Debt Advice
Free Debt Advice
First accept you have a problem & take steps to find help to sort it out.
There are numerous organisations that can help you now the credit crunch has hit.
If you are concerned you may be facing financial difficulties get free advice and counselling from
Contact your creditors (ie mortgage holders, loan holders etc) and explain your situation. You can always do this after talking to debt agencies but try to do this soon as they have seen this before and are likely to deal with you more positively.
So what do you need to do?
Try not to miss a repayment if you can.
Contact your lender as soon as you can to draw up plans for repayment.
Make a budget to try to get you out of this debt. There are many budget planners online.
Prioritise your debt. Pay your mirtgage to keep the roof over your head & pay utility bills so that you can keep on the power, water etc!
Draw up a repayment plan. You can draw up a plan with your ceditors to reduce this at a rate that is suitable to both of you.
Consolidate your debts, if you can. You may be able to get a lower interest rate.
So what help can you get?
If you have been made redundant apply for ReStart from WINZ
This is a package of benefits from WINZ if you’ve recently been made redundant from full-time work. It has three components:
ReCover – a payment if you’ve got dependent children and you’re no longer entitled to an in-work tax credit
RePlace – an extra payment to help with accommodation costs if you’re already getting the maximum Accommodation Supplement.- ReConnect – help in finding a new job
Visit WINZ ReStart Page website or phone 0800 559 009 for more info or an appointment at your local Work and Income centre.
It is worth seeing if you are charged too much for your electricity supply. Check this out here.
Attempt to get rid of credit card debit as soon as possible as this is frequently at the highest interest rate charged. It may even be worth taking out a loan to reduce the rate of interest you are charged.
Disclaimer: Kiwi Money Savers does not provide financial advice and you should consult an independent financial advisor.