Uncertainity for the Self Employed
According to this recent article by The Telegraph over 5 million self-employed people will either be forced into increasing their debt or continue to work on while they are ill.
A lot of businesses are already reporting up to a 75% drop in work (especially in events and hospitality) and even if the restrictions to travel and events only lasts for a couple of months the effect on the economy will last for a lot longer. Businesses are already reducing their investments and spending due to the uncertainty of what is going to happen as a result of the coronavirus.
The hit to the economy is not long after the effects of the uncertainty of Brexit and a lot of self-employed people are living month to month with very little savings for uncertainties and quiet periods. Government advice so far has been the availability of loans and payment repayment holiday breaks for VAT and tax payments. Borrowing and deferring payments is ok but the money needs to be paid back and the lenders have already come out and said that the conditions to lending out money will not be relaxed as they are also concerned about not getting the money back.
If you are self-employed and worried about unmanageable debt then help is available to you.
At Get Help With Debt our team have helped over 35,000 clients move on from their debt situation. With our average debt write off of up to 90% and free no-obligation advice available from our debt advisers you can be reassured that we will always provide you with the right advice.
When we talk to you about your personal circumstances, we will talk you through any of the options which you would be eligible to apply for. We will explain how each option would affect your credit score and for how long, whether any assets you own like your home would be taken and if it would affect your employment. We will explain whether your agreement would be shown on a public register and whether your creditors would still be allowed to contact you or take action against you in the future. Some options will immediately stop you from receiving any further interest and charges, while others need to be paid for.
With so many different options, don’t try to go it alone. There are ways to help you – but you need a specialist debt advisor who can help you to understand your options and choose the best one for your circumstances. Once you make that decision, we can help you through the whole process from beginning to end, so you won’t have to do things on your own. If you are worried about the cost and affordability of repaying all of your debts then call to arrange a no-obligation chat with one of our experienced advisors today on 02890 393626.