What are debt snowballing and debt avalanche?

My debt is getting out of control – what should I do? Knowing how to manage debts and keeping them under control is important, but it can often be overwhelming. Creating budgets, examining income and expenditure and regularly reviewing spending…

Things you need to know about redundancy and debt

I’m in debt and I’ve been made redundant – what should I do? If you’re in debt and worried about the risk of redundancy, or have been made redundant, don’t panic. As soon as you realise you can’t make your…

Talking about debts with your partner, friends and family

How do I tell my loved ones that I’m in debt? Approaching the subject of debt is hard at the best of times, but when you need to discuss any big money problems with your partner, family or friends, we…

I owe money to friends or family. What happens if I can’t pay them back?

What happens if I can’t pay my friends or family back? If you owe money to family or friends, we understand that there’s the added pressure of having an emotional attachment to those involved. Firstly, if you’re struggling to pay…

I can’t pay child maintenance right now. What happens?

What happens if I’m struggling to pay child maintenance? Child maintenance, or child support, is a legal responsibility to provide help with your child’s everyday living costs, including food, clothes and other essentials. It’s paid by the child’s biological or…

Dealing with debts that can’t be included in a DMP

Should I include all my debts in a Debt Management Plan? When entering a Debt Management Plan (DMP), you don’t have to include all your debts. However, if you were to enter a DMP with PayPlan then we would advise…

Continuous payment authorities and how to cancel them

What is a continuous payment authority? A continuous payment authority (CPA) is when you grant a company permission to take payments from your debit or credit card. Isn’t that just the same as a Direct Debit? It’s similar, but it’s…

Can banks take money to pay debt without permission?

What does ‘right to offset’ mean? The right to offset, also known as the ‘right of setoff’ or ‘setting off’, allows banks to transfer funds from your bank or savings accounts to pay off debts that you hold with them,…

A guide to guarantor loans: things you need to know

What is a guarantor loan? A guarantor loan is a type of loan where a friend or family member (known as the guarantor) agrees to pay if you’re unable to make the repayments. This type of loan is an option…