Help with money problems

Help with money problems
If you find that with the downturn your finances have become a problem, there is a range of help on offer to make it easier for you to get back onto an even footing.

Debt relief
The cost of becoming bankrupt means that at the moment the very poorest do not always get the opportunity to make a fresh start. Debt Relief Orders available from April 2009 will help to solve this.

Credit card repayments
If you are having trouble paying your credit card bills, contact the company to discuss a realistic repayment plan with the help of a not-for-profit debt advice agency. Credit card companies have signed up to a set of ‘fair principles’ that commit them to putting an end to overnight increases in credit card interest rates. In addition, the credit card industry has agreed to give a breathing space of up to 60 days to borrowers in difficulty. This means that they won’t chase a debt when you are trying to get back on your feet.

For more information, look at the Choosing and Using credit card factsheet [www.choosingandusing.com/resources/documents/CreditCardFactsheet.pdf].

Debt advice
In order to help you if you’re having difficulty with debt, the Government has increased funding for the National Debtline until 2011, which means it will be able to help 70,000 more people with their debt problems.

Your local Citizens Advice Bureau can also provide you with help and advice on debt. The Government is increasing the amount of funding for these bureaux this year, so that they can help over a third of a million more people each year with local, face‑to‑face advice.

In order to help you find free, independent sources of advice on and support with debt, this month the Government set up an online debt advice gateway on Directgov.

Where to go for help
National Debtline, 0808 808 4000.
Your local Citizens Advice Bureau.
The new online debt advice gateway on Directgov.
Moneymadeclear from the Financial Services Authority gives facts about financial products and services, to help you to make an informed decision.