts

    Written by Emma Gibbons

    There’s been a lot of talk about ‘breathing space’ recently. Simply put, it’s a period of time for you to get some advice and work out the best way to deal with your debt, without worrying about a knock at the door or your phone ringing. It helps you focus…

  • Payday loans: the cure to January’s debt hangover?

    Written by PayPlan

    In one of our earlier blog posts this month, we talked about how thousands of people across the UK are dealing with the post-Christmas financial hangover that comes with overspending on presents, food and festivities. Research company Censuswide recently surveyed 2000 people asking them questions about their finances and, unsurprisingly, found…

  • Buy Now, Pay For it Later

    Written by Will Lyon

    We’re stepping up to warn of the threat that Buy Now Pay Later (BNPL) schemes pose to consumers. Companies such as Klarna, Laybuy and Clearpay allow consumers to make online purchases and spread the cost through instalments over an agreed period of time. Retailers partner with Buy Now, Pay Later…

  • What’s Happening With Universal Credit?

    Written by Will Lyon

    Universal Credit (UC) was first introduced in 2013 to simplify the benefits system. To say it’s proved problematic is an understatement, with increased waiting times and the exclusion of rent and Council Tax considerations. In last month’s general election, Labour promised to scrap the system altogether, whilst the Conservative campaign…

  • How Will Brexit Affect Your Finances?

    Written by PayPlan

    Britain’s departure from the EU is causing no end of uncertainty. We’ve taken to answer some FAQs to help you understand what’s going on in the world of Brexit, and how it will affect your personal finances in three key areas: food, energy and travel. “How will Brexit affect me?”…

  • PayPlan named Debt Advice Provider of the Year

    Written by Tom James

    The PayPlan team recently celebrated after being named the 2019 Debt Advice Provider of the Year at Credit Strategy’s industry leading Collections & Customer Service (CCS) Awards.Now in its thirteenth year, the CCS Awards champions outstanding achievements of organisations, teams and individuals working for financial services providers, or central or…

  • What is a Challenger Bank?

    Written by PayPlan

    Challenger banks are typically small banks aiming to challenge the longer-established bigger banks, such as the ‘big four’ (Barclays, HSBC, Lloyds Banking Group, and The Royal Bank of Scotland Group). Examples of challenger banks include Monzo, Starling and Tandem, but the list is rapidly growing. How do challenger banks work?…

  • 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…