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Redundancy brings a rollercoaster of emotions

By Jane Jenkins

I’m new to Payplan and really pleased to be part of the team. It’s not just that this is a great place to work – and it is – it’s just that after being made redundant last year I was worried I may be out of work for some time.

It led to a rollercoaster of emotions. Well-meaning friends and family told me not to worry and assured me I would soon find another job. I’m sure they believed what they were saying, but kind words don’t pay bills or put food on the table.

I soon found out that when you lose a regular income the spectre of debt soon follows. It’s amazing how quickly I felt vulnerable. I can understand why so many in a similar situation don’t bother to shop around for the best solutions when it comes to coping with debt.

Those adverts offering instant cash or debt solutions can seem like the answer to a prayer when you are desperate. There is evidence that only 1 in 6 people with debt problems seek help and when they do seek advice they tend not to shop around or pay much attention to the high fees.

At Payplan this is something my colleagues hear all too often from clients who come to us after having bad experiences with unscrupulous fee-charging companies. Many of them are unaware of free-to-client debt solutions, like those at Payplan.

So, in my new role as the Public Relations Manager, I am looking forward to raising awareness of Payplan and its role at the forefront of the campaign for regulation of the debt management sector.

In the meantime, I’ve been told that the average working person only has enough money in reserve to cope with being unemployed for three months before debt becomes a real problem. I’d love to hear your views. Post a comment or send me a message via Twitter @JanePR_Payplan.

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What can Payplan do differently?

I recently spoke to a lady who had previously contacted a debt management company for some advice. They explained to her that she didn’t have enough money to begin a Debt Management Plan and that her only option was bankruptcy or to come to an agreement with her creditors where she pays token payments.

So after eventually plucking up the courage to call and speak to someone about her debt problems she felt very disheartened and lost hope in trying to find a viable solution. This was when I asked her to call Payplan and speak to one of our debt specialists, to which she replied “what’s the point?”

The point is, each and every debt management provider works differently, so one person has said you have limited options, this doesn’t mean that you do actually have limited options. With all things debt related it is always best to speak to a few debt specialists and get a few opinions before making your decision.

The cost of a call to Payplan is just a few moments of your time and nothing more. The worst that could happen is that we tell you the same as you have heard before. But with Payplan at the very least we will provide you with a Self Help Pack and will assist you every step of the way with our dedicated team, the Special Advice Team.

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What is a Self Help Pack?

Hundreds of thousands of people contact Payplan each month seeking financial assistance. Many are in a serious debt crisis and come to us looking for help and advice.

Depending on their personal circumstances a Debt Management Plan or Individual Voluntary Arrangement may not be an option. For those people we send out a Self Help Pack.

As the name suggests, a Self Help Pack or SHP is where a person arranges a payment plan directly with their creditors. It is also known as an Informal Arrangement. It is basically a Debt Management Plan that is set up directly with a person’s creditors without the help of a third party.

A Payplan SHP contains template letters that can be sent to creditors to inform them of a person’s financial difficulty. It also contains information on how to deal with current bank accounts if there are debts in relation to them and offers of advice on how to set up an alternative account.

The pack also contains a blank income and expenditure allowing the recipient to calculate their surplus income for creditors. Once this is completed there is a calculation guide to show how much should go to each creditor.

Every pack contains a username and password allowing access to a specific member area on the Payplan website which contains answers to common questions and further advice.

Anyone needing further support can contact our team of dedicated debt specialists who are on hand throughout the day to offer specialist advice and support.

The Special Advice Team can be contacted on 0800 917 7819.

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