Financial advice

Information about financial services is available from the Financial Services Authority (FSA). The FSA is an independent watchdog that regulates financial services and protects your rights. The FSA provides free and independent information about financial matters which you can access for free on the FSA website.

Budget calculator

We advise that you do a monthly budget for your outgoings, to give you an idea of your current income and expenditure. You can use the FSA's online budget calculator for this.

Debt and financial advice

It can be hard to avoid debt, particularly after losing a job or being burdened with unexpected expenses. If you do find yourself in trouble with debt it is important that you take action and prevent the problem escalating.

If you are struggling financially :

• Don't ignore the problem - it won't go away and it may get worse;
• Do make sure you sort out your most important debts first – these are the debts that could result in you losing your home and include: mortgage, rent and service charge payments. You should also give priority to Council Tax, electricity and gas bills;
• Don't ignore our letters or telephone calls – talk to us and let us know that you are having problems. We may be able to provide help or assistance;
• Do let everyone you owe money to know that you are having problems. Make sure that you speak to everyone that you owe money to. They may be willing to offer you a payment holiday or an agreement (for example, allowing you to pay back the debt in instalments);
• Don't hide your debts – leaving them out of your budget will just make things worse;
• Do keep copies of all letters you send and receive.
• Don't default on arrangements. If you cannot make payments as agreed talk to us as soon as possible;
• Do check that you are claiming all the benefits and tax credits that you can – if you are on a low income or have lost your job you may be able to claim benefits;
• Don't borrow money to pay off your debts. Get advice first.

Sources of help

If you have lost your job or had your income reduced you may be entitled to benefits or tax credits at Department of Work and PensionsIf you are a shared owner and are in danger of losing your home we may be able to help with safety net. See below for more detail, or call 020 7209 9299 /9339.

If your home was bought through the Right to Buy scheme in the last ten years and you have received an unusually large service charge bill (more than £2,000) from us you may qualify for a loan from the Housing Corporation. If we do send you a large service charge bill we will let you know what forms of assistance are available to help you pay the bill.

For independent advice on housing and debt issues, you can try the Catholic Housing Aid Society (CHAS) which provides assistance regardless of your religion, or the Citizens Advice Bureau.

Selling part of your home - Safety Net

Safety Net is a last resort designed to help shared owners to retain their home despite changes in financial circumstances or health. This service is intended to help homebuyers who are struggling financially therefore Safety Net reserve the right to refuse the service.

With Safety Net, you (the homebuyer) must own less than 100% of the equity in your home. You must demonstrate, through independent debt counselling, that this is your only option and that you will be able to afford the new rent or mortgage charges.

You can staircase down to a minimum of a 15% share. If your circumstances improve you can buy back shares. If you do not qualify for this scheme, Origin Housing may be able to help through its self-funded scheme, Safety Net + Plus.