The industry regulator, the Financial Conduct Authority (FCA),
has said that they are imposing strict regulations on payday loan
companies from 2nd January 2015. The new laws will change the way
fees are charged by payday loan organisations.
There will be a price cap on the amount of money a payday lender
can charge per day and the total amount which can be charged in
late fees or repayments.
If you have a payday loan which you are struggling to repay
speak to Debt Support Trust on 0800 085 0226.
The fees charged by payday lenders was previous unlimited. This
meant that a company could charge what they wanted to for missed or
late payments and the interest rate could be as much as they
People in debt to payday loans would contact Debt Support Trust
seeking our debt help. We would
frequently hear about a £100 loan which had risen to £1,000, or
more, because of late payments and rolling debts over.
The new legislation will mean that debts in a payday loan will
be capped at double the initial loan. Also, the interest rate is
going to be capped at 0.8% per day. Previously, a loan of £100
would typically cost £125 to repay at the end of the month. If the
person was unable to repay the £125 then the debt would be rolled
over and a fee may be charged too. This further compounded the debt
problem for the individual.
New legislation will protect people from short term lenders
offering 30 day loans. The total amount of money which can be
repaid will be equal to double the initial loan. The fees for late
payments will be capped at £15.
The changes to payday loans have been generally welcomed by the
industry. At Debt Support Trust we're pleased to see positive
action being influenced by the financial regulator. It's estimated
that 7% fewer people, roughly 70,000, will no longer borrow from
short term lenders. The FCA has said that lending has dropped by
35% since it took control of regulating the financial credit
market. It's also been suggested that the proposals don't go far
enough to protect consumers from the pitfalls these payday loans
The payday loans industry has said that it expects more people
to turn to loan sharks and unregulated lenders in order to survive
Today's announcement doesn't clarify what short term lending
would constitute as other lenders offer loans over longer terms
than the standard 30 day loan.
We would encourage anybody experiencing financial problems to
seek help from our charity on 0800 085 0226 or
visit your Citizens Advice Bureau.
Starting the process to receive debt advice can often seem like
a challenging experience. Talking to somebody about your debt
problems is not easy but it is the first stage in regaining
You can read below about a mother's experience in seeking debt help from Debt Support Trust.
If you want help with debt advice you can speak to us on 0800 085
On behalf of my husband and I, I would like to thank you for all
that you did a few weeks ago to help us into the road of recovery
from our debt difficulties. We're now moving forward and we will be
paying £350 a month instead of well over £1000 and will at the end
of the journey be left with no debt apart from the mortgage. It's
such a relief to feel that, although we haven't got money to go out
and spend particularly and we need to be careful, we know that all
the bills are going to be paid and that we are paying off debts
instead of throwing interest payments at them. I'm also now paying
the secured loan off monthly and that is starting to decrease
before our eyes.
Reaching out to you guys was one of the best things I could have
done. I'm so glad that you gently pursued me after I had filled in
your online form as I was nervous about talking to someone in
person, but your friendly way was just what I needed. Although I
can't pretend that all this has been easy at all you made it
You have not made me feel at all embarrassed about the position
we ended up in which has meant a lot because I was already feeling
a huge amount of embarrassment and guilt about ending up in
financial difficulty when I earn a good wage when there are people
out there with next to nothing.
I really appreciate this chance to sort ourselves out
financially, we will continue to value it, work hard to get it all
sorted out and hopefully never end up in the position where we need
Thanks again, you've made a very big difference to our
Our debt advice charity is open between Monday - Friday 8am to
7pm. You can call and speak to a friendly adviser on 0800 085
If you would prefer to email and ask a question you can do this
One of the questions most people want to know when they call our
charity advisors at Debt Support Trust is, "How can I get debt
free?". Being in debt is not an enjoyable experience and it's known
to cause mental health, relationship and employment problems. The
stress of trying to repay the debt can often cause people to ignore
their money worries further. This is not a solution but an
understandable reaction when the debts grow beyond a person's
At Debt Support Trust we're experts are helping people to
resolve their money problems to ensure you can become debt free
You can get help from our charity by telephoning our helpline on
0800 085 0226.
There is always a route to become debt free but knowning which
options you are suitable for may not be evident. That's why
thousands of people contact Debt Support Trust for our help.
We review your financial situation, including your income,
expenditure and debts. We know exactly the debt solutions you could
be suitable for. Once we understand your situation we then explain
the process of entering each plan, along with the pros and cons.
Some debt solutions can help you become debt free in as little as 1
year, but most will take longer.
There are multiple reasons why you would want to seek debt help.
We've listed 5 of the top reasons you could want to become debt
The primary reason you would want to get debt free is to get
your finances back on track. If you're worried about opening
letters, answering the phone or even leaving your house because you
fear your creditors contacting you, then we can support you.
You can take the first steps to become debt free by speaking to
a debt advice charity. Debt Support Trust is open between 8am and
7pm Monday to Friday. You can complete our debt analyser form at
any point 24 hours a day and receive an outline to the debt
solutions which you could be suitable for.
You can complete our debt analyser below, or call 0800 085
New figures released by the BBC have
highlighted a significant rise in football season ticket prices,
but should clubs be asking so much from fans in the current
The new statistics found football season
tickets for the Premier League have increased by 8.7% to reach
£508.55 from £467.95 in 2012.
During the same period the average
household debt has increased to £521 per UK adult, according to
figures released by The Money Charity, as of October
With 1000 people a day being made
redundant between May and July, are football clubs in the UK asking
too much of their fans and exploiting their loyalty?
The 2014/2015 season saw TV revenue
increase a staggering 71% for the Premier League after it received
£3.1bn for the rights to televise games.
This increase led to many fans, pundits
and others demanding clubs reduce the cost to watch the sport, but
it appears tickets have continued to rise.
When comparing the cost of watching a
team in the English league with those in Europe it can make for
On average, match day tickets have
increased 4.4% year-on-year which is triple the average cost
of living for the UK at 1.2%.
Resolving debt problems is one of the hardest decisions to make
for some people and it doesn't happen easily. Opening up and money
worries, especially when you have dealt with them alone for so
long, can be complicated. However, at Debt Support
Trust we're here to help you to the steps you need to
become debt free again.
Many people we help speak to us about becoming debt free but
aren't ready to take the necessary steps to start a debt solution.
The advice is stage one and speak to somebody at our charity can
help you to get the information you need to understand the pros and
cons of the debt solutions you are applicable for.
Once you have the information you are under no obligation to
take our advice and proceed, but when you start a debt solution you
will be taking positive steps to resolve your debts, which for many
people have caused relationship, health or employment issues.
If you're ready to take steps to clear your debts and become
debt free again Debt Support Trust can help. You can call us
on 0800 085 0226 or complete our debt
analyser enquiry form today.
There are various reasons why people get into debt but the most
important question is how to get back to being debt free. There are
many routes out of debt but some may not be applicable, depending
on your situation.
You may only want to tentatively ask about which debt solution
is right for you and that's something we hear a lot at Debt Support
Trust. It then gives you the time to think about the solution
before proceeding and starting the process of resolving your
It's important you feel comfortable about the debt solution you
enter and that you're not pressured into any plan. There are often
two or three routes out of debt and it can be a personal decision
over which one you decide to enter. At Debt Support Trust our
responsibility is to ensure you have the information about every
debt solution you could enter, along with the pros and cons based
on your financial and personal circumstances.
When you're ready to resolve your debts then Debt Support Trust
is here to help. We support people across the whole of the UK
become debt free and start again financially. The process is
simple. After you get in touch via telephone, email or debt
analyser we will complete a short questionnaire about your debt,
income, expenditure and assets, like houses and cars. This
information helps us determine which solutions you are suitable
for. We also listen to what you want to achieve and try to match
your expectations with available debt solutions. You can then
decide how you wish to proceed and we'll help you with whatever
route you choose.
Debt Support Trust is open between 8am and 7pm Monday to Friday
and you can call us on 0800 085 0226.
When debt becomes unmanageable there has to be a solution to
resolve money worries. If you feel you can't afford your debt then
the best option is to seek professional debt advice - there are
always solutions which can help you.
You can call Debt Support Trust or complete our debt analyser
below. Our telephone number is 0800 085 0226 and
our charity advisors are available between 8am and 7pm Monday to
When debt problems become too severe it can be a worrying time.
The debts which were once under control have become too expensive
to service each month and you're struggling to make ends meet. The
good news is there are solutions which can help you in this
The reason for your debt problems and being unable to afford
your debt can vary, but usually the interest free period has ended,
the amount of credit you have borrowed has grown too large or
you're income has dropped and it's now impossible to pay your
contractual obligations to your debt every month.
Whatever the reason, the problem will not resolve itself and
debt help is required. There is help and support available.
Call Debt Support Trust on 0800 085
0226 for confidential money advice.
When repaying debt each month is difficult it can feel like
being trapped in a vicious cycle which you can't break free from.
There doesn't seem to be an easy resolution. Friends and family may
not be aware of the problems you face, but Debt Support Trust or
another charity could help you in confidence.
Some of the debt resolution plans you may wish to consider
Token Payments: If you're financial problems
are short term, or if you're searching for employment, then you
could consider making token payments to your debt. This requires
your creditors to agree to your proposal but we can help you with
this. You pay one monthly amount until the situation improves. This
can be as little as £1 per week.
Debt Management: An informal route to resolve
the debts you can't afford would be the debt management route. This
option only exists if you can afford £100 per month. You can get a
free debt management plan and not pay any fees through Debt Support
Trust. You repay all the debt, but in a manageable way.
IVA: A formal debt solution which guarantees to
freeze interest and charges over the typically 5 year debt
solution, should the creditors agree. You pay what you can
reasonably afford and any debt which isn't repaid is written off at
the end of the IVA.
Trust Deed: A Scottish formal debt solution
lasting 4 years. You pay one monthly payment, along with equity
from any assets and any remaining debt is written off at the end.
Interest and charges are frozen in the Trust Deed.
Bankruptcy: There are various routes to go
bankrupt. You will be asked to contribute money to your bankruptcy
every month, for 3 years, if the insolvency specialist believes you
can afford it. Assets in bankruptcy will be valued and sold if
there is realisable equity.
For advice which is specific to you it's best to call our advice
line or take our debt analyser for an idea on which debt solution
you could enter. You can get more information about each of these
debt solutions on our "how we can help" section.
With every debt solution you should be aware it could affect
your credit file but it would resolve the money problems you're
encountering and make payments more affordable.
When you're struggling with debt it's a difficult period in your
life. It can affect you life in various ways, including lack of
sleep, fear of bailiffs at your door or your friends and family
finding out about the extent of your money problems.
There is good news - we can help at Debt Support Trust. Our
charity offers not for profit money advice to help resolve your
You can call Debt Support Trust on 0800 085
0226 or complete our debt analyser form to understand
which debt solutions you may be suitable for.
Your money worries could be as little as £100 or it could be
larger than £100,000. We help everybody with money problems, little
or large. If you're unemployed but have a £100 debt then that can
be harder than a large debt which is into the thousands.
Resolving money problems starts with you taking
proactive steps. You could read about the debt solutions on our
website, give us a call to speak to a friendly advisor or get help
via our debt analyser form. There is always at least one route back
out of debt and we can help you start this process.
A life in debt has a negative impact on relationships, work and
your general well being, but struggling with debt alone is not
necessary. There are a variety of debt solutions which you could be
suitable for depending on your income, expenditure, level of debt
and equity in your assets.
It's our responsibility to take the burden of debt off your
shoulders and help you back to a debt free life. We do this by
completing a 15 minute questionnaire over the
phone. It's informal and if you don't know any of the answers, like
the exact amount of debt you have, then that's not a problem. Our
charity advisors will be able to give you general advice based on
your rough situation in this instance.
At the end of your call you will have at least one route to
consider which will help you become debt free again. You don't have
to struggle with debt alone, we can tell you which debt solutions
you would be best suited for.
If you're struggling to pay your contractual obligations on time
then you may already know that you have a debt problem. It's by
rectifying these debt problems that you get your life back on
You may feel the debt is too large to repay in full or that you
will be in debt for the rest of your life. Many debt solutions will
allow you to repay your debt in an affordable way and some even
allow you to write off some of the debt so you're not in debt
There are some debt solutions that will guarantee to freeze your
interest and charges too. Most debt solutions will affect your
credit file and a default could be added which would last for 6
years and could mean obtaining credit in the future is harder.
However, your credit rating can improve again after you have
resolved your money worries.
If you're struggling with debt and need help to get your debt
problems resolved then speak to a number of charities about your
money worries. You'll get confidential advice and be taking the
first step towards a debt free life.
You can call Debt Support Trust on 0800 085
When it comes to deciding which debt solution to choose there
are often two or three options to consider. A decision may be to
decide whether you should enter bankruptcy or an IVA to resolve outstanding
The right debt solution is often dependent on your expectations
as much as your financial situation. In the end, only you can
decide which solution will be better for you. At Debt Support Trust
our charity advice team can offer guidance on which solution you
may wish to enter.
You can call us on 0800 085 0226 to get advice on bankruptcy and
other debt solutions, or complete our debt analyser enquiry form.
This will give you a guide as to which debt solutions you may wish
There are several available debt solutions which resolve money
worries, but not everybody is suitable for all of the plans. In
order to understand which debt solutions you can enter you should
seek debt help.
The debt advice you receive
should lead you towards a debt solution or perhaps a couple
different routes which could all get you debt free. The advice you
receive will be based on your income, expenditure, assets and level
It's vital to get debt help before entering a debt solution as a
lot of them cannot be reversed once you've entered the plan. Most
recently we heard about a 48 year old who had entered bankruptcy
and wanted help to avoid the Official Receiver selling their
property. The property had £40,000 equity and the debt was only
£15,000. This assistance we could offer was limited, however there
were a number of other options which would have been more suited,
rather than bankruptcy.
You may have heard about a bankruptcy before - it's the most
commonly known debt solution and evokes memories or monopoly when
you don't have any money left and have no assets to sell (houses or
hotels). You may even know somebody that has entered a debt
solution, like a bankruptcy, and they tell you it's the best thing
they ever did. What happens to one person in a debt solution is not
necessarily the same for everyone.
A bankruptcy and IVA are both insolvency debt solutions.
However, there are variations of an IVA and bankruptcy. Typically an IVA will last 5
years, while the bankruptcy will last 1 year.
Repayments: If you can afford to repay money
each month then you will have to contribute towards your bankruptcy
each month for 3 years in total. The cost of bankruptcy is
typically £700. There is no upfront cost to enter an IVA. You can't
negotiate your bankruptcy payments, but you can put a proposal to
your creditors in an IVA where you set what you can reasonably
afford each month.
Assets: In a bankruptcy your assets with equity
are sold. A third party (friend / family member) can purchase your
share of equity if they can afford it, however, usually assets like
a house are sold on the open market. In an IVA you are asked to
remortgage near the end of the solution. If you are unable to
remortgage and release equity then the IVA is extended for 1 extra
year and you retain your property and equity.
Debts: In both the Bankruptcy and IVA you repay
what you can afford and any remaining debt is written off.
Lump Sum IVA / DRO: There are variations of the
bankruptcy and IVA. If you can't afford a monthly payment to your
debt but you have a lump sum of money then you could offer this
money in a full and final IVA. The rest of the debt would be
written off and the IVA would last usually 1 year.
The DRO is a £90 bankruptcy for people who qualify for the debt
solution. The Debt Relief Order and IVA don't require you to go to
court, whereas traditional bankruptcy does.
If you are ready to resolve your debt problem then an IVA or
bankruptcy could be your best option. What Debt Support Trust will
do is help you understand which debt solutions best meet your
needs. If you are unemployed, with no assets and debts of around
£10,000 then you may be best entering a Debt Relief Order. If you
are in employment and want to avoid bankruptcy, then an IVA could
There are other debt solutions too, like a debt management plan,
which you could qualify for. We will give you all of your options,
with the pros and cons of each option so you can make an informed
Start today by calling 0800 085 0226. Or, why not complete our
confidential 10 minute debt analyser? It gives you a list of
potentially suitable debt solutions.
Debt is known to cause problems with relationships, work, eating
and sleep. Money problems can make people sad, worried and
depressed. However, there are solutions to become debt free again.
There is no need to remain in a negative situation when there are
routes back out of debt. The first stage is to get information on
your situation so you can make a decision which option will be best
The sooner you start the process of dealing with debt the
quicker you will be able to regain normality. It's not uncommon for
people to tell us that by simply sharing their financial problems
with us makes them feel better. By speaking to a debt advisor you
are taking positive steps to rectify money worries.
You can call Debt Support Trust on 0800 085 0226. If it's
outwith our opening hours, then why not complete a debt analyser
online. This will give you ideas of appropriate debt solutions
which you could be suitable for.
A lack of sleep is a common issue associated with debt, as is
problems with relationships. If the debt is the last thing you
think about at night and one of the first thoughts you have in the
morning, then seek help from a not for profit charity.
You can take steps to improve your financial situation by
contacting a debt charity, either via telephone, email or debt
There isn't one ideal debt solution, but instead most people are
suitable for two or three options. Each debt plan has its positives
and negatives and will be administrated slightly differently, but
they can all get you back to a debt free life.
Before entering any debt solution, ensure you are making an
informed decision by speaking confidentially to a qualified debt
advisor. You can speak to Debt Support Trust in confidence on 0800
085 0226. Our friendly advisors are available from Monday to Friday
8am - 7pm. You can also send us an email and ask us to call you
back. Our email address is email@example.com.
Firstly, we know that taking the initial step is difficult. Most
people spend a great deal of time thinking about their debt before
getting in touch. So, we know you need accurate advice from
We will ask about the debt, what income you have every month and
what you have to spend out every month. We can then consider what
assets you have (house, car etc) so we can best protect these.
There are a number of different debt solutions you could
Token Payments: An informal agreement to pay a small amount per
week to your debt, usually around £1 per week. The debt will not
clear the debt but it will buy you time until your situation
Debt Management: If you can afford at least £100 per month you
could enter a debt management plan. You repay all of the debt but
it will potentially freeze interest and charges.
IVA: If the debt management plan will take too long you could
consider an IVA. Your house is secure in an IVA but you may be
asked to release equity. If an equity release is not possible your
IVA would last 6 years, instead of 5. You pay what you can afford
into the IVA and all interest and charges are frozen.
Trust Deed: A similar solution to the IVA but the Trust Deed is
only for Scottish people. It lasts for 4 years and all interest and
charges are frozen.
Bankruptcy: There are various routes to go bankrupt across the
UK. Before proceeding with bankruptcy get advice as you could be
asked to repay money into the bankruptcy for 3 years.
Our advice is based on a not for profit basis and we never share
your information with anybody, without your permission. We also
don't register your advice on your credit file - it's an informal
chat about your options.
You can start the process of becoming debt free by completing
the debt analyser below.
Some credit cards offer excellent 0% interest free periods,
where after balance transfering from one credit card to another,
there are no fees for a period of time. One of the best balance
transfers is almost 3 years at present, however it can lead people
into financial trouble in the future. Credit card debts can cause
financially difficulty but there are other options to resolve these
Once the interest free period comes to an end usually you could
try and get another deal with another credit card company and pay
the balance transfer fee. The transfer fee is a percentage of the
total amount being balance transferred.
If you can't get a balance transfer because you've used the
introductory offer before or your credit score isn't high enough,
then you would be forced to pay the interest on the existing debt.
It's here that debt problems occur.
The RBS has conducted research which found that 37% of people
thought they would be able to balance transfer and clear the debt,
but were then unable to do so. This meant they had to repay the
outstanding balance with the interest rate included, or find
another interest free free card.
The research also uncovered that 57% of people didn't realise
what their interest rate would be once their interest free period
If you have credit card debt then the interest free period could
help you clear the debt so you don't need a debt solution. A debt
plan would be helpful if the debts won't be cleared in time for the
interest free period being completed, or if you have multiple debts
with different companies and are struggling to manage the
There are various debt solutions including a token payment plan,
debt management, trust deed, IVA or bankruptcy which can help with
debt problems. If you would like help with your credit card debts
call our charity on 0800 085 0226 or complete the debt analyser
© Debt Support Trust 2010-2014