Worried about your finances after Christmas?

Christmas is a wonderful time of the year as we celebrate with friends and family, unwrap the presents and tuck into our Christmas dinner.

But Christmas can also bring extra financial pressure. If you’re struggling with debt and feel you’ve no option but to take out a pay day loan or high interest credit card, there is help and support available.

The Consumer Council is Northern Ireland’s consumer body, responsible for protecting and safeguarding the rights and interests of people here.

They provide free, independent advice to help you resolve complaints and issues about Transport, Energy, Water and Postal services.

I am struggling to make ends meet

If your financial situation is a constant worry, there is help available with budgeting, benefits, housing, debt and other advice to help you manage your money better.

Many of us struggle to make ends meet from time-to-time but, if you are constantly struggling with your finances, it is important to be proactive and seek advice and guidance early – before debt becomes an issue.

There are a number of advice agencies who can provide free, independent advice and guidance.

The Consumer Council has a free online budgeting tool, which can help with reviewing your current spending and identifying areas where you might be able to save money. There is also a free downloadable budgeting planner if you prefer to review your spending on paper or, you can phone them on 0800 121 6022 to request a printed copy.

The Consumer Council also has a number of independent comparison tools which can help ensure that you are getting the best deal on essential services, such as electricity and gas and oil:

Electricity and gas online comparison tool

Home heating oil weekly comparison tables

I am struggling with existing debt

If you already have debt that you are worried about, there are debt advice agencies who can advise and provide you with options to help deal with your debt.

Debt is a burden that causes stress and anxiety for many people and persistent debt can have a long-term negative impact on mental health. Debt to be a difficult topic to talk about, but debt advice experts all agree that ignoring it really is the worst possible option.

There are a number of advice agencies which provide free, independent, and confidential debt advice guidance for people who find themselves with problem debt.

Find out more about the options available

I feel I have no option but to borrow money

If you feel that you have no option but to borrow money, there may be more alternatives than you realise – even if you have a poor credit history.

If you are considering borrowing because you are struggling to make ends meet, you might find some useful guidance under here.

What to consider when taking a short-term loan

If you are facing circumstances where you feel that a short-term loan is the only option available to you, then it is worth considering all of the alternatives. The Money Helpers website can help by providing information on the different types of borrowing. It is essential that you consider all of your options before making any decisions.

You should only ever consider borrowing from a licensed and authorised lender. Informal or illegal lenders operate in many areas and prey on people who believe they have no alternative but to borrow from them because of a bad credit history or because they are on low income or benefits.

Illegal lenders frequently are not clear about how much you need to repay and often demand very high interest rates so you might end up having to pay back much more than you bargained for. But things can quickly get worse if you can’t pay back the loan - they may intimidate you by threatening violence, or take valuable items from you as an alternative to repayment.

The StopLoanSharks NI website provides further information on how to identify an illegal lender and outlines some of the many risks.

When you need to borrow smaller amounts for a short period of time, door-step lenders or “pay day loan” companies may often seem like your only other option but there are alternative lenders out there which you might consider.

Remember, all lenders will charge you interest to borrow money, so it is important to find the best option for you and to understand all of the terms & conditions.

Find out more about borrowing money here

I am worried about illegal debt

If you have already borrowed from someone you believe is not licensed to lend, there is help and guidance available.

If you have borrowed money from someone who is not legally licensed to lend, it is important to note that you have not broken the law – they have.

If you are not sure whether your lender is licensed or operating illegally, the StopLoanSharks NI website has some useful information on what a loan shark is and how to spot an illegal lender.

If you know that the person you have borrowed from is an illegal lender and you are worried, feel intimidated, have been threatened with violence, or you have been subjected to violence, the StopLoanSharks NI website provides advice and guidance as to what you can do.

Find out more about illegal debt here

The Consumer Council is authorised and regulated by The Financial Conduct Authority to act as a credit broker. Their Firm Number is 913082.