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Women & Debt

If you listen to the stereotypes of debt you would believe that more men than women are in debt and that women know how to deal with finances better. The truth is different…

Here are the facts:

So how are women getting into debt?

Some say it is down to lower pay and pay inequality, others say it is high unemployment. Figures released in August 2011 showed that more than 1 million women were unemployed, the most since 1988 when Margaret Thatcher was in Government. There are also high childcare costs, work breaks due to children and an increase cost in living with pay increases out of line with this.

A study carried out in 2011 found that 24% of mothers have had to quit work while a further 16% reduced their hours due to childcare costs.

Yvette Cooper, Labour MP and Shadow Minister for Women recently said, “Women are being disproportionately hit by public sector job losses and rising childcare costs.”

Once in debt women are often quicker to seek help and approach a Debt Management Company, Christian Against Poverty, a church based debt counselling centre, say that 63% of callers are women.

If you are in debt you need to do three things:

  1. Gather all of your creditor information together and work out how much you owe and work out how much you can afford to pay them each month.
  2. Open a new basic bank account, away from all of your creditors and get your income paid into that as soon as possible.
  3. Speak to a free, impartial Debt Management company such as Payplan to get help paying back your debts.

You can contact Payplan Monday to Friday between 8am and 9pm on 0800 716239 or simply fill out our online referral form and someone will call you back.

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How People Are Trapped By Payday Loans

We recently conducted a survey about borrowing over the last 12months. Below is an infographic to highlight the growing number of people that are turning to payday loans.

Payplan – Free debt advice and IVA provider.



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The Eurozone Debt Crisis Explained.

Unless you have been living on the moon for the past couple of months you will be well versed on the impending doom that is a “double dip” recession. But do any of us really understand what this means for each of us?

If reports are anything to go by, we are indeed heading into our second recession in five years and we should expect to see a domino effect with consumer spending going down, less money going into the economy, jobs getting cut and unemployment rising and finances getting stretched to their limits.

Memories are still fresh in people’s minds from the last time, with many still picking up the pieces; we can only hope that we have learnt lessons from the last time to help us through what is certain to be a difficult time for us all.

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Is my job at risk?

Many people coming to Payplan have various worries and concerns about debt management solutions. The main concern we hear is “will I lose my home?” After than comes “will it affect my employment?”

After your house, your job will be the most important thing to you; after all without your job you cannot pay your mortgage or your debts. Unfortunately not all jobs are safe with all debt solutions.

We would always recommend that if you are unsure, then check your contract of employment.

Debt Management Plans

As a DMP is an informal agreement between you and your creditors you shouldn’t be at risk by entering into this type of arrangement. However some jobs are at risk if legal action is successfully brought against you, such as: a County Court Judgement, Attachment of Earnings or a Charging Order.

Individual Voluntary Arrangement

An IVA is a legally binding agreement between you and your creditors and therefore some employers may not allow their employees to enter into such as agreement. Jobs or promotions may be affected if you work in the financial services industry for example.

Bankruptcy

Many jobs are affected by bankruptcy such as those that work in financial services, legal and accountancy or if you work for a FSA regulated company. Other jobs that could be at risk include working for the Police, Armed Forces, as well as being a Local Authority Official or a Member of Parliament.

To be on the safe side, you should always check your contract of employment.

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