Dealing With Debt - Top Ten Tips
Advice and guidance on dealing with debt - produced in partnership with Homes for Northumberland and Citizens Advice Bureau
Don’t ignore the problem
– the sooner you get advice about your debts,
the easier it will be to deal with the situation.
Get some free advice
– think carefully before going to a fee-charging adviser when free,
independent help is available.
Don’t borrow money to pay off your debts
without thinking carefully
– always take advice before making this step.
If you have lost your job, or are off work
because of illness, check whether your payments are covered by
payment protection insurance
– and always read the small print of these policies.
Check that you are claiming all the benefits
– go to GOV.UK and look at the Benefits and
Housing and local services sections. Citizens Advice Bureau can
also help with benefit checks and help you through the claim
process if needed.
Make sure you tackle priority debts
– some debts are more important than others – for example if you
fall behind on rent payments you could lose your home or risk
bailiff action if your Council Tax is not paid.
Work out a budget to help decide how much
you can put towards repaying debts
– a money adviser can help construct a budget.
Decide on your best option for dealing with
– a money adviser can identify the range of options you have and
their various implications.
– after you have decided your route back to financial health, don’t
Remember, you don’t have to struggle on your
– free, independent advice is available from a range of charitable
organisations. You can contact your local Citizens Advice Bureau for
advice or support with your financial difficulties.
We would strongly
recommend joining your local credit union for borrowing and
You could be wasting a lot of money paying
back door step lenders.
if you borrow £100.00 and pay it back over 12
months you will pay:
Doorstep lender: Annual
Percentage rate up to 177% - you would pay back £214.66p
Credit Union: annual
Percentage rate from 12.7% - you would pay back £106.66p
This information was produced in partnership
with Homes For Northumberland and Citizens Advice Bureau