Where to Seek Help With Your Debts

At the minute almost every country around the world is fighting the coronavirus. It’s not going to be an easy fight and there is no quick fix but if we all work together it will all be over with sooner rather than later.

At the minute in the UK, we are currently only allowed to go out to buy food, medicines, exercise once a day or to an essential place of work. For the last few weeks if you can work from home that’s what everyone has been doing. If not they have been furloughed. This means that they are being paid by the government to stay at home as they are subsidising wages to ensure job security, the economy once this is over with and most importantly peoples health and welfare.

Although there are provisions in place to help people who are unable to work from home, it is still very stressful and a time of uncertainty for many especially if you are already struggling with money and debts you already have.

Ask for payment holidays

First things first speak to the people you owe money to. Many lenders at the minute are offering their clients a payment holiday. This is great in the short term and will most definitely take the pressure off for the time being. Bear in mind that this is only a short term remedy and the missed payment/s will have to be made at some point – either as extra on top of future payments or as an extension of your current agreement/contract.

Consolidate your debts

Don’t keep applying for more credit. If you can’t afford what you already have it is not sensible to get more. Having said that, if you are able to shift your current debt to an interest-free option then that is a good option as your monthly payments will be less. If not then combining all your debts into one is another good option to consider. If this is something that you are thinking about speak to a company like Polk Partners who prioritize what their clients need and offers a single monthly payment with low-interest rates.

Speak to the professionals

If you have tried all the above and you are still unable to pay your debts you must speak to an advisor from a professional company like StepChange or Citizens Advice who will help you to minimise your debts and all your other outgoings. You can check yourself too, perhaps cancel magazine, TV subscriptions and only buy the essentials when out shopping. You could even swap branded products for supermarket own instead often the products are made by the same companies too especially over the counter medicines you just need to compare the product number. If they are the same then they are exactly the same product and much cheaper.

I hope however the situation is effecting you, you also manage to stay safe. Remember all this will be over soon enough so please try not to worry in the short term.

This is a collaborative post – to see how we work with brands visit our work with us page or disclaimer page