Get in touch with those you owe money as soon as possible
By contacting those you owe money you show that you are concerned about taking care of and resolving your situation. Financial institutions and banks can often help you, for instance, by exempting you from repayment or extend the term of the loan. Furthermore, other suppliers can often give you a delay of payment and a payment plan if you contact them early on.
If you ignore the bills, there will be added fees, including a late fee, interest on overdue payment, debt collection and collection fees. The creditor, who has given you a secured loan, will in the event of default over time, be able to demand that the security will be released to cover the outstanding debt. A forced sale of the mortgaged car, for instance, will be expensive for you.
Reduce your spending
Be sensible when considering what you need and prioritise the necessary things. You can assess your consumption expenditure against similar households in the SIFO reference budget for consumption expenditure.
Contact the Norwegian Labour and Welfare Administration (NAV)
NAV Financial Advice and Debt Councelling provides advice to anyone who has, or is in danger of having, financial problems. The telephone service offers help to self-help. Call 55 55 33 39, dial 1.
You can be anonymous as a caller if you wish to be. The service is free when calling from a landline. If you are using a mobile phone or a prepaid card, the advisers offer to call you back.
Debt settlement scheme
If you are seriously affected by a debt problem, you can get a debt settlement scheme from the public sector, regardless of what the debt problems are due to. The Debt Settlement Act gives you help to regain control of your own finances.
A debt settlement scheme is not an easy solution, but a last resort to get control and an overview of your own finances when the debt problems have become insurmountable, and you have not been able to solve the payment problems on your own.
Read more about The Debt Settlement Act on the government’s website.