Avoiding debt
Updated: 24 May 2013
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We are all spending more money, and many of us spend more than we can afford. This information should help you plan your spending, and help you avoid getting into debt.
It is important to keep paying your rent regularly, if you don’t, you may risk losing your home.
Members of our staff in our local Accounts Offices (Call 03448 920 900) can provide initial confidential help and advice to anyone who is having difficulty paying their rent. However, it is important to contact us at the earliest possible stage so that an affordable agreement can be made to repay the arrears. The earlier we are contacted the easier it is to tackle the problems. Situations arise where the Housing Executive is required to take legal action to recover rent arrears. Ultimately this could result in you being evicted from your home if you ignore us or have failed to keep an agreement to repay your debt.
You can also contact Debt Action NI - an independent face-to-face debt advice service. Advisors from Debt Action NI will make an appointment for you to help ensure you maximize your income and help you take action on dealing with your debt .
- Visit the Debt Action NI website
Steps to take
- Look at how much income you have coming in each week
- Look at how much you spend each week
- Decide how much you can really afford to spend, and set a budget
- Be prepared to reduce your spending on some items.
Remember:
- Keep to your budget!
- Taking out extra credit will increase your weekly spending
- Credit and store cards can be the most expensive form of borrowing
- If you need to borrow, use the lender with the lowest interest rate.
If you do get into difficulties, get advice as soon as possible.
The NIDirect
website has some useful tips on managing your money.
website has some useful tips on managing your money.
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