Debt can become difficult to manage at certain times. The economic downturn has led to considerable financial strain for many people. As a result, you may be concerned about your ability to meet mortgage, personal loans or credit card repayments, whilst at the same time earning less than you did previously.
If this is happening to you right now, then make contact with us. The important thing is to take action straight away and to manage the situation before debt becomes overwhelming. Calling your bank adviser is often a very good beginning and together we will come up with solutions to help you.
There are many circumstances and life-changes that can impact your financial stability and these include:
- Loss of employment
- Disability / Serious illness
- Relationship breakdown
- Death of a spouse / partner
- Starting a lower paid job
- Maternity leave
- Starting full-time education.
Warning signs that indicate financial problems
When you begin to experience financial difficulty, certain warning signs can appear. You may find that:
- Cheque, standing orders or direct debits are returned due to lack of funds in your account.
- You can no longer meet mortgage, rent or loan repayments to their full extent.
- Your credit cards are used to the limit and you cannot clear your credit card balance each month
- Your overdraft limit is extended as far as possible.
- Your income has dropped substantially, and no longer covers your outgoings.
- You received notice that you are in arrears from your bank, and/or other Finance Companies.
How you deal with these early warning signs will ultimately dictate your longer term financial stability. Take decisive action quickly, and never ignore the problem.
Our commitment to you
At National Irish Bank, we take a partnership approach to helping our customers to rectify financial difficulties. We prefer to work together with you, to find a solution that is mutually agreeable. Ideally, we want to take your needs into consideration. The earlier you come to us, the more we can do together.
Our aim, as part of any agreed repayment plan, is to leave you with sufficient money for reasonable day-to-day expenses, taking into account your individual circumstances. It is important to consider your ‘priority’ debts first, before other debts are addressed.
A ‘priority’ debt would usually include:
- The family home (e.g. rent, mortgage, secured loan)
- Liberty e.g. child support maintenance, income tax, court fines
- Utility supplies
- Essential goods or services such as cooker, fridge, means to travel to and from work.