In this guide
10. Cost of living
If you’re worrying about managing your money, including your equity loan payments, it may seem easier to ignore it, but don’t.
What your options are
There are several options available that could help you. It’s important that you know what these options are but also how they could impact you in the future.
Be honest
Be honest about your situation, including telling us any background information that could help us to find the best option for you.
If you could possibly miss payments due to struggling with money, it’s always best to tell people first so together you can work out a plan of action.
Missing payments
It’s important to tell us if you’re going to miss a payment as you will need to pay this back when you come to repay your equity loan.
If you make an arrangement with your mortgage lender then please advise us so we can look to help you.
Doing nothing could make things worse
Action may be taken against you for missed payments, and you could end up paying more in interest and charges.
Missed payments could affect your credit rating, making it more difficult to get credit in the future.
Work out how much you are spending
Creating a monthly record of your spending, what comes in and what goes out, will give you a look at what you may be spending too much on or what you could cut down.
Identify your priority debts like mortgages, council tax, or gas or electric, and put them first to deal with as these are
urgent debts.
Contact us
Get in touch with us and one of our specialist advisors can explain your options and plans.
Telephone: 08000 937 937
(Monday to Friday 9am to 5pm) Option 3
Fax: 029 2080 3451
Email: collections@helptobuywales.co.uk
Other organisations that could help
StepChange provide free debt advice, to help you deal with your debt and set up a solution.
Telephone: 0800 138 1111
General money advice and guidance
Citizens Advice will give you the information you need to make the right choices, including help to deal with your debt problems.
Telephone: 0300 330 1313
MoneyHelper help hundreds of thousands of people with similar worries every year. There are lots of things you can do to resolve your difficulties.
Telephone: 0800 138 7777