Money worries

Faced with Debts? Some Useful Tips

Make your home your top priority, make sure you pay the rent or mortgage.

Don't panic and don't ignore the problem, it won't go away.

Don't take out more credit - you'll only end up in a worse situation.

Don't just stop paying rent/loan payments with no explanation. Tell your creditors/lenders you are having problems.

Don't pay off the person who is shouting the loudest, but pay the most important ones like mortgage/rent; council tax; gas and electricity. Otherwise you will be in danger of losing your home, having your gas and electricity cut off; or ending up in Court.

Work out how much you can realistically afford. Its easy to be panicked into offering more.

Think twice about taking out a loan to pay off all your debts. You may end up paying back a lot more than you borrowed and at very high interest rates; you may not be able to afford the repayments and the loan may be secured against your home, which you could then lose.

Below are contact details to Services offering free advice and support:
Citizens Advice Bureau provide free, confidential and independent advice and have several drop-in services available around the borough: Tel: 01642 469 880 or

Welfare Rights- this service provides free and confidential advice about which Benefits you may be entitled to. Tel: 01642 771166

Housing Benefit & Council Tax Benefit Advice
Housing Benefit is money from the Council to help you to pay your rent if you and your partner (if you have one) are on a low income.
Council Tax Benefit is financial help from the Council to pay council tax if you and your partner (if you have one) are on a low income.
Tel: 01642 774774

Local Credit Union/Community Bank - Affordable Credit?

A Community Bank is also known as a Credit Union. This is a bank owned by members of the local community.

Their aims are to:
  • Help you save regularly, no matter how small
  • Give low cost loans to members
  • Help and support members to manage their money
For more information about Community Banks in Redcar and Cleveland, please see the link to Moneywise

For further information about Credit Unions in general, please use the link to the Association of British Credit Unions Limited.
 icon RC Money Tree Leaflet.pdf (0.98Mb)
Last modified: 02/02/2010 15:40:33

For further information about Credit Unions in general, please use the link to the Association of British Credit Unions Limited.
Or talk to one of the national debt advice agencies, such as the National Debtline Tel: 0808 808 4000 or the StepChange Debt Charity Tel: 0800 138 1111. Both offer free advice on the full range of debt remedies including Bankruptcy, County Court Administration Orders and Individual Voluntary Arrangements.
The Financial Services Authority (FSA), the UKs financial regulator, have developed a website Money Advice Service which provides impartial and practical ways to beat the recession plus general product information for mortgages and homes with step by step guides, tools and calculators, etc
Don't ever pay for debt advice - there are so many excellent free services available to you.
Don't delay, seek advice today.

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