Sound advice from MABS as levels of debt soaring
WITH levels of debt soaring and people borrowing to pay for basics such as car insurance, the Wexford branch of the Money Advice and Budgeting Service (MABS) says its door is always open to help people overcome what can seem insurmountable problems.
‘Even if we can’t solve their problems straight away we find that a lot of people tell us that they feel better after talking about it,’ said Nicky Rossiter, from MABS, a free, confidential and non-judgemental service that provides information on options for people with money troubles.
He says that after making appointments, some people only get as far as the door, fearful of what may happen.
‘We are not intimidating, we are here to sympathise and help you with your money troubles,’ said Mr Rossiter, who believes that debt can be a major issue when it comes to people’s mental health.
He said that in the past more women than men would seek help, but recently the numbers of men had increased.
‘I have noticed that men are starting to open up more than they would have in the past,’ said Mr Rossiter.
Mr Rossiter’s remarks followed the publication of new research by switcher. ie which shows that about 60% of Irish consumers find it hard to pay household bills and are forced to borrow to meet the costs of essentials.
Motor insurance is now a bigger concern than in the past with CSO figures showing a 57% increase in premiums in the last three years, adding to the pressure on hard-pressed budgets.
‘I have people come in with their financial statement and I ask them where is their car insurance? And they simply say well I can’t afford to insure my car as it is too expensive,’ said Mr Rossiter.
He advises people to pay bills monthly or weekly if they simply can’t afford to pay it all at once. If that is not possible then go to your local creditor to come to an agreement on a loan and on payments that suit your needs.
According to switcher.ie 19% of Irish people say they are in debt and worry about it but Mr Rossiter asks what is the worst thing that could happen?
‘Yes, there are people in Wexford who are in debt but it isn’t huge debt. People need to remember that the worst thing to happen, if they don’t have a mortgage, is that they will go to court. The judge will simply go through your income and just reduce your loan payments for you,’ he said.
If you have little or no assets and a low income you may be eligible for a debt relief notice – an order issued by the court writing off your debts. The relief notice is for people who owe €35,000 or less and is available for up to three years.
Mr Rossiter’s advice is to plan and budget. If you can afford it try and save some money that can be used towards bills.
He urges anyone with money issues to drop into MABS, situated in Wexford town at South Main Street.
You can contact Wexford MABS on 053 91 21504 or visit www.mabs.ie.