Many of us find ourselves financially stretched from time to time. Usually things get back to normal but sometimes the situation can get progressively worse and positive action is required – the remedies are often simple.
We're always here to help and the quicker you act, the easier any solution will be.
How can we help?
Come and talk to us about your needs and/or your money worries and make the most of your money. We will go through an income and expenditure review with you to help understand your needs and what we can do to help.
To arrange a discussion:
- Visit your local branch if you prefer a face to face conversation
- or call one of our trained advisers on 0845 850 0611
Lines are open 9am - 8pm (Mon-Fri) 9am - 4pm (Sat)(except for Christmas Day, Boxing Day and New Year's Day). Calls may be monitored and/or recorded for security and service improvement purposes.
Alternatively, the following steps may help you to put your finances in order:
Reducing your spending
Spending on some items is essential: mortgage, rent, gas, electricity, water, council tax, insurance. If you don't make these payments it could lead to repossession, cutting off supplies or a court appearance.
To calculate your total income and spending each month, why not use our Budget Calculator?
If you know you've got to reduce your spending, think it through. Look at your non-essential outgoings first (e.g. cigarettes, entertainment, clothing budget). That is where most, if not all, of your savings will come from.
Increasing your income
Entitled to benefits you're not claiming? Check with your local Benefits Agency.
- Family credit
- Housing benefit
- Income support
- Council tax benefit
- Benefits for people with disabilities
Many trade unions and professional organisations offer grants or other financial help to members in difficulties.
If you're a student you may be eligible for special help. Check with the university or college you're enrolled in.
If you have repayment protection insurance, make sure you claim if you are out of work through illness or unemployment.
Review your taxation
- If you work, check your tax code. You could be paying too much tax.
- If you only work part of a year, contact your local Tax Office and ask if you're entitled to a rebate.
- You may be able to work part time. Remember, this could affect your tax position or benefit entitlement. Check first.
If you're self-employed
consider:
- charging more for your products or services
- charging interest on late payments
- using an accountant who could help reduce your tax
- using a reputable debt collection agency
Look at your loans
Mortgages
If you find you are struggling to pay your mortgage, contact your lender immediately.
- You may find it useful to review your finances using a budget planner to see if you are able to reduce your non-essential expenditure which may make your monthly mortgage repayments more affordable.
- If you have a mortgage with HSBC, for some practical guidance please take a look at our Information and help with your HSBC Mortgage section.
Other loans
If you can't keep up the repayments on a loan, contact your lender immediately.
- Together, work out what you can reasonably afford to pay. Your lender may extend the term of the loan.
- You may be able to suspend payments for a few months and make up the difference later
Overdrafts
Our Overdraft Service provides a method by which customers are able to borrow money to cover short term delays in receipt of expected funds.
- Review your overdraft with us in case another form of borrowing is more suitable and/or cheaper for you.
- Frequent informal overdraft requests may cost you more in fees than agreeing a sufficient formal overdraft in advance which can last for up to 12 months.
- An overdraft can be useful for solving short-term debt difficulties.
- Overdraft services If it's a sizeable overdraft, you may want to convert it to a personal loan.
Credit cards
If you can't keep up the repayments on your credit card, contact your credit card company immediately.
- Continue paying at least the minimum payment.
- Because the interest rate on credit cards is generally higher than on other types of credit, pay off your credit card balance as soon as possible.
- Stop using your card or the problem will become more serious.
Other ideas
- You could also consider selling assets to reduce debts and reduce your monthly repayments.
- If you work, think about combining your loans into one
