Financial and Debt Counselling

Financial and Debt Counselling is a place to contact if you worry over your financial situation or are not able to pay your debts. Debt problems have a tendency to increase if they are not dealt with. You can also contact us if you are uncertain about taking a new loan or wonder where your money is going.

Counselling helps you to plan your future. Together we can discuss the causes and solutions to the financial problems, map out your possible debt restructuring options, or see if the situation is best left as it is. The final decision is always yours, as is the responsibility.

Where appropriate, we assist you in sorting out your debt situation, provide assistance in the arrangement of debts, and help in drafting related declarations and letters to creditors or the court.

Means of Debt Adjustment

Debts can be reorganised in a number of ways. The first step is your commitment to a very tight personal budget. Knowing all your debts is also of utmost importance. Note that the different credit cards, overdraft accounts, tax debts, arrears, loans from individuals, guarantee liabilities and any reclaimed benefits are also recognised as debts.

Payment Plan

A new payment plan can be proposed to your creditors. The plan must be realistic and feasible. Do not make a payment plan that excludes some of your debts, or which does not match your payment capacity.

Paying Debts with a New Loan

If you have many different debts, you may be eligible for the so-called restructuring loan to pay them all off. The loan is intended for those who are solvent. To start negotiations, contact your own bankfirst.

The City of Espoo grants social credits to low-income citizens of small means. The most important criterion for the credit is solvency, and that your overall debt situation can be clarified through the loan. Solvency is calculated by the Financial and Debt Counselling.

A larger restructuring loan may be possible through the Guarantee Foundation. The Foundation offers guarantees for bank loans. The debtor is expected to settle the loan in due course.

Debt restructuring by court order

The most drastic means of debt reorganisation is to apply for statutory debt restructuring. It is the last option and used when the less extreme solutions have proved insufficient.

The debt restructuring is intended for those who are insolvent, and cannot reasonably be expected to improve their solvency. The Act on the Adjustment of the Debts of a Private Individual lists restrictions that prevent the court from granting the application, including, for example, the debtor's reprehensible conduct. Despite the impediments, debt restructuring may still be granted for substantial reasons.

If debt restructuring is granted, the court confirms a payment scheme, which usually lasts between three and five years. The scheme may be longer if the debtor retains an apartment owned by him or her.

Find further information here

You can find more information about payment, bills and debt collection from the Finnish Competition and Consumer Authority

My Finance service

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You can use the service to pose questions to financial and debt counsellors, for example.