In these unprecedented times our debt management provider PayPlan has provided the information and top tips below to help you.
Coronavirus could mean we’ll all have to change the way we look after our money. That can be especially
true if you or a family member starts to rely on Statutory Sick Pay (SSP), have had your hours reduced or are completely unable to work.
If you’re worried about your finances and debt, here are some steps you can take right now:
Look at your budget
Your priority is to make sure that you have enough money to meet your basic needs. To do this, work out how much money you need to live on a day-to-day basis. You can do this by downloading and completing our handy budget sheet.
Prioritise your payments
Priority debts should be dealt with before your non-priority debts. Make sure you understand the difference and act accordingly. PayPlan can offer free and confidential debt support, and you can call them direct on 0800 280 2816.
Speak to your bank, lender or credit provider if you think you’ll miss payments
If you contact a creditor to explain that you’re in financial difficulties, and you’re seeking help from a debt advice organisation, most companies will give you at least 30 – 60 days breathing space.
Get debt help as early as possible
If you are worried about your money or concerned that you will fall, or have fallen, into arrears then it’s always better to seek advice sooner rather than later. PayPlan offers free and confidential debt support.
Keep up to date on the latest information
PayPlan has created a Coronavirus ‘Help and Advice Hub’. Content is being updated daily, explaining how coronavirus could impact your employment, finances and benefits.
PayPlan is one of the UK’s most trusted free debt advice providers and is recommended by the Money
Advice Service. Its expert advisers offer free and confidential Financial Conduct Authority regulated
support, advising on a range of debt-free solutions that are tailored to each individual’s circumstances.
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