Archive for Payplan Category
Our Christmas 2012 Opening Hours
Over the Christmas period Payplan’s Helpline will be opening to help anyone who would like assistance with their debts. The dates and time below show when our Helpline advisors will be on hand to speak to you. Alternatively you can continue to complete our online referral form and we will call you back.
The Payplan Word Cloud
People contacting Payplan have many different reasons for doing so, they may have debts with credit cards, store cards, payday loans or bank loans, they may be struggling with repayments due to high interest, loss of income, additional to the family or even a loss in the family, or they may be dealing with hassle from creditors, debt collectors or bailiffs. Whatever their reason for contacting us, they are looking to speak to someone in confidence who will be able to give them specific debt advice for their circumstances – that is why they contact Payplan.
A few months ago we started using an instant chat system on our website which enabled people to chat to someone online rather that via the telephone. During this time we logged all of the conversations that took place between our advisors and the people that chose to contact us. We have collated all of the information and created a word cloud to show all of the common phrases that people used in their first conversation.
Your Light-bulb Moment
That moment when you realise you are in debt, and can no longer afford your repayments, is often referred to as a “light-bulb moment”. For some this comes sooner than it does others – where one person may have theirs as soon as they begin struggling, another may ignore their struggles in the hope that things will change. Several weeks or months later when things don’t change they will reach their moment.
From our experience we have identified some of the most common situations that occur giving people their big moment…
- When minimum payments become too high.
- When income levels drop.
- When no additional or new credit is available to you.
- When you being to miss payments.
- When you begin to become afraid of opening creditor mail or answering the telephone.
- When your income is spent on debt repayments and you rely on credit to get by for the rest of the month.
You could reach your light-bulb moment at any time, but when you reach yours here are a few simple steps to help you get onto the road to being debt free…
- Gather all creditor information together and calculate how much you owe.
- Calculate how much you having coming into the household and how much your expenses are each month.
- Contact a FREE debt advice agency like Payplan, National Debtline or your local Citizens Advice Bureau who will not only offer your free debt advice but will also be able to look into solutions that are available to you to repay your creditors and get out of debt.
Reflecting on a busy week
by Jane Clack
I arrived at the Labour Party Conference with 32 containers of bags, booklets, mugs and cards and left with one suitcase. It was very heavy but nevertheless was a super result and showed how enthusiastic people are about the service we provide. We all know that many people are struggling with debt but there are so many providers of solutions now, it is good to think that people do feel they can approach us.
The fact that we offer the most appropriate solutions to our clients is something I feel very proud of. It is the support of creditors who make a fair share contribution which allows us to be successful and ensure every penny we get from our clients goes to the creditors. Individual voluntary Arrangements do incur fees, but these are taken from the monthly disposable income paid into the IVA. As we charge no upfront fees clients can be sure we are not trying to feather our own nests at their expense.
The example which resonated with visitors all week at the conference was the hypothetical client with £30,000 of unsecured debt and a £200 surplus. There are three possible solutions if there is no way of increasing the income to cover the contractual payments. Firstly, twelve and a half years to pay off the debt in full if all the creditors freeze interest and charges. Secondly five years in an IVA paying in £12,000 so writing off £18,000 and saving seven and a half years of strict budgeting and finally, if work and home are safe, bankruptcy, which would wipe off the debt at a stroke and would incur a three year income payments arrangement. The options are given but it is always the clients right to choose what they want to do.
I listened to Harriet Harman round off the conference and left to the sound of the Red Flag flying and Jerusalem. My final sweeties were given to some nice policemen who helped me lug the suitcase out of the centre. It is now all over for another year.
I got home on Thursday evening just in time to prepared for Friday when I went to Cambridge to a Unison open day to talk about how we work as the Unison Debtline.
I love my job but I am now really enjoying my weekend!