Money Advice
Great Places Housing Group’s Money Advice team provides free and confidential support to customers who would like advice and guidance about their money. Our team can provide advice about welfare benefits, budgeting, maximising income, and addressing problem debt.
If you are struggling with your expenses, our Money Advice team has some advice on borrowing money that could be helpful for you.
Before thinking of borrowing money to pay off debts or bills that you owe, it might be a good idea to look at ways of reducing how much you spend on your daily living expenses. For example, if you take the time to review how you spend your money it might give you more control and help you consider where you may be spending to too much.
If you have any existing commitments (e.g. a broadband contract or mobile phone contract) that are due to come to an end, then now is the time to consider switching to a cheaper alternative.
Before borrowing, it’s important to check the options available to you. A more affordable option might be to borrow from your local Credit Union. Credit unions are community organisations run by and for their members. They are regulated by the Prudential Regulatory Authority and the Financial Conduct Authority.
Credit unions operate with three main aims:
- to provide loans at low rates of interest.
- to encourage all members to save regularly.
- to help members in need of financial advice and assistance.
Credit unions try to ensure they don’t let their members take out loans they cannot pay back by assessing their income and, in some cases, how much they’ve been able to save.
If you are looking to borrow money and you’ve been refused credit, think very carefully before reapplying. Any credit applications you make will show up on your credit file. It doesn’t matter whether they are successful applications or not, they will still affect your credit rating. Your credit rating affects whether you can get credit and how much you can borrow. It can also affect the interest rate you might be charged.
If you’re already missing payments on essential outgoings (e.g. rent, mortgage, Council Tax, energy, water) or on credit cards, loans or other credit, it’s important to contact a free debt advice service as soon as you can. Our Money Advice Team at Great Places Housing Group might be able to help you review your finances and guide you through some next steps.
Email the Money Advice team at moneymatters@greatplaces.org.uk.