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Renfrewshire Community Plan 2008 - 2017 Now let's talk money
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Now Let's Talk Money
Trying to cope with money worries alone can be very stressful. Paying bills, handling debts and just trying to get by can seem impossible, but ignoring money problems usually makes things worse. Now, it's easier to get help and advice you can rely on.
Download a copy of our directory for a full listing of all the services who can help:
Financial inclusion service directory
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If you want to make the most of your money, follow the links below for more information:
Affordable credit
Affordable insurance
Banking
Claiming benefits, pensions and/or tax credits
Credit unions
Managing money
Safe savings
We all need to borrow money from time to time when it's appropriate. But there's no need to pay more than you have to.
It may be that you don't have a bank account or that you have a bad credit history (or no credit history at all). Perhaps you think that you won't be able to get the normal low cost credit available from banks or building societies.
You may think that the only option is to get a loan from doorstep lenders or buy goods from shops that don't do credit checks. Or worse still, you might turn to illegal moneylenders for credit. All of these organisations charge extremely high rates of interest (usually in excess of 200% APR for doorstep lenders, and often 1000% or more for illegal money lenders). This means it could end up costing you many times the original amount to repay a loan.
The Money Advice Service Borrowing Money booklet, which you can download below, lets you know how borrowing money works, the different types of borrowing, the key things to think about and steps to take when borrowing:
Borrowing Money booklet (pdf - 642 KB)
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There are also credit unions who may be able to lend you the money you need for much less interest.
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Affordable insurance
Some people have difficulty finding insurance products, particularly home contents insurance. This can leave them more vulnerable in times of need.
In Renfrewshire, there are a number of affordable home contents insurance schemes available. Council tenants can join the Renfrewshire Council Home Contents Insurance Scheme and make weekly insurance payments with their rent.
FLAIR Housing Association provides their tenants with the SFHA Diamond insurance scheme. This offers affordable contents insurance with no excess clause. Contact your local housing association for more information.
The Money Advice Service website has more information on different types of insurance, how they work and things to think about when deciding if you need insurance.
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Banking
You might think that a bank account is not for you, but having one can save you money, for example:
- you can get discounts on household bills when you pay by Direct Debit
- you can pay in cheques without having to pay fees, and
- you can normally get your money out free of charge.
Maybe you have been refused an account in the past, or think you don't have the necessary identification documents to open an account. But most of the high street banks now offer basic bank accounts. The identification requirements for these accounts are less strict. And for most basic bank accounts you don’t need to put any money in to open one, with others - £1 is all that's needed.
The Money Advice Service have issued a Basic Bank Account booklet which you can download below:
Basic bank accounts (pdf - 535 KB)You need Adobe Acrobat Reader to view this document. Download Acrobat Reader here.
Again, most credit unions offer savings accounts, where you can pay money in and take money out.
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Claiming benefits, pensions and/or tax credits
Many eligible people, particularly elderly people, do not claim the benefits that they are entitled to, even though their income would be significantly increased if they did.
It might be that they don't not all the benefits they're entitled to; they might be confused about their eligibility; or they might not know where to get advice and information. Even if you already receive benefits, it's worth checking out exactly what you're entitled to.
The best thing you can do is contact our Advice Works service and one of our advisors can discuss your circumstances with you and explain the benefits you're entitled to claim.
The links below take you to some useful advice available online:
Child Benefit enquiry line
Child Support Agency Enquiry Line
Disability Benefits Enquiry Line
Equality and Human Rights Commission
New Deal
New Deal for Lone Parents
Pension Credit Claim Line
Tax Credits Helpline
Veterans Agency Freeline
Winter Fuel Payments Helpline
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Credit unions
Credit unions are not-for-profit financial cooperatives owned and controlled by their members. They offer savings and great value loans. Plus they are local, ethical and know what their members want.
A booklet on Credit Unions from the Money Advice Service answers some of the questions you may have about credit unions.
Credit Unions (pdf - 573 KB)You need Adobe Acrobat Reader to view this document. Download Acrobat Reader here.
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Managing money
Sometimes, people simply spend too much then find it hard to manage when an unexpected expense crops up. Planning ahead can help you make the most of your money, and take the worry out of dealing with debt.
The Money Advice Service website has guides which can help you work out which financial products you may need at different times of your life. You may also want to try some of their interactive tools below useful when budgeting, borrowing and planning for the future.
The Health Check - gives an easy-to-follow, personalised action plan on making the most of your money right now
Debt Test - helps users identify whether they are likely to get into trouble with their borrowing
Pension Calculator - helps users make plans for their pension and see the impact of different contribution levels
Comparative tables - lets users compare similar products from different companies, including mortgages, annuities and savings accounts
Budget Planner - helps users calculate their budget and find out if they have enough money to cover their spending
Loan Calculator - helps users to work out repayments for different loan amounts
Mortgage Calculator - lets users see what their repayments might be depending on how much they borrow, for how long and at what rate
Redundancy - for users at risk of job loss or going through redundancy
Retirement - helps users aged 50 and over manage the transition from work to retirement
The managing your money booklet will give you information on different types of bank accounts, budgeting, saving, buying on credit, credit decisions and APRs.
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Safe savings
Does Christmas come around every year and you find yourself worrying about how you're going to afford it? Putting a little away regularly is the best way of saving up for expensive things.
The Money Advice Service has information on the types of saving options available, how they work and where you can go to compare savings accounts.
One way you can save is by joining a credit union.
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