Financial difficulties or concerns
Get help with difficult financial situations
I am short of money this month
Find out which expenses are necessary and where you can cut back. Which bills can you split into instalments?
If you find this difficult, contact us and we will see if we can help you find a solution. We can consider whether we can offer reduced payments in the form of interest-only periods.
I cannot pay for the next few months
First, you need to find out why you have ended up in the situation you are in. Divorce, loss of income, or excessive debt are often reasons why people have problems paying bills and ongoing expenses.
When you contact us, we can assess which solution may be best in your case, for example interest-only periods, refinancing, or extending the repayment period by splitting the amount into smaller instalments.
I have a permanent payment problem
In some cases, debt settlement may be an option. The Debt Settlement Act is for those who are permanently unable to service their own debt. All municipalities offer free debt counselling.
Contact the municipality you live in for more information about your local debt settlement scheme. You can also Contact Nav (the Norwegian Labour and Welfare Administration) for free advisory services.
I have received a letter from debt collection
Contact the debt collection agency immediately. Debt collection becomes more expensive the longer you delay it. If you demonstrate the ability and willingness to settle your debt, there is often a good solution.
Do you need inspiration for what you can ask us about?
I want an overview of all bills and claims
How do I achieve that?
I have cases with debt collection
What do I do?
I want to set up a simple budget
How do I incorporate my spending into a budget?
I want to pay down my loans
How do I create a simple repayment plan?
I have received a letter from the bailiff
What happens now?
My finances are messy and unclear
What do I do to gain control?
I go into overdraft every month
How can I get better control of my finances?
I cannot pay my debt
How can I get an overview?
I have a salary deduction on my account and am unsure why
How do I find out about the salary deduction?
I want to refinance consumer debt
Can I get an offer to consolidate all my small loans?
I have payment remarks
Where can I find an overview of my payment remarks?
Get out of your financial crisis
The first thing you must do is decide that you want to get out of the situation. It is wise to find a clear answer as to why you have payment problems, and be motivated to make changes.
Get an overview of what you owe
Review all loan agreements and your most recent credit card statement, and get an overview of what you owe, where, and to whom.
What you owe in consumer debt, credit facilities and credit cards can be checked in Norsk Gjeldsinformasjon and Inkassoregisteret.
Set up a budget
Once you have an overview of your small loans and income, the next step is to set up a budget and a realistic repayment plan. With the help of Spending in the mobile bank you can more easily create a budget based on your spending.
If you have payment difficulties, you should have a high threshold for being financially impulsive and overspending. Therefore, consider using SIFO's reference budget which shows typical consumption expenses for different types of households.
Remember also to add other expenses you may have, such as housing and healthcare services.
Pay the most important things first
Loans with the highest effective interest rate are expensive and important to eliminate quickly. Remember also that government claims have first priority for repayment, such as fines, residual tax and VAT.
For loans with lower interest rates, you can check whether you can get interest-only period(s), payment deferral or an extended loan period so that you can prioritise expensive loans first. If you have a mortgage, for example, it may be a smart alternative to check whether you can refinance it. This can free up money to pay down debt that is far more expensive to service than the mortgage. Other options may be to apply for interest-only period(s) on the mortgage or an extended repayment period, and payment deferral on the student loan.
Consolidate your loans and take control
If you have several loans with high interest costs, it may be worthwhile to consolidate these into one larger consumer loan; in other words, to refinance the loans. By consolidating your loans in one place, you can get a lower interest rate and better overview, as you only have to deal with one invoice at a time. If you consolidate all your small loans into one consumer loan with DNB, you will also receive a repayment plan to clear the debt within five years.
Contact your creditors
It is wise to know who you owe money to and contact them to explain that you want to pay, but at the same time be honest about the situation you are in.
There are several options you can consider asking your creditors about, including interest-only period(s), payment deferral and an extended repayment period.
If your budget shows that it will take you more than five years to repay your debt, you should try to enter into a voluntary repayment agreement.
The key is to propose an interest rate that all creditors can agree to, and which is also affordable for you. Write a joint email to your creditors, explaining why you have encountered payment difficulties, and present your proposed solution. Attach your budget, payslips for the last three months, tax return and the overview of your creditors.
Seek financial help
Nav (the Norwegian Labour and Welfare Administration) offers free financial and debt counselling for those who need it.
All municipalities must offer financial advisory services to their residents.
If you are seriously affected by debt problems and unable to pay your way, you can apply for a statutory debt settlement scheme.
Get the most out of what you have
To raise funds to pay down as much of your debt as possible, it may be wise to check whether you have assets you don't need that can be sold. Also check that you avoid everyday 'pocket thieves', and that you cancel subscriptions and memberships that are not in use.
Try to build a buffer
It is expensive to be dependent on small loans every time you need quick access to money, or something unexpected happens. By building up a small buffer account by setting aside an amount each month, you avoid having to resort to the most expensive loans on the market.
Get financial help and advice
Are you experiencing difficulties servicing your home loan or other debt with DNB?
Get in touch with us. Our experienced advisers can give you sound advice and assess which alternatives will be best for your situation.
Would you like to speak to us about:
- Servicing your mortgage at DNB?
Call us on 915 04800, and we will help you. - Questions related to consumer loans and other small loans. Fill in the form, and you will be contacted.
Glossary
Does your account always run out before payday?
The most important thing you can do is to pay your bills first, preferably as soon as you receive your salary. Then you know what you have to manage for the rest of the month.
Let your bills pay themselves
Set aside some money for savings
You never know when you might need money for unexpected expenses. It could be if your car needs repairs or your washing machine breaks down. In such cases, it's helpful to have saved up a financial buffer that can be used instead of falling behind with the month's expenses.
How much you should have in your buffer depends on your life situation. For students, a few thousand kroner may be sufficient, whilst parents and homeowners should consider amounts such as 15,000, 20,000 or over 30,000 kroner.
Get notified before it's too late
Unemployed or temporarily laid off?
Imagine if you suddenly had to manage on a lower income. Losing your job or being temporarily laid off leads to many changes in everyday life – not least when it comes to finances.
The first thing you should do is get an overview of your own spending and adjust it to the new situation. You can easily check what you spend money on in the mobile and online bank. Go through how much you spend on groceries, restaurants, travel and other things, before deciding what you need to cut back on.
If you contact your adviser at the bank, there will be opportunities to come up with good solutions such as refinancing or a period with interest-only payments on loans.
You can also contact Nav (the Norwegian Labour and Welfare Administration) or your local council for debt counselling.
Personal bankruptcy
In the event of personal bankruptcy, a trustee will be appointed to manage your assets and several rights. The contact information for the trustee can be found in the Brønnøysund Register Centre.
In the event of bankruptcy, you lose the right to manage your own assets. Bank deposits, accounts, bank cards, online banking and BankID are blocked. Automatic payment of loans is stopped and monthly payment reminders for loans are sent to the trustee.
Should you need money for essential living expenses, you must contact the trustee, who may consider releasing an account or sum of money to you. The trustee may also consider releasing your online banking and BankID should you need access to them.
Read more at konkursrådet.no.
Bankruptcy in limited companies
In the event of bankruptcy in limited companies, all those acting on behalf of the company immediately lose control over the company's assets. For example, assets, cash, bank accounts, property, vehicles, operating assets, inventory and registered trademarks and patent rights. It is the bankruptcy trustee who has the right of disposal.