PayPlan Nominated for Best Financial Support Provider

The team at PayPlan are delighted to share their nomination for Best Financial Support Provider at the 2020 Consumer Credit Awards.This award highlights all the hard work that goes in behind the scenes in helping people towards a debt free…

Warning issued over loan sharks during Covid-19 pandemic

People suffering financially due to the Covid-19 pandemic are being urged to avoid loan sharks who cause profound misery and stress to their victims. Loan sharks are unregulated, often give cash loans without any paperwork and charge extortionate interest rates.

Can I still Get Debt Advice During the Coronavirus Pandemic?

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…

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

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…

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…

Couples who make a claim for pension credit NOW could save up to £7,280* per year

Pension credit is changing as of May 15th 2019Are 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…

Why guarantor loans can land you in debt

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…

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

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…

PayPlan announced as finalist for Debt Advice Provider of the Year

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…

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

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…

Nine in 10 homeowners are worried about rise in interest rates

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…

In the news this week: Bills, borrowing and debts growing

Earlier this week the Financial Conduct Authority (FCA) warned of a pronounced build-up of debt among young people.

What do the bankruptcy changes mean for you?

The application process and fees have changed for bankruptcy. Today we look at what changes have occurred and what they mean for you.

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…