Take action on your Debts before it’s too late!
A new survey by the Office of National Statistics shows that twice as many adults are finding their bills difficult compared to before the coronavirus outbreak, and more than 1 in 10 (11%) have had to borrow more money or use more credit than usual.
Coronavirus is making things difficult for a lot of people, but it’s important to deal with your debts as soon as possible. Try drawing up an action plan for which debts to pay first, and putting together a budget to keep track of your income and expenditure. You can read more about which debts to pay first on our website.
Many credit and mortgage companies are offering 3-month payment holidays during the Coronavirus outbreak, and eviction procedures have also been postponed until August 2020:
- 1.8 million people have already taken payment holidays on their mortgage because of Coronavirus, covering 1 in 7 mortgages
- 990,000 people have taken payment holidays on credit cards because of Coronavirus
- 680,000 people have taken payment holidays on personal loans
However, most of these payment holidays will only be available until October, and bailiffs will resume debt collection from August, meaning that people who are still struggling only have a limited time to find other solutions to their financial problems.
If you have any problems negotiating payments or discussing alternative solutions for your debt, North Tyneside Citizens Advice are here to help. Our free specialist debt advisers will go through your debts and bills with you, and help you bring your finances back under control.
Although our face-to-face services are temporarily closed, there are still plenty of ways to get in touch with us: