What if I can’t pay my debts because of coronavirus?
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If your lenders are asking you for payments, you need to stay in touch with them and you might need to get debt help to solve the problem.
Receiving letters and phone calls from lenders can be stressful, especially if you’re getting them from a number of lenders, and you are struggling with a few repayments. But the fact is, the longer you leave the situation, the worse it will get. Here’s what you should do to tackle the situation.
Open your letters
This may be the last thing you want to do, but you should try and open all the letters you receive from lenders and service providers about any outstanding debts. This is so you can keep track of how much you owe people and what stage your debts are at. It’s only when you understand the situation you’re in that you can start putting a plan together to solve it.
Speak to your lenders
The idea of speaking to your lenders can be very daunting, but remember that they have to treat you fairly according to industry rules and if you are in financial difficulties, they must support you whilst you try and get back on track financially.
It’s also very important that you get in touch with them to stop the situation escalating to the point where they’re trying to take legal action against you. In some cases, debts only reach this stage when creditors haven’t heard from you in a while and they believe that you have no intention of paying the debt back.
Have a look at your budget and work out what you can afford to put towards your debts each month. It might be possible for you to come to a new repayment plan directly with them, perhaps involving them freezing interest and charges or lowering or suspending your payments for a while.
There’s lots of help out there
If you feel like you’re drowning in demands for payment and you just don’t know where you’re going to get the money from – don’t panic.
There’s lots of free debt help and advice out there. You might be able to start a debt solution which puts you back in a position where your payments are affordable.
There are a few debt solutions available each designed to help in a range of different circumstances. If you decide to start a debt solution some solution providers will take over all the contact with your lenders for you, which can go a long way in relieving the stress of debt.
Need to speak to a debt advisor today? You can use the options at the top of the page to speak to one of our trained advisors.
by Christine WalshBack to blog home