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 difference to those that are bogged down with debt to be able to get the right advice to help them with their issues and that the £250,000 grant would help to ensure that the charity was in a position to offer this much needed advice to those that required it. The charity will be able to help those with both small and bigger debt problems, with the grant enabling the group to also assist those with more complicated debt issues that could involve a lot of liaison with creditors and other companies in order to try and reach a suitable solution.

An official from the charity stated: “We know that people are finding things tough financially at the moment. We see it every day in our casework, while a survey carried out for us by YouGov earlier this year showed that more people are starting to use their credit cards to cover day to day expenses.”

Tags: advice, spokesperson, Wrexham FC, Charitable organization, lottery, official, Human Interest, three-year shelter cymru, YouGov, credit cards

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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 to day essentials had to turn to their credit cards.

On top of this the recent Christmas period has also affected the level of credit card debt, and following another turbulent financial year many people did not have enough money put aside to pay for their Christmas purchases and once again had to turn to their credit cards. With credit card bills having now been sent out after the Christmas period a large number of cardholders will found that they cannot cope with repayments on their cards.

As a result of all of these factors industry experts are now expecting the number of credit card consolidations in the UK to increase, as consumers rush to take action to make their credit card bills more affordable and relieve the financial strain. The soaring number of personal insolvencies in the UK has already given an insight into the problems that consumers are facing with their debts, and for many consolidation may now be necessary to cope with their finances.

There are a number of options available to those that are looking to consolidate their credit card debts, and in some cases this can be a really sensible solution as it can mean reducing interest and cutting repayments, which can subsequently mean reducing the risk of missed and late payments, CCJs, and black marks on your credit report. A consolidation loan is one of the solutions that consumers can go for, and these loans can be used to wrap up credit card debt as well as other smaller, high interest loans, catalogues, store cards, etc.

Another option is to go for an interest free balance transfer credit card, and with these borrowers can transfer debts from multiple existing cards up to the new credit limit, and can then enjoy a generous period of interest free credit to clear the transferred debt. For those that think they may need longer to clear their transferred debt a life of balance transfer is another option, and whilst these do charge a low rate of interest on the transferred balance the interest rate is far lower than the standard and it means that the low rate will be applied for the life of the transferred balance providing more time for the balance to be cleared.

Tags: financial situations, debt consolidation, credit crunch, debt help, credit card consolidation, debt management

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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 are open to you, as some resolutions will work more effectively than others.

Over the past couple of years in particular many people may have found themselves deeper and deeper in debt, with financial problems having affected their finances to the point where they have been living on credit. Being in debt so deeply can really drag you down, and this is why it is so vital to take action as early as possible in order to get things sorted out with your finances and ease the stress that debt can cause. Some of the many solutions available are outlined below:

Consolidation: Consolidating your debts can prove to be one effective option for those that want to try and reduce their monthly repayments and make their debts more manageable.

This is an effective solution for those that have a range of different unsecured debts such as credit cards, loans, overdrafts, etc. In order to get a good rate on a consolidation loan you will need to have a pretty good credit rating, but if you are able to get this type of loan you can wrap up all of your other debts into one, cut the number of creditors that you are dealing with, and reduce the amount that you are paying out each month.

Debt management plans: If you are in a situation where your debt repayments are taking up a large chunk of your income, leaving you short of money for other essential payments, it is worth considering a debt management plan. There are various debt charities and agencies that can help to set these up, and you should find one that does not charge a fee.

Under a debt management plan you could reduce the amount that you are paying to each creditor by a significant amount and simply pay over a longer term until it is paid off. The interest on your debts is often frozen under these plans, and you usually make one payment to the debt management company which will then distribute the payments to your creditors.

IVA: If you are really struggling with your debts, you have over £15,000 in unsecured debts, you or your partner is working, and you meet the necessary criteria you may be eligible for an IVA.

This is known as a softer alternative to bankruptcy, and is not something that should be taken lightly to escape debt. However, for some people that have no other option it can be an effective solution, and in most cases you will pay a reduced monthly payment to be distributed amongst your creditors for five years, after which time the remainder of your debt will be written off.

Tags: debt consolidation, consolidate debts, IVA, debt management, individual voluntary arrangement

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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 will have enough meals to get by. In case of severe hardship and food poverty you may qualify for a voucher to redeem at your local food bank.For any bills that need paying, if you know you won?t have the funds you need to contact the relevant creditor as soon as possible to request a payment break. You will then need to come to an arrangement to make up the arrears.

What are your tips for avoiding Payday Loans?

Written by Gemma on December 14th, 2011

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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

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Tom Preston

I run a small pub which is trading at a loss. I wantt to consider my options. I have a ?50,000 loan secured on my house which I want to avoid having to sell.

December 31, 2011 at 11:45 am     Gemma

Hi Tom, call one of our advisors on 0800 716239 and they will be able to give you some advice on what your options are.

January 3, 2012 at 9:21 am    

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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 meat and vegetables, that may be looking past its best, it can be hard to visualise what to do with it – so here are a few suggestions from Penny’s Recipes that you can have ready. That way you don’t have to face avoid endless turkey sandwiches and turkey curry ?? or worse throwing food away.

Chicken / Turkey Risotto

This is a delicious way to use up some meat and you can chuck in some leftover vegetables as well . It is best made with risotto (arborio) rice so if you think this could be useful, add it to your shopping list before Christmas. Then use what you have to make up a lovely meal. Feel free to vary the ingredients to adapt to what you have left over.

2 tablespoons vegetable oil
1 onion, peeled and sliced
1 pepper (green or red), de-seeded and diced
2 cloves garlic, crushed
300g / 10oz arborio rice
About 300g /10 oz cooked chicken/turkey/beef/goose chopped into small pieces
100g / 3 oz frozen peas/ cooked vegetables/mushrooms
750ml / 1 1/4 pints stock (vegetable or chicken)
75g / 2 1/2 ozs hard Italian cheese (or similar), grated
Freshly ground black pepper

Heat the oil in a large, heavy frying pan or saucepan

Add the onion and cook for 3-4 minutes

Add the pepper, garlic and cook for a further 4 minutes, stirring frequently

Add the rice, stir and cook for a minute or two

Pour in about one quarter of the stock

Bring to the boil, turn the heat down and simmer gently until most of the stock is absorbed

Add the meat

Add about one third of the remaining stock, stir, bring to boil and simmer gently

Once most of the liquid is absorbed, add most of the remaining stock

Add the peas or other vegetables and stir

Bring back to simmering

Taste the rice ? when done it will be soft with a little bite

Add more stock if further cooking is required,

When cooked, stir in the grated Parmesan cheese

Season with salt and pepper

1. Decide on your budget

2. Make a menu plan for the festive season

3. Plan some tasty budget meals that people love as well as more festive fayre

4. Make a shopping list

5. Cost out your shopping using your local supermarket website ? if it blows your budget, plan again

6. Check out the comparative cost of vegetables and eggs at your local market or greengrocer

7. Try baking your own cakes, mince pies and biscuits ? have a fun baking day with friends

8. Ask each guest to bring some specific food or drink ? a dessert, or a starter – they will probably want to bring something and glad to know it is something you need.

9. Don’t assume large packets are always relatively cheaper than two small packets, check

10. Don’t always buy the biggest – consider buying a Turkey breast rather than a whole turkey

11. Ensure you have containers and freezer bags to put leftovers in for the fridge or freezer

12. Have some standby dry ingredients, such as pasta and rice, to make a last minute meal for the unexpected

Written by Gemma on December 23rd, 2011

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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 save yourself lots of money if you find a cheaper deal.On your grocery shop, why not switch to the supermarket own brands. Alternatively why not switch supermarkets? Try going to your local supermarket to buy cheaper fresh fruit and vegetables or visit one of the low budget supermarkets.Make use of loyalty card points and use them wisely. Tesco Clubcard and Sainsbury?s Nectar Card have double value vouchers if they are spent on certain items, so it is always worthwhile checking.Instead of cutting out luxuries, sign up to discount websites such as Groupon to get the things you love, for less.

How will you change the way you spend?

Written by Gemma on January 4th, 2012

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Posted in: Changing,habits,SPENDING