Dealing With Debt

Don't let debt mug you off. Take control.

Most of us will have to borrow at some stage in our life - it’s normal.

A mortgage is a type of loan and so are hire purchases, for example getting a car on finance.

But the costs of borrowing can become problematic without sensible management.

If you are struggling with repaying debts then please speak to a specialist organisation today.

We have a directory of free services.

Or speak to us and we can find you a debt adviser who’ll help you for free.

1 – Stop. Think.

Many people who get into bad debt often look back at making one key decision that they later regret in life.

The decision to borrow was made too quickly - or for the wrong reasons.

You really need to check two things:

  1. Do you really need to borrow the money? If yes:
  2. Are you confident you can pay it back in full and on time?

If you have any doubts about either of these things then you might be better off by saving up instead.

For further guidance on working out whether you really need to borrow money click here.

2 - After that: research

Next - where are you going to borrow from?

Credit Unions offer many people loans who would or have been rejected by banks. For more information on Credit Unions and their locations right across NI visit either the ILCU and/or the UFCU.

Comparison websites will let you see what loan options are available and the interest rates they will charge on your repayments.

There are loads of them out there but here are some of the best known:

These organisations also have lots of really useful info on debt and borrowing in more detail:

3 - Prioritise your debt.

All debts are important and must be repaid.

Prioritising debt is important in order to ensure you are managing your repayments effectively.

You can download our Quick Guide which will tell you which bills and debts are of the most urgent priority and what the consequences are of not meeting your repayments.

4 - Talking to your lender.

If you are struggling to meet your repayments on any debt you should write to your lender/provider as you may be able to agree a debt repayment plan or a repayment holiday.

You can use our template letter to do this.