It can be difficult to manage household finances including:
Many people turn to quick solutions which can make things worse.
If you're having problems managing your money and paying your bills, there is advice and information available to help.
Help with money management
MoneyHelper is free and provided by the government funded Money and Pensions Service (MaPS).
You can use it to help maximise your income and reduce spending.
It provides tools such as the Budget Planner and Bill Prioritiser.
The Budget Planner helps you build a budget and know where money is being spent. It gives you tips to make the most of your money.
Find out more about the Budget Planner.
The Bill Prioritiser helps you if you're having problems with bills and making payments.
This will help to put bills and payments in the right order, and it will tell you what to do before you miss a payment.
Find out more about the Bill Prioritiser.
If you're struggling with debts or missed payments
If you're self-employed, you can access advice through Business Debt Line.
You can also connect with a debt adviser through the Money Advisor Network (accessed through Money Helper).
This can direct you to a debt adviser straight away by telephone or you can get support online.
The Money Advisor Network brings together some of the country’s best known debt advice providers. You do not need to pay for the advice, and this will not affect your credit rating.
The advice is always free and impartial.
Once you have connected to a debt adviser, they may suggest Breathing Space which pauses and protects you from creditor action.
Find out more about Breathing Space.
In person debt advice
You can also choose to have face-to-face debt advice.
In Medway, this can be arranged with Christians Against Poverty (CAP) or Citizens Advice.
Borrow money safely
Do not be tempted by payday loans, doorstep lenders or loan sharks.
You may be able to borrow money at much cheaper rates by joining a credit union.
Find out more about borrowing money safely
Credit unions are set up for the benefit of local people and are not for profit organisations.
Their 3 main aims include:
- providing loans at low rates
- encouraging all members to save regularly
- helping members in need of financial advice and assistance.
There is a cap on the amount of interest they can charge on their loans. This is set at 3% a month or 42.6% a year Annual Percentage Rate (APR).
They can also help you buy essential home items at a low weekly payment that's much cheaper than many high street companies.
There are 2 credit unions in the Medway area:
Find out more about borrowing from a credit union.