With thousands of people unemployed or with decreased hours, the continued lockdown will make it difficult for many to pay bills.
But, if you find yourself struggling to make ends meet, there are a number of steps you can take. Whether you’re having trouble paying your mortgage, rent, gas, or credit card bills, there are a number of steps you can take to ease the pressure on your finances.
Here is a summary of the steps you can take:
Credit Card Overdraft
If you have mounds of credit card debt and are still struggling to pay it off, your lender will need to provide you with one-to-one support. However, since each person’s support will depend on their individual circumstances, there is no one size fits all solution.
Various options available include deferring payments further, shortening the payment period, waiving or decreasing interest, or agreeing on a repayment schedule. Another option is to refinance the loan agreement. Lenders will need to tell you if the support they offer will affect your credit report.
Problems with Paying Rent
If you are having difficulty paying your rent during the pandemic, you should talk to your landlord as soon as possible to let them know about your situation and develop a repayment plan.
Government officials are encouraging tenants and homeowners to work together to regulate the rent system. Not a single social tenant can be evicted due to the coronavirus. If you are in trouble and are talking to your landlord too, make sure you get all the financial assistance that you are eligible for, which may include a general loan.
Fuel Bills
Energy providers are offering assistance to those who may have difficulty paying bills due to the coronavirus pandemic with prepaid customers and credit counters.
In addition, all energy suppliers have agreed to provide support to anyone in financial difficulties, which may include paying off debt and revaluing, reducing, or maintaining bills. The exact support offered by suppliers will depend on individual circumstances.
Bottom Line
Times are difficult for everyone alike, but governments across the world are doing their best to be as accommodating as possible to their citizens. During this time, the only thing you can do to stay financially afloat is to benefit from these advantages.