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Coronavirus and Your Finances

COVID and your finances

With the outbreak of the Coronavirus pandemic now sweeping the UK it is clear that many people will suffer financial hardship during these difficult times.

This hardship may be due to job loss, reduced or zero hours working, leading to a reduction in salary or you may be a business owner or self-employed and seen a dramatic reduction in customers and revenue.

There are a number of things you can do to ease the financial pain during these difficult times.

One of the main things we would recommend is you speak to people. If you are a homeowner with a mortgage, contact your bank to discuss a temporary reduction or freezing of mortgage payments for up to three months. The UK Government have agreed with financial institutions that these steps will not have a negative impact on your future credit rating. However, we urge you to confirm this point with your bank and get authority for the break, without which your home could be at risk.

If you are a tenant, although the landlord may in turn be struggling in these circumstances, they may well be able to assist. Again, this could include a reduction in rent amount or freezing payments for a short time. It is always worth approaching your landlord to discuss your options.

Likewise, with any creditor such as for loans or credit cards, utility companies and the like. Please contact them to discuss your options before you miss payments and fall into arrears.

If you miss hire purchase or leasing payments the lender can recover the asset which may leave you without a car or a vital piece of equipment.

Monthly Subscriptions

Consider cancelling any non-essential monthly subscriptions. This may include TV packages such as BT Sport and Sky Sports. Indeed there is no real reason to continue with Sports packages at this moment in time due to the cancellation of most sports around the world. If you are in a contract period you could argue they are not providing the service you signed up to and therefore in breach of contract. However, most providers should be approachable and accommodating in these unprecedented circumstances.

Still Struggling Financially?

If you are still struggling financially to meet your monthly payments and feel you need assistance you may wish to consider an IVA. Maybe you were already struggling to pay unsecured debts along with other essential outgoings and these developments have meant a reduction in income meaning you can’t now meet those obligations. Please contact us here at any time or on 0161 789 3400 during normal office hours. Whilst we have implemented some social distancing within our offices, we still have a full complement of staff to support you and meet your needs so please do get in touch.

You can see all up to date advice for employees and businesses on the Government website Here 

Remember, please follow government advice with regards to social distancing and - wash your hands!

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