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There is Help out there, Don't Despair

News - Local News

Monday, 08 February 2010 16:52

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As Christmas becomes a distant memory and the credit card bills mount up, many people worry about how they’re going to cover the cost of the repayments.

If you feel like you’re struggling to stay afloat in a sea of debt no w is the time to do something about it before you sink any further. Catherine Adcock, Voluntary Action Rotherham’s Financial Inclusion Project Worker, has the following tips for anyone who wants to manage their mone y better in 2010:

1. Be more energy-efficient. Improve your home’s energy efficiency with the Government’s Boiler Scrappage Scheme. Visit www.energysavingtrust.org. uk or freephone 0800 512 012. Householders over 60 may also qualify for a grant under the Warm Front Scheme. Visit www.warmfront. co.uk or call 0800 316 2805.
2. Maximise your savings. From April you can put up to £5,100 into a cash ISA. Check your newspaper’s finance pages for the best rates.
3. Invest your Child Trust Fund (CTF). Parents of children born on or after September 1 2002 all r eceive a £250 voucher from the Government to kick off their Child Trust Fund. For more information visit www. childtrustfund.gov.uk or call 0845 302 1470.
4. Make a will. The Children’s Mutual is offering a discount through its will writing service at a cost of £50 plus VAT. See www.thechildrensmutual. co.uk or call 0845 609 0085.
5. Start a pension. The rule of thumb is that you should pay in half your age as a percentage of your salary to afford a reasonable retirement. Visit www.pensionsadvisoryservice.org.uk or phone 0845 601 2923.
6. Get cheaper life insurance. If your employer doesn’t offer life insurance visit a specialist independent advisor such as Lifesearch www.lifesearch.co.uk
7. Switch to a cheaper mortgage deal.

If your mortgage is coming to an end consider s witching to a variable rate offered by lenders such as C&G, Lloyds TSB and Nationwide, which all have a standard variable rate of 2.5% (see back page). 8. Switch to a better current account. Shop around and be prepared to switch.

A good starting point is www.moneysupermarket. com. 9. Shop around for the cheapest energy deal. Use one of the many comparison websites for gas and electricity to find the best deal f or you. See www.uswitch.com or phone 0800 404 7908. 10. Claim all the benefits you’re entitled to.

Check that you’re getting what you’re entitled to by talking to someone at Rotherham Citizens Advice Bureau (01709 515680) or Rotherham Welfare Rights and Money Advice (01709 822446).

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