Thursday, 5 March 2020

COVID-19 Challenges: Help with Financial Commitments

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Everyone goes through challenging times in their lives and sometimes you can be overwhelmed by your financial commitments. There is the potential for this to be the case for some people in light of the recent outbreak of Coronavirus (COVID-19), but this also applies for any unexpected life event such as illness, unemployment and bereavement - to name a few examples.

If you do find yourself in financial difficulty for any reason, there are steps you can take to ease the pressure in the short to medium term.

In terms of mortgage payments please contact your mortgage lender and explain your situation. The majority of lenders have excellent processes in place that will allow you to freeze your mortgage payments for a specific period (payment holidays), this avoids defaults being registered on your credit report and further potential action. Please do take advantage of this help that is available to ease the pressure on yourself and avoid debt problems further down the line which will be more difficult to resolve.

This advice also stands for any loans or credit cards that you may be paying (as well as household bills), just give your creditor a call and speak to one of their support staff who will be able to direct you to the appropriate team. You can often freeze or reduce payments and therefore give yourself the extra bit of breathing space you need.

As financial advisers we are always available to talk through the needs and circumstances of our clients. We offer practical advice to ensure that your money is working in the best way for you, and you have the right products to protect you and your family.

Additional Information 

Coronavirus (COVID-19) - Offical NHS Guidance:

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