Types of bank account There are different types of bank account that you can use for different reasons. Here we tell you about the main types of bank account, and what you can use them for. Current accounts You can use a current account to help you manage your money day-to-day. This includes: paying your bills receiving money - such as your salary or benefits keeping track of where your money is going. Some current accounts can also earn you interest on the money you have in the account, although this is likely to be less than many savings accounts. With a current account,...

If you're struggling to pay your mortgage, you might be thinking about using a ‘sale and rent back’ scheme. This is when you sell your home to a private company and rent it back from them. These schemes are also known as ‘buy back’ or ‘sale and lease back’.  Sale and rent back schemes can be risky. You should check what other options you have before using one. Check if you have other options You should get help to deal with your mortgage debts so you can try to keep your property. If you need to sell your home, you might be better off selling it on the open market and finding somewhere else...

If you’ve been struggling to keep up your mortgage payments, you may have started to build up a debt. This is often called mortgage arrears.  You might be in debt because you missed one or more monthly payments or you’re paying less money each month than your monthly payment. You’ll need to work out a way to pay back what you owe. If the debt continues to build up, your lender will take you to court and you might end up losing your home. Your mortgage lender will contact you if you owe them money - make sure you don’t ignore them. Explain your situation and tell them you’re trying to work...

If you're finding it hard to pay your mortgage, you might be able to: reduce your household costs or increase the money you have coming in switch to a cheaper mortgage deal reduce your mortgage payments reduce payments on a shared ownership property change payments on your endowment policy The cost of living crisis is making it hard to find new mortgage deals at the moment. This means you might not be able to save money by making changes to your mortgage. You should look at your household budget regularly to see if you can save money in other ways. Look at your...

There are things you can do if you're struggling to pay your bills - for example your energy bills, rent and council tax. Check if you can get extra help or money You might be able to claim benefits or increase your current benefits if you’re: struggling to afford essential things - such as food and housing sick or disabled not working working and on a low income a pensioner on a low income a carer responsible for children It’s important to check if you can get extra help or support, even if you’re working. Check what help you can get from your local...

Use a budget planner tool to help you understand: what you’re earning and spending where you might be able to cut costs Before you start The planner will be most useful if you give accurate figures. You can use rough figures if you just want a general idea of your budget. Try to find your most recent: bank statements payslips debit and credit card statements or bills receipts for things you usually pay for in cash Make sure you include all your expenses, for example money you spend on your partner or family.  

Food banks are community organisations that can help if you can’t afford the food you need. You’ll usually need to get a referral to a food bank before you can use it. This includes all food banks run by the Trussell Trust. You can get a referral for yourself and any family members you live with - including your partner. You might be able to use some food banks without a referral - for example, if it’s run by a church. Contact your local food bank to see if you need a referral. Getting a referral    They'll usually make an appointment for you to discuss your situation with an adviser first. The...

'Priority debts' are debts that can cause you particularly serious problems if you don’t do anything about them. You need to work out which of your debts are priority debts and deal with them first 1. Identify and deal with your priority debts you’re struggling to deal with your priority debts you have more than 1 priority debt and you need help deciding which to deal with first 2. Deal with your other debts Once you’ve got your priority debts under control, you should look at all your other debts. They’re ‘non-priority debts’ because the problems they cause are less serious. Your...

You’ll be responsible for a debt if it’s something that the law says you have to pay, like council tax or water charges. You’ll also probably have to pay a debt if you’ve signed a contract to say you agree to give money to someone. This could be something like a: credit agreement, for example if you’ve bought a washing machine or taken out a credit card tenancy agreement, if you rent If you’re responsible for a debt it’s called ‘being liable’. It means you’ll have a legal duty to pay it. If you’re not liable you should be able to challenge the creditor. A creditor is any person...