phoneTwitterFacebook
ear
 
When everyone has a home

Housing advice for Northern Ireland

Debt advice

Having a careful look at your financial situation is a good starting point for dealing with your debts.

If you are on a low income, you may be entitled to benefits to help you pay your rent. Most people who rent privately have their entitlement to benefit worked out under a system called Local Housing Allowance.

The key aspect of budgeting is being honest and realistic, whether you’re listing your income or your outgoings. A financial statement, containing a listing of your income and expenditure, is a starting point for dealing with debt and making a sustainable repayment proposal.

Use the Loan Calculator from the Money Advice Service to work out how long it will take you to pay off your loan, based on your current monthly payments. If the loan is secured on your home, you could end up losing the property if you fall behind on your repayments. If you're having money problems, it's best to get some free, independent advice from a charity before you take on any further debt.

Lots of people get back on their feet after falling into arrears and manage to keep their home. Falling behind on your mortgage doesn't mean you'll have to hand back your keys or that you'll have to pay everything you owe in a lump sum. Your lender should offer you a range of options to help you get back on track.

Almost everyone will experience difficulties paying their bills at some point. If you are worried about falling into arrears or missing a payment of rent, you should talk to your landlord about the problem. Free debt advice is available from a variety of local advice agencies.

You're in negative equity if you owe more on your mortgage or secured loan than your home is currently worth. Selling your home won't clear your debts.

When you go to a mortgage broker, they'll work out how much you can afford to borrow based on your household earnings. But, it's important to take your overall budget into consideration too.

You could lose your home if you don’t pay your rent. Your landlord, whether it’s the Housing Executive or a housing association will have to follow the proper procedure before this happens. Part of this procedure is to work with you to try to sort out the problem.

Taking action to repossess a property involves a number of stages, which can take a few weeks or months. You may be able to stop the process at any stage, so get advice immediately and keep negotiating with your lender.

Pages

Subscribe to RSS - Debt advice Subscribe to Debt advice