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Payday Loans: are there any alternatives?
Industry News 31 Jan 2020

Payday Loans: are there any alternatives?

The wrong way to use a payday loan Many people have a negative perception of payday loans and lenders, and this is largely due to the amount of horror stories that have emerged about them over the years. Most of…

Buy Now, Pay For it Later
Industry News 14 Jan 2020

Buy Now, Pay For it Later

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…

PayPlan named Debt Advice Provider of the Year
Industry News 18 Oct 2019

PayPlan named Debt Advice Provider of the Year

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…

What is a Challenger Bank?
Industry News 9 Oct 2019

What is a Challenger Bank?

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…

Are Payday Loans Becoming a Thing of the Past?
Industry News 18 Oct 2018

Are Payday Loans Becoming a Thing of the Past?

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…

Welsh Government set to abolish Council Tax Imprisonment
Industry News 12 Jun 2018

Welsh Government set to abolish Council Tax Imprisonment

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…

FCA warns of interest-only mortgages
Industry News 5 Mar 2018

FCA warns of interest-only mortgages

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…

New credit card rules estimated to save consumers millions
Industry News 27 Feb 2018

New credit card rules estimated to save consumers millions

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…

Interest rates hikes set to hit struggling homeowners hard
Industry News 2 Nov 2017

Interest rates hikes set to hit struggling homeowners hard

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…

New data reveals Essex has the highest average debt in the UK
Industry News 7 Apr 2016

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

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…

Industry News 12 May 2015

Pensioners Struggle to make ends meet

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…