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.
Bill Prioritisation
Sometimes it can be a challenge to cope with all the different bills and costs we deal with. 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 it is important 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 or utility disconnection, 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, heating or lighting being disconnected or even losing your home.
- Court fines – council tax – TV licence – child maintenance – gas and electricity bills
- Income Tax, NI or VAT, payments owed to DWP or HMRC
- Mortgage, rent or loans secured on your home
- Hire Purchase agreements, especially for essential items
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.
- Overdrafts, personal loans, bank/BS loans, water & sewerage bills
- Credit and store card debts or payday loans
- Catalogue, home credit or in-store credit debt
- Money borrowed from friends or family
Bill Prioritiser Tool
Our free tool can assist you to put your bills in the right order, and provide guidance on how to deal with them. Tell us which bills you are having difficulty with and we can help you to prioritise them 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, so we are here to support you and your family at any time. 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.
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.
