Who can help you
Debt help
From your list of debts, speak to each of the companies, which you borrowed the money from. Explain your situation and they’ll be able to explain the options open to you.
It is always better to speak to your lenders first and tell them what has happened. Unless you speak to them, they won’t know until they see something wrong with your payments.
Don’t leave it too late to get help.
Banks
Most high-street banks will have lots of ways to contact them if you’re concerned about your debts. They have specialist departments to offer help and guidance. You can contact your bank online through their website. If you have a mobile banking app, you may be able to use this to speak to someone from the bank. Some banks may have an email address you can use to communicate with them.
Your bank's website will also have links to charities and services, which might be useful to you, or someone you know, who need help with money or mental health.
Charities
Charities offer free advice to help you. Some can help you set in place agreements with your creditors. They can help stop or reduce fees and charges and make affordable payments towards your debt.
Here are some charities who may be able to help you with debts.
Emergency food and money help
If you are facing an emergency and you need money and food urgently.
Local councils
Each local council has a welfare support scheme. This is to help you if you are on a low income. Some of the help can be a small cash loan or grant, food vouchers or free used furniture. Each council’s scheme is different and has its own rules. Find your nearest council.
Food banks
Give food and essential home items. Find out where your nearest food bank is.
Government
You can check whether you can claim benefits using one of the free calculators.
Charities
Can help you get grants and access to support services, for example Citizens Advice Bureau.
Credit unions
Are a community loans and savings organisation who can offer low interest rate loans to their members. Find your nearest Credit Union.
Help with your mental health
Being in a money emergency or loss of income situation can also affect your mental health. If you need help, you are not alone.
There is support available through your local doctor. They’ll talk to you, make a diagnosis, and offer you support. If needed, they may also refer you to a specialist.
Some charities, for example, The Samaritans can help you with your mental health. Don’t be afraid to contact them if you need help.
The National Health Service have an urgent helpline you can contact if you need help.
Being pro-active
A money crisis can happen at any time. Sometimes, it can be out of your control, for example, if you lose your job.
You’ll find it a good exercise to review what you have in place to cover you and your family.
Let’s look at some things, which may help you to avoid a money crisis.
Creating a budget
A good place to start is to know how much money you’ve got to come in and go out. A budget can help you with this. See our budgeting essentials lesson to get started.
Remember to keep your budget up to date and don’t forget to save it!
Saving for an emergency
An emergency fund is an amount of money set aside for unexpected costs. The size of your emergency fund will be different for everyone. Regardless of the amount, it will help towards covering any unexpected costs.