Bill Prioritisation: Insights from Paul Fox, Head of Goverment's Money & Pensions ServiceBill Prioritisation: Insights from Paul Fox, Head of
May 2 2024
May 2 2024
At Lendology, we’re dedicated to providing homeowners with the resources they need to achieve financial stability. We’re honoured to feature an article authored by Paul Fox, the Head of the Government’s Money & Pensions Service for SW England. With his extensive experience and expertise, Paul offers invaluable insights into financial resilience and savings, aligning perfectly with our mission at Lendology.
The below information does not constitute financial advice and should not be considered as such. It is intended to support individuals by signposting them to relevant services that may be able to support them.
Sometimes it can be a challenge to cope with all the different bills and costs we deal with in life. The consequences of missing certain bills can be more severe than if you fall behind on other types. Our Bill Prioritiser can help you organise your bills and payments, but firstly, if you are finding it difficult to make repayments on time, it is time to look at your outgoings and any debts and split them into the following categories:
Debt emergencies – if you are facing a sudden debt emergency, such as court action – action from bailiffs – utility disconnection – potential eviction, it is vital to seek free, independent, and impartial debt advice. MoneyHelper can help you here.
www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt/use-our-debt-advice-locator
Priority debts – these carry the most serious consequences if not paid. They may not be the biggest bills or carry high interest rates, but if not paid they could lead to bailiff action, court action, heating or lighting being disconnected or even losing your home.
Non-priority debts – the consequences of missing non-priority bills are less serious but could still lead to action such as bailiff or court action.
Bill Prioritiser Tool – our free help can assist you to put your bills in the right order, and provide guidance on how to deal with them. If you’re struggling to pay it will tell you in two easy steps what to do before you miss a payment. Tell us which bills you are having difficulty with and we can help you to prioritise your bills and get the help you need before you miss a payment.
www.moneyhelper.org.uk/en/money-troubles/cost-of-living/bill-prioritiser
Many of us find it difficult to manage a range of bills at times, and we do not want anyone to suffer in silence, we are here to support you and your family at any time. The Government’s Money and Pensions Service via our customer facing service MoneyHelper, is a free, independent, and impartial way to access high quality money and pensions guidance right throughout your life. Visit www.moneyhelper.org.uk or call on 0800 138 7777 to speak in confidence to one of our money guidance professionals.
At Lendology, we understand the importance of expert guidance when it comes to financial matters. We’re grateful to Paul Fox, the Head of the Government’s Money & Pensions Service for SW England, for sharing his insights on financial resilience and savings. By implementing the strategies outlined in Paul’s article, homeowners can take proactive steps towards securing their financial future.
Remember, managing your bills effectively is just one aspect of financial well-being. Lendology specialises in providing home improvement loans designed to help eligible homeowners achieve their goals. Our loans are funded by local councils and tailored to support those who are excluded from mainstream finance options. Whether you need essential repairs, home adaptations, or energy efficiency upgrades, Lendology is here to provide the funding you need. If you’re considering a home improvement project, let Lendology be your trusted partner in achieving your vision.
Ready to get started? Apply now for a home improvement loan with Lendology!
