Debt Problems? - We Can Help You..

We provide a debt counselling/money advice service to all residents & employees of Aberdeen City. If you or your family need help with debt problems do not hesitate to contact one of our trained debt counsellors who will be able to provide Impartial, Independent, Confidential & Free help and advice.

Sort out your problem now, before it gets worse..

Other sites offering free impartial advice.

 

                  

Think before you buy on Credit - Top Ten Tips

1. Can you afford it? Before you commit yourself to anything, make sure you really can afford the repayments - don't be talked into borrowing more than you want or need to.

2. Shop around for credit. The first offer may not be the best deal. There are many types of credit and numerous rates on bank loans, credit cards, hire purchase agreements etc. Don't pay more than you need to.

3. Read the forms thoroughly before you sign. If you don't understand them, seek help from your local Consumer Protection/Trading Standards office or Citizens' Advice Bureau. Once you sign you can't change your mind.

4. Check exactly how much you'll pay back. Study the interest rates and charges very closely. Is it good value?

5. Compare the APRs. This is the easiest way to compare similar credit products - so if you're looking at credit cards, go for the one with the lowest APR. Usually, the lower the APR the less you pay in interest. But beware - sometimes a low APR will only apply for a short period.

6. Be careful of other charges. Broker's or arrangement fees can add to the cost.

7. Look at the length of the loan, not just the monthly payment. The longer the loan period, the more interest you'll pay back.

8. Watch out for optional extras. Sometimes payment protection insurance is included, even if you haven't asked for it. You don't have to take this up and it may not cover you if you're self-employed or on a short-term contract.

9. Be aware. If you use your home as security for a loan and you don't keep up repayments, your home could be repossessed.

10. Be aware. If you act as a guarantor for someone else's loan, you will have to repay the debt if they don't.

Take Control of Your Spending

We are all under pressure to spend money. It is very easy for our spending to get out of control and many of us can end up in debt. In some cases the extent of the debt cannot be managed and this leads to worry, stress and anxiety in the aftermath of what should be a happy time. 

Top Twelve Tips on Credit and Debt

Work out your monthly budget By using the OFT's budget calculator. It's downloadable from www.oft.gov.uk or get a free copy in the post from Don't let credit turn into debt Freepost HA 4441 Hayes Middlesex UB3 1BR OR Freephone 0800 085 2223 Work out what you can afford. Check what the repayments will be - how much, weekly or monthly, for how long will you have to keep paying and how much in total will it cost. Shop around Check out what is on offer and then decide which is the best deal for you. For example, can you get a discount for cash? Would interest free credit work for you? Try not to buy on impulse You could end up paying what you can't afford for something you later decide you don't really want. Check the APR Generally the lower the APR (Annual Percentage Rate) the better the deal. Avoid loan sharks If you do borrow money ensure it is from a reputable provider and the APR is at a reasonable level. Is there a credit union in your area? - they can be a safe and reliable source of low cost credit. Don't ignore health warnings With some finance agreements, failure to maintain payments can result in the loss of your home. A hidden benefit If you pay on credit card and your purchase is over £100 you might have extra protection from the credit card company if there are any problems. Always read the small print It's important to know what you are really signing up to and important information is usually contained in the small print of an agreement. Open your post Bank or credit cards statements and bills don't go away. Act quickly If you do run into money difficulties, don't be afraid to ask for help. Although it's tempting to avoid facing the reality, debt quickly mount up. Don't despair Most of us have debts at some point in our lives.