Debt

Buying on Credit

You usually have to be over 18 to get credit.

When you but something on credit, you are really borrowing the money on the agreement that you will pay the money back in instalments, along with extra money (interest) that has been added to the total.

If you are under 18, sometimes credit is given to people who have a guarantor. This is someone who is willing to be responsible for the payment of your debt if you are unable, (or fail) to pay.

It is very important that both you and the guarantor read the agreement very carefully and both understand the implications. Guarantors are likely to have credit checks done on them, and need to provide evidence that they will be able to pay, should you fail to do so.

The amount of interest you pay varies quite a lot, and is shown on advertisements, but can be hard to understand. Ask how much extra you will have to pay back because of the interest.

Sometimes you will see interest-free credit. This means exactly that, you will not have any interest added on and will only pay the cost of the item back, but spread out over instalments.

make sure you really want the credit! Do you really need it? Is this the cheapest way you can buy? Is it good value?

Are you clear about the terms and how much you will pay back?

Once the contract is drawn up ans everything has been signed, you cannot change your mind.

 

HELP WITH DEBT

Getting into Debt

It's easy to get into debt, but hard to get out of, so beware!

If you are in debt, try to make arrangements to sort out the problem with the company you owe money to. Contact them at the first opportunity to explain your situation.

Never try to ignore the problem, it won't go away! And do not dealy!

Sort this out because, depending on your circumstances, you may ahve the goods that you have bought repossessed, get yourself a bad credit report or end up in court.

If you are in debt and usure what to do, get advice from:

Citizens Advice Bureau, St Paul's Community Centre, New St, St Helier, JE2 3WP

Freefone: 0800 735 0249

or contact

The National Debtline

Tel: 0808 808 4000 or check out   

Personal Finances

Wages

When you start a job you can get paid wither weekly or monthly.

It is quite common to work a week in arrears if you get paid weekly, which menas that you will be paid for the first weeks work at the end of the second week.

When you leave a job, if you have worked a week in hand, you will have a wage to come.

Money that you have worked for belongs to you and cannot be kept if you leave without giving notice.

Payslip (Wage slip)

All employees are entitled to a payslip along with their wage. This shows how much you have earned (gross), how much has been dedcuted and what your final take home pay (net) is.

If you are not given a pay slip, ask your employer for one, as it it a legal right, and you may need to show payslips for proof of income for different reasons. Keep payslips in a safe place.