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As Britain heads deeper into recession, times are getting harder for everyone. For some, this may mean cutting down on expenditure and looking after each and every penny. For others, the economic downturn has meant or could mean redundancy and the prospect of not being able to pay the mortgage. Here's what you can do to save money and the steps to take should you get into financial difficulty. Your mortgage and your debts More and more people are struggling to pay off debts, including their mortgages. If you are in this position you should act immediately and not just hope your problems go away.
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First, you should contact your mortgage or other loan provider and explain the difficulties you face. They may be able to delay payments or arrange for you to go on a mortgage holiday, giving you time to get yourself back on your feet.
If you have lost your job and have been claiming Jobseeker’s Allowance for six months or more, you may also be entitled to help paying off some of your mortgage interest payments. For more information, contact your Jobcentre Plus office.
You can get impartial advice from the Citizens Advice Bureau (CAB). CAB helps people resolve their legal, money and other problems by providing free, independent and confidential advice.
Reducing housing costs
If you find yourself having to claim benefits or any other member of your household is in a similar position, you may be able to reduce the amount of council tax you pay. For advice, phone the number at the foot of this page.
You could also be entitled to council tax benefit, single person’s discount, or a council tax reduction if you are disabled.
Tax credits
Find out more about the range of tax credits available from HM Revenue and Customs:
Reducing fuel bills
Medway residents can keep warm and save on energy bills, thanks to the council’s Coldbusters scheme. Residents can apply for loft and cavity wall insulation and energy efficient light bulbs. To qualify, one member of your household must be receiving a benefit, such as:
For more information phone 01634 333066 or email privatesectorhousing@medway.gov.uk.
Reducing travel costs
If you want to reduce your stress levels, forget the worry of parking and save money, car sharing could be the way forward. Commuters who regularly share their journey save on average up to £1,000 a year in fuel costs. For more details or to register as a car sharer, log on to www.medwaycarshare.com.
Re-train and gain a new career
Medway Adult Learning Service offers a wide variety of courses to get you back on the career ladder. Course details are available on this website or you can phone 01634 338400.
Fair Trader scheme
This Medway Council initiative allows customers to check which businesses have been approved before buying their goods or services. More than 200 traders from builders and plumbers to funeral directors and IT consultants have signed up to Medway Fair Trader. Find out more about accredited companies.
If you're in business...
Medway Council is committed to ensuring that your business benefits from the best possible local economic conditions to support inward investment, new business formation and business growth. Medway Council and its partners provide businesses with:
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