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Recognising when you could get into trouble with your finances allows you to avoid any difficulties before they become bigger problems.
If you think any of the warning signs below apply to you, it may mean that you are financially stretched or in financial hardship.
If you are feeling financially stretched or under pressure – don’t panic. Use the information on the website to see what you can do to take control and how your bank help. You should firstly do a budget to see what your income and expenditure is, to help you get a bigger picture of your actual financial position – don’t bury your head in the sand.
If you are in financial hardship, for example, you can’t meet repayments or are having to go without essential items to save money you should call your bank and discuss your financial situation. There are also other steps you can take – see the information on this website about Financial Hardship.
Next - What is Financial Hardship?
If you’re having trouble repaying a debt, the sooner you act the better. The longer you leave a financial problem, the less options you’re likely to have available. If your bank is notified early, they’ll be in a better position to work with you to arrange a solution. However, if your bank doesn't know about your situation, they can’t help you. It’s always best to speak to your bank as soon as you can.