HELPING YOU MANAGE WHEN CIRCUMSTANCES CHANGE
Managing a drop in income
When new circumstances cause a drop in income it can be difficult to manage your finances. If you're worried about making your mortgage payments, just get in touch. We'll look at your circumstances and what you can afford to pay and talk through the available options.
You can call our Customer Support team on 0344 257 0427 Monday to Friday between 9am and 5.30pm.
Contact usWhat help is available?
Help from the government
You should look at whether you might be eligible for help from the government and if you are, apply for it as soon as you can. MoneyHelper can help you find out about the help you might be entitled to.
You should also check whether you have any insurance policies that might pay out if you have lost your job, or are unable to work due to ill health.
Talk to your utility providers
If you're having difficulty paying your household bills, talk to your providers as soon as possible to see if they can offer any support. Gas, electricity or oil suppliers could work with you to agree a payment plan that suits you.
Contact to your council
If you’re struggling to pay your council tax, contact your council straight away. Your local council should have schemes in place to help residents with council tax payments.
Review your spending
If you've suffered a drop in income, it’s a good idea to review your expenditure to see if you can reduce costs. You should look at creating a new budget based on your reduced income. You can access the MoneyHelper budget tool here.
The MoneyHelper site also has a bill prioritiser tool to help you sort your bills and payments in the right order. If you’re struggling to pay, it will tell you what you need to do before you miss a payment.
Savings
If your income has fallen and you have some savings, it could make sense to consider dipping into them now. If you’ve been saving for something in particular, or just for a rainy day, you should consider whether now is the time to raid the piggy bank.
You also need to consider that while savings may help in the short term, you will need to think about longer-term solutions to a drop in your income.
Sources of external help
Various organisations offer free, impartial advice on areas such as managing repayments and getting in control of your finances. This advice can be really valuable to those in need of support. We’ve listed some of these organisations below.
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StepChange |
0800 138 1111 |
www.stepchange.org |
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National Debtline |
0808 808 4000 |
www.nationaldebtline.org |
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Citizens Advice (England & Wales) |
0800 702 2020 |
www.citizensadvice.org.uk |
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Citizens Advice (Scotland) |
0800 144 8848 |
www.cas.org.uk |
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Christians Against Poverty |
0800 328 0006 |
www.capuk.org |
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Business Debtline |
0800 197 6026 |
www.businessdebtline.org |
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