making the most of your money

www.stockporthomes.org

2 Stockport Homes - A guide to making the most of your money

Contents

Introduction Page 3 Section 1The cost of running your home Page 4 Section 2Benefits Page 7 Section 3Borrowing money Page 14

Section 4Managing money problems Page 19

Section 5Saving money on your energy bills 6

Section 6Rent Page 31 Section 7Basic bank accounts Page 35

Section 8Home insurance Page 37

Section 9Useful contacts Page 39

3Stockport Homes - A guide to making the most of your money

Introduction

If the answer is yes to any of these questions, this booklet can help you!

The purpose of this booklet is:• to give you some basic information and advice to help you deal with your money; and• to provide details of agencies in Stockport who can help you with your finances.

Even if you do feel you can manage your money, this booklet has useful tips on how to save money and spend wisely.

If you have money worries it is important to deal with them as soon as possible. They will not go away and the longer you leave them the worse the situation will become. There is always someone who can help you.


The cost of running your home

Section 1

Moving into your own home can be anexciting time – but also an expensive one.

If you have managed household bills before, you will know about the costs involved in running a home. However, if you are managing a household budget for the first time, you will need to think carefully about how much money you will need to set up your home and pay your regular bills. There are many ways of reducing the amount you pay.

What should I budget for?

Rent - You should pay your rent weekly or monthly, in advance, to avoid getting into arrears. If you are not sure how much rent you have to pay, you can ask the Customer Finance

Team. There are more details in section 6. You may be entitled to have some or all of your rent paid through Housing Benefit. Your rent now includes water charges which will not be covered by Housing Benefit.

Energy - You will also need to budget for heat, light and water in your home. Section 5 explains how you can save money on energy bills.



Food - On average you should allow £30 a week per person for food and other small household items.

Clothes - For families you should allow £30-£50 a month for each child, especially young children. As a guide, allow £20-£25 a month for each adult.

Travel - If you have a car, you need to include the cost of insurance, tax, fuel and maintenance. If you use public transport and are 60 or over you will be entitled to free

off-peak travel on local buses anywhere in England. You may also get free bus travel if you are ‘eligible disabled’. Please phone Greater Manchester Public Transport on 0161 244 1050 for details.

School meals - If your children have school meals, you will need to budget £10 a week for each child. Your child may receive free meals if you get income support, jobseekers allowance

or a high rate of child tax credit. You can get more information about benefits in section 2.

Savings - There are constant demands on our money, and it’s important to put small amounts aside to cover expected and unexpected events. We know about some of the biggest

expenses well in advance, for example Christmas, birthdays and children going back to school. By putting small amounts aside regularly you will be able to cope with these events without having to miss payments on



Section 1

other things, especially your rent. You might also consider opening an account with a Credit Union. For more information about Credit Unions, please see page 17.

Debts - If you have borrowed money, you need to budget for paying it back regularly to keep on top of your debt. You can get advice and information on how to manage your debts in

section 4.

Council Tax - Council Tax helps pay for local services like policing and rubbish collection. If you receive Housing Benefit you may also receive Council Tax Benefit. If you are on a low

wage, disabled or live alone you may receive help paying Council Tax Benefit (please see section 2 for more details).

Training

There are a number of courses available around budgeting. Please phone the Customer Involvement Team on 0161 474 2862 or email [email protected] for details.


The cost of running your home Benefits

Section 2

Many people do not claim the benefits they are entitled to.

Even a small amount of extra money can make a big difference, so it pays to spend a little time finding out about what you can claim.

Where do I start?

You may be entitled to benefits if you or someone in your household is:

• over pension age;• unemployed;• off work due to illness or incapacity;• pregnant;• a parent or new parent;• sick or disabled;• working but on a low wage;• widowed;• recently bereaved;• caring for someone who is sick or disabled; or• a student.


Benefits

Section 2

For example, you may be able to get help with your rent and Council Tax even if you are working for an employer or are self-employed. If you are on a low income, you may be entitled to Income Support. There are also benefits available if you are disabled or caring for someone.

Understanding benefits

There are different types of benefit for different circumstances. Some can only be claimed if you have paid enough National Insurance, while others are paid depending on your circumstances or the amount of money you already have.

If your income is below a certain level you may be able to claim Income Support, Housing Benefit and Council Tax Benefit. You become liable to pay your rent from the date your tenancy agreement begins. If you have made a claim for Housing Benefit the earliest date your claim can start is the Monday after you move into the property. So, if you delay moving in, you could find yourself in rent arrears as your Housing Benefit will not begin until you move in.


Benefits

If you lose your job it is important to start claiming benefits straight away to ensure your rent and Council Tax is covered. There are some exceptions to this rule – for more information see ‘Advice and support’ below.

Some benefits can be claimed no matter how much money you have, for example, Child Benefit and Disability Living Allowance.

Tax and pension credits can be claimed depending on your income and situation. For example, if you work and have children you may be able to claim Working Tax Credit and Child Tax Credit. Older people may be able to claim Pension Credit depending on their income and savings.

Advice and support

The Council Advice and Information Officers can give you advice on benefits and tax credits as well as Council services, consumer problems, money matters, health issues, and housing problems. You can see them by calling in to one of the Stockport Direct Local Centres. There are Local Centres all over Stockport. For their locations and opening hours, please see pages 10-11, call 0161 217 6009, email [email protected] or go to www.stockport.gov.uk/stockportdirect


Benefits

Section 2

The Welfare Rights Service advises people on problems with social security benefits and tax credits, including representation at appeal tribunals. Welfare Rights Officers can be seen by appointment at Regal House, Stepping Hill Hospital and in the Local Centres in Reddish and Brinnington. Home visits can be arranged for people who are housebound. Please call 0161 474 3093 for appointments and home visits or speak direct to a Welfare Rights Officer on 0161 474 3091 weekday mornings (9am-1pm).

The Citizens Advice Bureau can give you advice on benefits and tax credits as well as many other subjects. There are three offices in Stockport. Tel: 0844 826 9800Web: www.stockportcab.org.uk

To find your nearest Stockport Direct centre, please see the list below. The phone number for all centres is 0161 217 6009. Please phone to check opening times.

Adswood Nearest Advice Service is in BridgehallSee opposite for details

Bramhall Advice ServiceBramhall Library, 70 Bramhall Lane South SK7 2DU

Bredbury Advice ServiceBredbury Library, George Lane SK6 1DJ


Benefits

Bridgehall Advice ServiceBridgehall Community Centre, Siddington AvenueSK3 8NR

Brinnington Advice ServiceFirst House, 367 Brinnington Road SK5 8EN

Cheadle Advice ServiceCheadle Library, Ashfield Road, Cheadle, StockportSK8 1BB

Cheadle Hulme Advice Service6 Station Road, Cheadle Hulme SK8 5AE

Hazel Grove Advice ServiceHazel Grove Library, Beech Avenue, Hazel GroveSK7 4QP

Heald Green Advice ServiceHeald Green Library, Finney Lane, Heald Green SK8 3JB

Offerton Advice ServiceDialstone Library, Lisburne Lane, Offerton SK2 7LL

Reddish Advice ServiceStockport Direct, Houldsworth Centre, 2 Gorton Rd, Reddish SK5 7AF

Home visits can be arranged for people who are housebound.


Benefits

Section 2

Carers

A Carer is defined as ‘somebody who looks after a relative, partner or friend who is ill, disabled or confused’.

Signpost Stockport for Carers is an independent charity which provides free, confidential information to all unpaid carers in the Stockport area.

Signpost Stockport for Carers can direct carers to the appropriate sources of support available, and can offer information on services locally and nationally.

They can be contacted at:

Signpost for CarersTorkington CentreTorkington RoadHazel GroveStockportSK7 4PY

Tel: 0161 456 4276 Email: [email protected]


Benefits

Other Carers’ contacts

Carers AllowanceDWP Carers Allowance UnitTel: 01253 856 123

Leisure KeyCompanion CardTel: 0161 217 6009Email: [email protected]

Carers Training Co-Ordinators at Stockport Council

Linda PowerTel: 07800 618829

Maria EadeTel: 07527 387374

Tuesdays, Wednesday and Thursdays only.


Borrowing money

Section 3

There are lots of ways to borrow money. Some of these will cost you a lot more than others. It is very important to only borrow what you can afford to pay back. We all need to access some extra cash from time to time, but for some, access to affordable credit can be very difficult and many people turn to doorstop lenders for help.

Doorstep lenders (sometimes known as ‘home credit’)

Money lent to you by ‘doorstep lenders’ (such as salespeople who come and knock on your door) can be expensive. If you do consider taking out a loan from a doorstep lender you should: • ask to see their lender’s licence or other authorisation. If they don’t have one, they are operating illegally, so don’t use them; • be clear about the amount you are borrowing, how much you must repay and for how long you will be making repayments; • ask how much in total the loan is going to cost you; and• make sure you understand what will happen if you can’t keep up the repayments.


Borrowing money

If you borrow £100 over one year from a doorstop lender you may have to pay back £171.

The repayment on the same loan from a Credit Union would be just £107, that’s a saving of £64!

There are also other companies which will lend you money, but charge you a lot for doing so, or let you pay for things like a new television or fridge by weekly instalments. These are high cost credit providers. Sometimes you may not know how much you are paying back, often it is a lot more than you think.

Loan sharks

Loan sharks are unlicensed lenders. They operate illegally and will lend you money when nobody else will, but:

• their rates will be very high and you may find it difficult to keep up the repayments; • you may be forced to get a second loan to pay off the first, causing your debts to get out of control; and• they may use violence or intimidation to collect debts.

For confidential help and advice please contact the Illegal Money Lending Team on 0300 555 2222.


Annual Percentage Rate (APR)

The key thing to look for when borrowing is the APR, which tells you the full cost of a loan, taking into account the length of the loan, interest rate, any payment protection insurance (that the lender chooses to make compulsory) and other costs. Lenders must tell you the APR before you sign an agreement. It will vary from lender to lender. Generally, the lower the APR, the better the deal for you.

Based on a 52 week loan, the table below shows an example of how borrowing money from different lenders at different APRs can affect the interest you have to pay back.

Illegal lender

High Cost credit providers

Doorstep lender

Credit Union

Amount of Loan

£300

£300

£300

£300

Typical APR

1000%

246.50%

177%

12.68%

Weekly repayable amount

£57.50

£17

£9.00

£6.15

Totalpayable

£3000.32

£884

£495.00

£318.64

Total Interest payable

£2700.32

£584

£195.00

£18.64

Borrowing money

Section 3


Credit Unions

Credit Unions are owned and managed by their members. They offer savings and affordable loans, especially when compared to doorstep lenders. Your money has the same protection as money in the bank.

Stockport Credit Union is an organisation owned and run by its members with the aim of providing secure savings and affordable loans to local people. The Credit Union operates many collection points across Stockport, and all of them are regulated by the Financial Services Authority to ensure they are properly run. They are part of the Financial Services Compensation Scheme which guarantees the safety of your money. You can join Stockport Credit Union if you live or work in Stockport.

To become a member and open an account, you will need to pay a joining fee of £1.20 and pay at least £1 into your account. After that, you can save as little or as much as you like. The maximum amount you can save in your account is £10,000.

Borrowing money


Members aged 18 plus who are regular savers with the Credit Union build up a savings record and can borrow from the Credit Union at a very low rate of interest – just 1% per month on the reducing balance (that’s an APR of 12.68%). If you borrow £1,000 it will cost you less than £60 in interest to repay the loan within a year (based on regular weekly or monthly payments). There are no arrangement fees and no penalty fee if you decide to repay your loan early.

Useful contact details - Credit Unions

Stockport Credit UnionFirst House, 367 Brinnington Road, Brinnington SK5 8EN.Tel: 0161 430 5808Web: www.stockportcu.com

Association of British Credit Unions (ABCUL)Tel: 0161 832 3694Web: www.abcul.org

Useful contact details - Debt advice

Citizens Advice BureauWeb: www.citizensadvice.org.uk

Consumer Credit Counselling ServiceTel: 0800 138 1111Web: www.cccs.co.uk

Borrowing money

Section 3


Most people will borrow money at some time in their lives.

This debt only becomes a problem when you cannot pay it back.

People get into debt for all sorts of reasons, for example, losing a job, taking on a caring role, becoming pregnant, separating from a partner or becoming ill or disabled.

If you have borrowed more money than you can repay, or you have built up rent or fuel bills that you cannot afford to pay back, then you must take steps to sort things out.

It can be tempting to bury your head in the sand, but the longer you leave it, the worse it will get. Help and support is available and you will be able to take control of your finances again and look positively towards the future.

Which debts should I pay back first?

It is important to understand the difference between ‘priority’ and ‘non-priority’ debts. Your biggest debt will not necessarily be the most important one to pay back first.

Managing money problems

Section 4

Borrowing money


I can’t afford to pay my rent,what should I do?

If you are having problems paying your rent, you must contact Stockport Homes’ Customer Finance Team straight away for help and advice on 0161 474 2677 or 0161 474 2668. If you stop paying your rent you could lose your home. Keeping a roof over your head is far more important than paying off loans.

Debt prioritisation

Which debts should I prioritise?The following tables show the debts which are most important and which you should deal with first. It also states what may happen if you do not deal with them.

Important debts include:

Debt

Rent / water charges

Gas / Electricity

Council Tax

Possible action against you

Support to ensure payment / notice of possible Court action / Court action / Eviction from your home.

Supply cut off / pre-payment meter fitted.

Seizure of personal goods / deduction from income or benefits / imprisonment.


Section 4


Important debts include:

Debt

TV licence

Magistrates’ CourtFines

Maintenance

Child supportpayments

Income tax, National Insurance, VAT arrears


Court fine / seizure of personal goods / imprisonment.

Seizure of personal goods / deduction from income or benefits / imprisonment.

Deduction from income or benefits / imprisonment.

Seizure of goods / deduction from income or benefits / imprisonment / take away driving licence.

Seizure of personal goods / bankruptcy.

Less important debts include:

Debt

Unsecured loans (including doorsteplenders)

Telephone arrears

Store cards

Credit cards


County Court claim.

Disconnection.

County Court claim.

County Court claim.



Less important debts include:

Debt

Former tenant arrears

Hire purchase arrears


County Court claim.

Repossession of goods (this could become a priority debt if it affects your ability to work).

County Court Judgment (CCJs)

Someone you owe money to (a ‘creditor’) can take a County Court action against you to claim the money. If you pay the amount outstanding in full, including the court costs, you can avoid a judgment. If you don’t pay it, and you do not dispute the debt, you should send back the court reply with an offer of payment. It is a good idea to seek advice at this stage – see page 23.

If the creditor accepts your offer the court will issue a CCJ and it is important that you then keep up the payments. If the creditor does not accept your offer, a payment rate will be set by the court which you can appeal against if you think it’s too high.


Section 4


County Court Judgment (CCJ) records

Unless you pay the full amount of the judgment within one month, your CCJ will be recorded on the Register of County Court Judgments and on your credit file for six years.

Organisations such as banks, building societies and loan companies use your credit file to help decide whether to give you credit or loans, like a mortgage.

Who can help me?

Stockport Debt Advice Service offers free independent advice, support and assistance with debt problems to Stockport residents. It is run by experienced debt advisers employed by Stockport Council with some funding from the Legal Services Commission.

Their team of specialist debt advisors can offer expert information, advice, negotiation, advocacy and professional representation on debt problems as well as giving advice on welfare benefits.



They can advise on:

• budgeting and maximising income;

• basic bank accounts;

• credit debts;

• rent and Council Tax arrears;

• fuel and water bills;

• bankruptcy;

• repossessions – including representation at Court;

• Charging Orders – including representation at Court;

• Administration Orders – including representation at court;

• bailiff’s action; and

• individual voluntary arrangements.

To contact the Debt Advice Service, please phone0161 474 3093 (weekdays 9.00am to 5.00pm, 4.30pm on Fridays). You will be asked for some brief details and may be referred for an appointment. You can also email [email protected]

The service is based at4th Floor, Regal House, Duke Street, Stockport SK1 3DA.

The Council’s Debt Advice Service works closely with other local debt advice organisations offering specialist debt advice for Stockport residents.


Section 4


It is important that you get advice about debts quickly, and so we strongly recommend that you seek help from the Debt Advice Service or one of the organisations listed below.

National Debtline

Phone 0808 808 4000 (free from a landline) weekdays between 9.00am and 9.00pm and on Saturdays from 9.30am to 1.00pm. This free, independent charity can advise you about all personal debts. You can get more information online at www.nationaldebtline.co.uk

Other organisations who may be able to help you include:

• Stockport Citizens Advice Bureau: telephone 0844 826 9800 or go to www.stockportcab.org.uk for the opening hours and addresses.

• Stockport Direct Local Centres: ring 0161 217 6009, email [email protected] or go to www.stockport.gov.uk/stockportdirect for the opening hours and addresses.

• Housing Options: if you are homeless or need advice and help about housing issues telephone 0161 474 4237 or go to www.stockporthomes.org



Saving money on your energy bills

Section 5

Paying for fuel

You will need to heat and light your home, power your appliances and cook.

How much you pay for your gas and electricity will depend on whether you can pay through a bank account and what type of meter you have.

You could save on average £300 a year by switching energy suppliers, especially if you’ve never switched before. The important thing is to compare prices across all energy plans before switching. Make sure the comparison is based on your individual circumstances - where you live, your actual energy usage and how you like to pay - so you can be sure that you are getting the right deal for you.

Remember the golden rules of switching:

1) Move to dual fuel - This means getting both your gas and electricity from one supplier.

2) Pay by direct debit - Most suppliers offer a discount for paying by direct debit.



However, with energy costs rocketing in the last two years, you might prefer the security offered by fixed or capped price energy plans. These are more expensive than online plans, but will protect you from rising prices in the future. The key to these is to make sure you read the small print first and check with the supplier what the exit penalties may be.

Other top tips on your energy bills are to keep on top of meter readings to ensure you are being billed accurately, and review your energy bills at least once a year to ensure you are still on the cheapest deal.

There are various price comparison websites which you can use to find out if you can make savings by switching to an alternative supplier. Examples of these are:

www.uswitch.com

www.simplyswitch.com

If you don’t have a bank account, you may be able to pay through a pre-payment meter. You should consider carefully which gas and electricity suppliers you choose, as many suppliers charge more if you have apre-payment meter.


If you pay for your electricity and gas on a meter (pre-payment), you may be able to save money by asking your supplier for their social tariff. The social tariff is a cheaper rate that lets you buy your fuel at the same rate as people who pay by direct debit. Companies who offer social tariffs include: British Gas, EDF Energy, npower, eon, Scottish and Southern and Scottish Power.

Saving energy

According to the Energy Saving Trust, the average household could save around £250 through energy efficiency measures. Below are some energy saving tips that can help reduce your consumption and save money:

Close the curtains Shut out the night and keep in the heat, but make sure you don’t drape your curtains over radiators as this sends heat straight out of yourwindows.

Adjust your heating Turn that thermostat down by just 1°C, you could cut up to 10% of your heating bills. Keep the air flow vents on your electric heaters clear of obstructions.

Water Don’t set the thermostat too high, 6°C/14°F is fine for a hot bath or wash. Take a shower, it’s faster, cheaper and more efficient than your bath. Put the plug in, running that hot tap costs


Section 5


money and wastes water. Fix that drip, leaks waste a lot more water than you think.

Lights Turn off any lights you don’t need. But do make sure you have enough lighting on stairs and hallways. Fit lower wattage bulbs wherever possible. They’re four times more efficient than standard bulbs and can last 15 times longer. Switch the TV, DVD, PC or home cinema off - they still burn energy on Standby.

Fridges Defrost fridges and freezers regularly to improve their efficiency. Don’t put hot food in the fridge, cool it down first. Position fridges or freezers as far from cookers and heaters as you can. The temperature in your fridge should be no more than 5°C. You should also set your freezer to -6°C(*), -12°C(**) or -18°C(***).

WashingRun your washing machine on full loads, and use half load or economy programmes if you have them. Save energy by washing at lower temperatures. Washing clothes at 30°C instead of a higher temperature can use around 40% less electricity. Modern washing powders and detergents work just as effectively at lowertemperatures so unless you have very dirty washing, bear this in mind. If the weather is fine, dry your washing outside. If you use a tumble dryer, spin your clothes first.



They’ll dry in the tumble dryer more quickly. Make sure the filters in your tumble dryer are fluff free.

Cooking Only fill kettles with as much water as you need but make sure you cover the element if you use an electric kettle. Use the right sized pan for the food and the hob. When cooking vegetables, use just enough water to cover the food and put a lid on. Simmer instead of boiling; less steam means less need to ventilate the room, cutting your heating costs. Make toast in the toaster not under the grill. Don’t keep opening the oven door while you are cooking.

Supermarkets

Supermarkets reduce prices on products nearing their best before date. This usually happens at the end of the day. The times are listed below.

Asda 5.00pm - 9.00pm

Sainsbury’s 5.00pm - 9.00pm

Co-op 5.00pm - 7.00pm

Morrisons 5.00pm - 7.00pm

Tesco 4.00pm - 8.00pm


Section 5


Paying your rent is a top priority

When you sign your tenancy agreement for your home, you make a legally binding agreement with us to pay your rent. Your rent now includes water charges which will not be covered by Housing Benefit. Your rent money is used to:

• carry out repairs to your home;• carry out improvements to your home;• keep the estate tidy; and• other estate management services.

You can choose to pay your rent in various ways. Every rent week starts on a Monday. You can pay your rent weekly, fortnightly or monthly, but it should be paid in advance.

So, for example, if you pay monthly you should pay February’s rent at the end of January.

Anyone can fall behind with their payments at some time, only a small change in your circumstances can make a difference. If this happens, you must talk to us so that we can sort out the problem together. The problems will not go away, and the longer you leave them, the worse they will become.

We will take action if you don’t pay your rent or you don’t try to work with us to solve your money problems.

Rent

Section 6



Rent

Section 6

If you owe a significant number of weeks rent, we will generally take court action against you. At this stage you are in serious danger of losing your home.

After we have served you with a notice, you will receive a summons to appear in Court for possession of your home and it is likely that you will have to pay all legal expenses we incur in taking you to Court.

Even at this stage you still have time to make reasonable arrangements with us to pay your arrears. If you do, we will ask for the possession order to be postponed. The Court will then make an order for you to pay an agreed amount on top of your weekly rent.

As long as you maintain your Court order arrangement and your arrears do not increase, we will not enforce the possession order to repossess your home.


Rent You can make payments to us as follows:

By Direct Debit

You can pay your rent and water charges by Direct Debit weekly or monthly (on 1st, 8th, 15th or 22nd) and receive an annual discount for doing so. Simply ring the Customer Finance Team on 0161 474 2668 (West) or 0161 474 2677 (East) and ask for a Direct Debit Mandate.

By telephone

You can pay using a debit or credit card by telephoning 0161 474 2677 (East) or 0161 474 2668 (West) during office hours or 0161 474 4050 during evenings and weekends. This service is available 24 hours a day.

On the internet

You can pay with a debit card or credit card at: www.stockport.gov.uk/payments


At a Post Office or Paypoint / Payzone outlet

You can pay at any Post Office or any retail outlet displaying the Paypoint / Payzone logo using a swipe card. Post Offices are open on Saturday mornings and many Paypoint / Payzone outlets are open seven days a week and late nights.

To request a free payment swipe card, please telephone our Customer Finance Team on 0161 474 2677 (East) or 0161 474 2668 (West).

Rent

Section 6


Why do I need a bank account?

There are lots of good reasons to have a bank account, including:• you can have benefits paid straight into your bank account;• you can pay bills, for example, your rent, by direct debit;• helping to give you a good credit record and you may be able to benefit from other banking services; and• cashing cheques can be difficult and cost you money if you don’t have a bank account to pay your cheque into.

What is a basic bank account?

The government says that banks have to make basic bank accounts available to everyone, even people with a poor credit record.

How do I open a basic bank account?

You will need to:• visit the bank you would like to use and ask to open a basic bank account; and• show them at least two proofs of your identity and where you live, for example, a passport, driving licence, utility bill or letter from a government department or local Council confirming your right to state benefits, for example, Job Seekers Allowance (JSA), Council Tax Benefit or Housing Benefit.

Basic Bank Accounts

Section 7

Rent


What can I use my basic bank account for?

You will be able to:• pay money into your account;• pay cheques into your account;• have benefits paid directly into your account; and• set up regular direct debits to pay bills.

Also, most basic bank accounts will offer a cash card so you can take out money free of charge at a cash machine or post office.

Will I have a cheque book and debit card?

Probably not, most basic bank accounts do not offer a cheque book or debit card.

Can I be overdrawn?

Most basic bank accounts will not allow you to have an overdraft. If you do not have enough money in your account to cover any payments going out (direct debits)you may be charged. It is really important to make sure you have enough money in your account to pay your bills.

How will I know how much is in my account?

You will receive regular statements from the bank and you will probably be able to check your balance at a post office, online or cash machine at any time.

Basic Bank Accounts

Section 7


Home insurance

Section 8

You’re responsible for insuring the contents of your home from fire, theft and flood damage.

Stockport Homes offer affordable home contents insurance. There is no excess to pay on your policy if you ever need to make a claim, and future premiums will not increase as a result.

For peace of mind at an affordable price, pick up an application pack from your Area Housing Office or ask for one to be sent to you.

Cost of home insurance

Please see the table below and on the following page for a guide to the cost of home insurance. Please note: the premiums shown in the table are payable over 48 weeks. There are other home insurance providers such as Age Concern.

Sum insured

£6,000*£7,000*£8,000*£9,000

Weekly cost(standard cover)

£1.16*£1.35*£1.54*£1.74

*Only available to people over 60

Basic Bank Accounts


Home insurance

Section 8

Cost of home insurance

Sum insured

£10,000£11,000£12,000£13,000£14,000£15,000£16,000£17,000£18,000£19,000£20,000£21,000£22,000£23,000£24,000£25,000£26,000£27,000£28,000£29,000£30,000£31,000£32,000£33,000£34,000£35,000

Weekly cost(standard cover)

£1.93£2.12£2.32£2.51£2.70£2.90£3.09£3.28£3.47£3.67£3.86£4.05£4.25£4.44£4.63£4.83£5.02£5.21£5.40£5.60£5.79£5.98£6.18£6.37£6.56£6.76


Home insurance Useful contacts

Section 9

Stockport Homes’ Contacts

Customer Finance TeamTel: 0161 474 2677 (East Area) 0161 474 2668 (West Area)

Customer Involvement TeamTel: 0161 474 2862Email: customer.involvement @stockporthomes.org

Housing OptionsTel: 0161 474 4237Email: housing.options @stockporthomes.org

Other useful contacts

Association of British Credit Unions (ABCUL)Tel: 0161 832 3694Web: www.abcul.org

Consumer Credit Counselling ServiceTel: 0800 138 1111Web: www.cccs.co.uk

Debt Advice Service4th Floor, Regal House,Duke Street, Stockport SK1 3DATel: 0161 474 3093

Fuel price comparison websiteswww.uswitch.comwww.simplyswitch.com

Greater Manchester Public TransportTel: 0161 244 1000

Signpost for CarersTorkington Centre, Torkington Road, Hazel Grove, StockportSK7 4PYTel: 0161 456 4276Email: [email protected]

National DebtlineTel: 0808 808 4000Web: www.nationaldebtline.co.uk

Stockport Citizens Advice BureauTel: 0161 474 3090 / 0844 826 9800Web: www.stockportcab.org.uk or www.citizensadvice.org.uk

Stockport Credit UnionFirst House, 367 Brinnington RoadBrinnington SK5 8ENTel: 0161 430 5808Web: www.stockportcu.com

Stockport Direct Local CentresTel: 0161 217 6009Web: www.stockport.gov.uk/ stockportdirect

Accessing our services

This leaflet gives you information about managing your money. If you would like a copy in large print, Braille, on audio tape or CD, please contact the Social Inclusion Team on 0161 474 2854 or email: [email protected]

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making the most of your money

Documents

home page

rent page

borrowing money page

benefits page

home insurance page

managing money problems

energy bills page

moneycontentsintroduction