Dealing with debt

There are several organisations ready to help you regain control of your money. They can give you advice about handling creditors, creating payment plans and what to do when you simply don’t know where to turn. Many offer free, expert information, advice and support, so there is no need to feel like you are facing debt alone. They can also provide guidance on managing debt, avoiding high-interest loans and planning for a better financial future.

Whatever you do to manage your debt, the important thing is to do something. The longer you leave your money problems, the worse they’ll get.

We have links to organisations that can help on our Financial Wellbeing page.

How best to avoid future debt?

Debt isn’t just down to poor spending habits. Sometimes you can find yourself facing unexpected circumstances such as redundancy or a relationship breakdown and be left wondering how to make ends meet. There are things you can do to help reduce the risk of falling into debt in the future:

• Budget carefully 
• Save money 
• Borrow responsibly 

We have a selection of Financial Wellbeing films on our YouTube channel to help.

Budget carefully

The first step to a healthier bank balance is to budget accurately. Without knowing exactly how much money you have coming in and how much is going out, you'll never know whether you're overspending or how much you can afford to save each month. Money Helper has excellent online budgeting tools to help.

Budget planner | Free online budget planning tool | Money Helper 

The Power of Saving

Saving money really is good for your financial wellbeing. Whether you're putting money aside for a rainy day or saving for a special treat, look out for great ideas on our social media channels and in our financial wellbeing newsletters. Our mobile app gives you the ability to set savings goals and allocate money into different pots, making it easier to see how close you are to reaching your target.

Borrow Responsibly

Whenever you need to borrow money, make sure you use an honest, regulated and accredited provider, such as Westcountry Savings & Loans, and ensure you can comfortably afford the repayments.

Any credible lender should be registered with the Financial Conduct Authority. You can check by entering the organisation’s details in the search box of the FCA Register.

As a credit union, we’re here to make sure everyone living in the South West region has access to responsible, affordable loans. Take a look at our Loans page or contact us for a quote to see how much it would cost to borrow from us.