Has Coronavirus left you unable to pay your debts?
It’s a sad fact that the current Coronavirus emergency has left a lot of people with no income or less income than they normally have. Families around the country are looking at the range of mechanisms being provided by the Government to see what it means for them. 20,000 people have applied for Universal Credit in Northern Ireland alone in the last two weeks – so its clear lots of people now have less money than they did before.
For some people this is a temporary setback and they will survive on a slightly reduced income for a while, but if you were already in debt this might just be the final straw for you. If this is your world right now, you are probably very stressed and feel there are no options out there for you. We wanted to reach out to say you aren’t alone and in many cases we will be able to help you find a solution. Like most people, our team of debt advisors are working from home so they are still here to help and we have arrangements in place so you can still call our usual number or fill in our online form and one of our team will try to help identify how we can help you.
Our advice is free and it only takes a few minutes for us to tell you whether we can help. We have helped lots of people in a range of circumstances and can do things like:
– Arranging for interest and charges on your debt to be frozen so things don’t get any worse
– Getting some or all of your debt written off if it’s completely unaffordable
– Arranging for debts which are owed to lots of companies to be combined into one monthly payment which you can afford
– Taking responsibility for all communication with those you owe money to – so you don’t have to keep receiving the calls and letters.
If you are struggling to decide whether to ask for payments on your mortgage or loans to be deferred when you know you may not be able to make the repayments in the future, please just get in touch before you make any decisions so that we can help you consider what is best. Here’s a few things which may be options depending on your circumstances:
– Negotiated agreement – we help you to negotiate an informal agreement with your creditors to repay at an amount you can afford over an agreed timeframe
– Re-organisation/consolidation loans – taking your existing unaffordable loans and putting them into one loan which is affordable
– Debt relief order – if you meet the strict eligibility criteria this allows you to write off any eligible debt
Self-petition bankruptcy – all your affairs are taken over by the official receiver and you can agree to fully write off all your debts unless they are secured on your home or other property
– Debt management plan – we help you to reach an informal agreement with your creditors to make one affordable monthly payment to pay off your debt over an agreed period
– IVA – we help you to make a formal agreement with your creditors to pay an agreed amount of your debt to them either in a lump sum or over an agreed period.
We know people are worried – so please don’t worry alone. We are here to help on 028 9039 3626.