Free money advice and support
If you need any support with debt or money worries the following Irish services could help. They offer free and impartial money advice that could help you with your finances.
|Company||What they offer||Contact|
|Citizens Information||Free, impartial guidance and practical solutions for debt and insolvency.||T: 0761 07 4000 Mon to Fri 9am to 8pm|
|MABS||Free advice service that helps people to manage and make the most of their money.||T: 0761 07 2000 Mon to Fri 9am to 8pm|
Managing Your Borrowing
It is important to choose the right type of loan and the right type of provider.
Key questions to ask are:
How much do I need?
When considering how much you want to borrow bear in mind your other costs and your income. Don’t borrow any more than you need. Don’t borrow more than you can afford to repay.
How much do I have to pay back?
This is the total amount you are given plus the total cost of the credit and must be shown on your credit agreement. Just looking at the headline Annual Precentage Rate (APR) is not necessarily a good guid to the total amount you will actually pay back. Look at the cost per €100 borrowed.
ASK ABOUT ANYTHING YOU DON’T UNDERSTAND BEFORE YOU SIGN THE AGREEMENT
Never use unlicensed moneylenders! Ask to see your lender’s authorised ID, which should include the licence number.
Never hand over social welfare or children’s allowance books to anyone.
Many people face debt problems at some time in their lives.
These are most often caused by a temporary difficulty or a serious long term change in personal corcumstances, leading to a fall in income.
If I get into financial difficulties, I should:
Contact my local Jordan Estates Ltd. office
Contact MABS on Lo-call 1890 283 438
Do’s and Dont’s
Ask if you do not understand anything
Contact your lender if you have problems with your repayments and explain the problem – for home credit customers this can easily be done when your agent comes to collect your next repayment.
Be totally open about your difficulties and be prepared to discuss the options – your lender may agree to reduce your repayments or allow you to extend the repayment period.
Use unlicensed moneylenders
Borrow to pay off existing debts
Ignore the problem
Take on too much – make sure you can afford the loan
Sign any documents unless you fully understand what you’re signing.