If you are struggling to pay your bills, the new videos (in finnish) at the Finnish Competition and Consumer Authority (FCCA) website offer you practical advice on how to deal with the situation. To avoid bad credit history, negotiate a new payment schedule for your bills and contact the financial and debt advisers in time.
The economic recession has resulted in an increase in consumers' debt problems. According to the Finnish information service provider Asiakastieto, the number of individual defaulters has been growing continuously. In 2014, the number of people with a bad credit history totalled 367,000.
Very few consumers plan their personal finances in advance. Financial management becomes a necessity when changes in life, such as unemployment, make it impossible for them to pay their bills.
If you find yourself in financial difficulty, don't wait – act. FCCA has produced three videos, which offer practical advice to consumers on how to deal with their problems. The first video instructs you to pay any housing-related bills first. It is also advisable to pay small bills and debts before large ones, because they generate higher additional costs if they end up in debt collection.
The second video illustrates what happens if you fail to pay your bills and end up in payment default. With bad credit history, you will find it difficult to get credit, rent an apartment, or buy a mobile phone subscription. The video instructs you to take quick action to stop the accumulation of debt. Contact your creditors to postpone the due date on your bills or negotiate a new loan repayment schedule.
The third video emphasises the importance of acting quickly rather than brooding over your problems. You can contact the financial and debt advisers immediately if you are unable to pay your bills.
On Youtube, you can watch an FCCA video on what to do if you have received a fraudulent bill. The producer of the videos is Magneetto Media Oy. FCCA will publish more videos during 2015.
Youtube.com/kkvkanava (in finnish)
Payment, bills and debt collection