Prioritising your payments
WHILE you may find you have many bills to pay, some are classed as being a priority.
Bills that count as a priority payment include those that can result in the loss of something that is important to you, as explained in our video below.
You run the risk of losing things such as your home, if you run up rent arrears, or having your electricity disconnected if your bill has not been paid.
Managing your money effectively to ensure you have your priority payments covered is one of many things that Muir’s Money Advisors can help with by calling them on 0300 123 1222.
Priority payments include those listed below, which appear in no particular order:
- Rent
- Mortgage or secured loan
- Council Tax
- Gas
- Electricity
- Television licence
- Court fines
- Hire purchase arrears
- Child maintenance arrears
Muir Money Advisor, Gordon Low, who appears in the video below said: “It is very important that people pay bills or fines that are listed as priority payment as these often include essential things that can be taken away if not met.
“By not paying things such as rent arrears or your utility bills can mean you run a serious risk of being evicted or having your gas or electricity turned off.
“If you want more information about priority payments, what they are and how you could budget your money to make sure you stay on top of them, feel free to call us for free advice. We will be happy to help.”
Things not listed as a priority payment include store cards, catalogues, credit cards, unsecured loans and overdrafts.
However, it is still important that these payments are made as missing them can have an effect on your credit rating, although there is no immediate risk of losing something if such debts are not paid on time.