The last 13 months have been financially challenging for most people in various ways; some people have lost their job entirely; others have suffered a pay cut or have been furloughed. With the future looking uncertain, it’s important we understand that whilst it may not feel like it right now, there are options out there to help with your financial situation.
As of January 2021, The Money Charity said that 8.9 million people had borrowed more as a result of COVID-19, so it’s no surprise that The Money and Pensions Service (MaPS) forecasts that the need for debt advice is expected to increase by 60% due to the financial impact of COVID-19. Whilst this is a staggering figure, it’s important to remember that you’re not alone through these turbulent times.
What debt help is available?
At the moment, you may have mortgage or payment holidays in place, but once these come to an end, you may find yourself overwhelmed at the thought of needing to make your monthly repayments again.
Citizens Advice found that 7 million adults had fallen behind with at least one household bill during the pandemic. Paying your household bills should always take precedence, so if you think you may struggle with your mortgage or any other bill payments, you need to contact the provider and discuss your options with them.
Once you’ve come to an arrangement with your providers, seeking debt advice could be the next step towards taking control of your financial situation. There are many different debt solutions available, from flexible Debt Management Plans to more formal arrangements such as an Individual Voluntary Arrangement (IVA), Debt Relief Order (DRO) or Bankruptcy – there are other solutions available to Scottish residents, too.
Debt solutions may be something you’ve never really thought of or had advice on before, which is why we’re here to help. Seeking debt advice can be overwhelming, but research has found that those who seek debt advice feel much more in control of their situation – so in a time where we all feel a little out of control, debt advice could be just one of the factors to help you take back control.
How can I get debt advice?
You can add all your information into our online debt advice tool and receive an immediate recommendation without needing to speak to anybody. You’ll need to have some details to hand, such as estimated debt balances and your income and spending details.
Our debt advice service is completely confidential and means you can take your time to understand your options.
Alternatively you can speak to one of our experienced debt advisor in complete confidence on 01925 599400 or via email at firstname.lastname@example.org.