Preparing for your credit card statement.

A recent study by Visa found that one in five of us plan to fund this Christmas on credit cards, meaning many will be expecting the bill to drop of their door step any day now.If you are one of those people, then we are urging you not to panic and follow these simples steps to make sure it doesn?t get the better of you.If you have kept track of your spending you should already have a rough idea of how much you will owe, if not try to gather all of your receipts together so that you can eliminate the element of shock.Work out your income and expenditure to calculate how much surplus you have left once everything has been paid out.If you have a 0% interest on purchases credit card then you can calculate your surplus to pay this back in instalments...

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Posted in: Credit,Preparing,statement

Living cost increases results in more debt for Brits

According to a recent report a rising number of Brits are falling into increased debt as a result of trying to keep up with the soaring cost of living on wages that have been stagnant for several years in some cases. Many households are struggling to keep up with the soaring cost of living, and some have been left with no other choice but to borrow money on credit cards, loans and overdrafts to fund the rising cost of living.The report claims that Brits have now taken on the highest levels of debt since May 2009, which was the peak of the recession in the UK. Brits now have around £208.6 billion in outstanding debts on credit cards, loans, overdrafts, etc. which equates to around £9070 of debt for every household in the country. Petrol, food and energy costs are amongst the essentials that...

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Posted in: Brits,increases,living,results

Insolvency figures drop whilst DMPs rise

At the end of last year and the start of this year there was a great deal of speculation over how consumers would manage their debt problems given the effects of the global credit crunch, the increase in living costs and bills, and higher mortgage costs, coupled with reduced availability to finance. It was predicted by many industry officials that insolvency levels would continue to rise over the course of this year, as more and more people walked away from their debts because they could no longer cope with their repayments.However, a recent report has shown that there has actually been an unexpected drop in insolvency figures in England and Wales, and some officials have stated that this could be down to the fact that people are being far more cautious with their spending as a result of...

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Posted in: figures,Insolvency,whilst

Scots have been tackling their debts over the past year

Whilst many of us these days are struggling with our personal debt levels, it seems as though people in Scotland are determined to take action to try and reduce their debts. Recent figures have shown that more people in Scotland are paying down their debts than in any other part of the country. Over the past twelve money many Scots have managed to reduce their debt levels based on the study, which was carried out by the Centre for Economics and Business Research.The study showed that more than a quarter of Scots were now in less debt now than they were this time last year. The national average when it came to the number of people in less debt than last year in Scotland was 27.6 percent according to the latest Credit Confidential Credit Report.The figure for Glasgow was higher than the national...

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Posted in: debts,Scots,tackling,their

Nearly a century to clear a £5000 debt with Barclaycard

A shocking recent report has shown how it could take consumers nearly a whole century to clear as little as £5000 worth of debt on their credit cards with Barclaycard. This means that some consumers would never be able to clear the debt in their lifetime, reflecting just how long credit card debt can linger for some consumers. It is reported that as a result of the credit card giant cutting the required minimum monthly amount it could take some cardholders with a balance of just £5000 a whopping ninety eight years to clear the debt.Barclaycard recently announced that it was reducing the minimum level of repayment required from cardholders. The previous minimum level was 2.25 percent of the balance or £5 minimum repayment.However, this has now changed to just 1.5 percent of the balance of...

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Posted in: Barclaycard,century,clear,Nearly

Keeping your body and your finances fit

For many people these days keeping fit is a very important part of their lives, and with all of the scare stories that we hear about the ill effects of being unfit, overweight, and generally inactive it is not surprising that so many people want to ensure that they get regular exercise and keep their health and their bodies fighting fit. However, whilst taking part in exercise is a good thing for some people it can also cost a small fortune, and it is therefore necessary for many people to think of ways of exercising without paying out a fortune.Of course, one of the simplest and cheapest ways to keep fit is simply by going for a brisk walk or a jog on a regular basis, but the trouble with this is that the weather in the UK is not ideal for joggers and you are more likely to end up with a...

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Posted in: finances,Keeping

Bank charges won't be included in high cost credit report

A report is being put together detailing types of high cost credit but according to recent reports bank charges will not be included in this report. The report forms part of the Office of Fair Trading enquiry into costly credit, and will include things such as pay day loans, doorstep lenders, and pawnbroking, all of which have been subjected to increased scrutiny, but the topic of bank charges has only be skimmed over as part of the report.The report from the OFT enquiry is set to be published next month, according to reports, but some of the lenders that have been included in the report have described it as a ‘witch hunt’.Providers of pay day loans have expressed disappointment with the OFT’s decision not to cover bank charges and instead focus on pay day loans and other types of credit.The...

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Posted in: charges,Credit,included,report

Social care payment cards to be distributed in Cheshire

It has been announced that Cheshire East Council has launched a scheme that will enable vulnerable residents in the Macclesfield area to enjoy the independence and convenience of being able to use a payment card to pay for services. The social care payment cards will enable users to benefit from maintaining independence, so that they can pay for thing such as leisure services and social services themselves through the use of the card.The new payment card is called the ‘Empower Card’. The card will enable the elderly and disabled in the area to enjoy more independence and pay for services themselves. The scheme has just been launched by the council, and officials believe that it is the first scheme of its kind in the UK.Social care money was previously paid into the recipients’ bank accounts,...

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Posted in: cards,Cheshire,distributed,payment,Social

Debt problems could be exacerbated through stagnating wages

Many people across the UK have seen their wages either frozen or even cut over the past couple of years, despite the fact that living costs and inflation have soared. These days, consumers have to make their wages go much further than they had to in the past and according to some officials this could result in a huge problem with person debt over the next couple of years.Stagnating wages compared to soaring inflation could be contributing to problems in repaying existing debt as well as with issues relating to taking out fresh debt, all of which is set to culminate in UK households having more than £2 trillion worth of debt by around 2015. Many basic and essential living costs have soared whilst wages have failed to keep up with inflation, which includes the cost of petrol, food and energy...

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Posted in: could,exacerbated,problems,stagnating,through,wages

New measures in place for credit card users

New proposals have been brought in to try and provide greater protection and flexibility to credit card users in the UK, according to recent reports. The new measures form a combination of the proposals that were put forward by the government and proposals that were put forward by lenders. The government had put forward a range of proposals originally, but the credit card industry defended some of its methods with a lengthy report to respond to those proposals.Whilst the package of measures does not go quite as far as some industry officials may have hoped they do provide some additional protection and flexibility for credit card users.There had been talk of the minimum repayments being increased for credit cardholders but there was concern that consumers would struggle to manage, especially...

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Posted in: Credit,measures,place,users

Interest rates left on hold again

It has been announced that the base interest rate is to remain on hold at its all time low of just 0.5 percent for the month of January. The announcement was made by the Bank of England following the January Monetary Policy Committee meeting earlier this week. The base rate has been at 0.5 percent since March of last year, and this is the lowest it has ever been in the history of the Bank of England, which goes back over three centuries.Economists have stated that the move to keep the base rate on hold has not come as any great surprise, and most do not expect the MPC to increase the base rate in the near future. The move to keep interest rates on hold has been welcomed by manufacturing and industry groups, who have said that whilst the economy has shown signs of improvement it is still fragile...

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Posted in: again,interest,rates

Lottery grant could help charity to assist people in debt

A quarter of a million pound lottery grant is set to help a Wrexham debt advice charity to assist the growing number of people and households that are experiencing debt problems in the area. The three-year Shelter Cymru project was launched in the autumn and has been recruiting staff in the run up to its launch.Around two hundred households a year will be receiving invaluable advice and assistance from the charity and officials from the project have said that the lottery funding will be a huge boost to the area, as there are more and more young people in and around Wrexham who are now experiencing debt problems and issues that they are unable to resolve without getting help, advice and assistance from experts and professionals.One spokesperson for the charity said that it could make a huge...

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Posted in: assist,Charity,could,grant,Lottery,people

What are the options for consolidating credit card debt?

A number of recent reports have revealed that credit card debt in the UK has been rising, and on a per person basis the level of credit card debt in the UK is said to be over £5000 each. The credit crunch and the recession have both taken their toll on households across the UK over the past couple of years, and this has resulted in many people struggling financially.During the recession many people did their best to cut back on the amount that they were spending, and rather than accruing debt they decided to make payments to try and clear existing debts to ease their financial situations. However, inevitably there were many people who were unable to do this as a result of their finances, and in order to cope with essential payments such as their mortgage repayments, rent payments, and day...

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Posted in: consolidating,Credit,options

Get your debts under control this year

Whilst most of us would love to be free of debt many of us have had little choice but to borrow money for various things other than our mortgages. Credit cards, loans, store cards, overdrafts, and catalogues have all become a part of life for most people, and many people get themselves into a spiralling level of debt getting to the point where they can barely manage to keep up with their repayments.Whilst getting into debt is unavoidable for most of us it is possible for those that are struggling with their debts to take action to try and ease the situation. The measures and options that are available to you will depend on a number of things, such as your personal situation and circumstances to the level and type of debt that you have. It is a good idea to look at the various options that...

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Posted in: control,debts,under

Running out of money? What NOT to do.

As we approach the end of the month some may be feeling the pinch and be running out of funds before the next payday. It is easy enough at times like that to think about quick cash loans such as Payday Loans and in some cases, loan sharks.If you are worried about making ends meet then try following these simple steps to arrange your finances to try and avoid borrowing money.Work out how much money you have left and then work out everything that you need to pay out for with that money.Look at your expenditure list and remove anything that you don?t need to spend money on, such as trips to the cinema, unnecessary car journeys and see just how much you can save.Look through your cupboards and see what food you actually have. The chances are you...

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Posted in: money,running

Preparing for the New Year

With the New Year fast approaching many of us are reflecting on the last year?s events and preparing for the new year ahead of us. For many of the people who contact Payplan, they may be looking for free debt advice or some assistance with their financial issues.At this time of year we see many new clients contacting us as they resolve to start a fresh.By contacting Payplan early on with your debt problems you can get everything in order before things spiral out of control. Many who come to us say ?I wish I?d called you sooner? in doing this they would have avoided further hassle from creditors, legal action or unnecessary distress.This New Year, what are your resolutions?Written by Gemma on December 27th, 2011 Filed Under  Budgeting, Payplan   |  Trackback  |  ...

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Posted in: Preparing

What Can I cook With Leftovers? from Penny’s Recipes

As you plan your Christmas food, you order the turkey, goose or beef,? ham and a pork pie. Plan a nut roast for the vegetarians, cheese and crackers, ice cream, puddings, plenty of fruit and chocolate. The list gets longer and the cupboards start to fill.You are busy ensuring you have enough for your guests ? the invited ones and the unexpected ones Sometimes it is difficult to gauge just how much you will need when you have guests, when you are not used to catering for many people. And the last thing you want to do is run out of food.However when you get to the other side of Christmas you may realise you still have a lot of food in the fridge. Letting food go to waste is heartbreaking, not to mention hard on the wallet. When faced with leftover...

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Posted in: Leftovers,Pennys,Recipes

New year, new you. Changing your spending habits

The New Year is always a good time to try something new or change things in your life that you are not happy about.With the state of the economy getting worse and families seeing the biggest squeeze to their budgets for 60 years, many may be seeing the New Year as an opportunity to change the way they are spending their money.If you are looking to change your spending habits, here are a few top tips.Write down all of your expenditure and see where you are spending your money. From this you can look at areas that are excessive or where you know you spend too much.For all of your utilities you can use comparison websites to see how much you can save. If it turns out that you have the best deals then you haven?t lost anything. However you could...

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Posted in: Changing,habits,SPENDING