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…
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…
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?”…
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…
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?…
Written by Emmanuelle Kopliku
Pension credit is changing as of May 15th 2019 Are you living with a partner? Is one of you aged over 65 and the other under 65? If so, then there could be some big changes happening with any new pension credit claims you make. Currently you can make a…
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…
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…
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…
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…
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…
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…
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…
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…
Written by PayPlan
Earlier this week the Financial Conduct Authority (FCA) warned of a pronounced build-up of debt among young people.
Written by Chelsea Potter
The application process and fees have changed for bankruptcy. Today we look at what changes have occurred and what they mean for you.
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…
Written by Chelsea Potter
Self-employed people clock up nearly 40 per cent more personal debt than those who are on the payroll, according to PayPlan's latest research.
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…
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…
