Free impartial help and advice is available from a number of not-for-profit debt advice sources, such as the Citizens Advice Bureau and the Money Advice Service. If you are self-employed, there are business debt advice providers. Debt advice services can be provided online or over the phone. Face to face advice might be available, subject to social distancing requirements.
The Money Advice Service is free and paid for by the Government. It has a range of tools and online guides which can help – see ‘How to prioritise your debts’ page.
If you don’t need full debt advice but just want some tips on how best to deal with your finances, the following might help:
- Work out a budget and stick to it.
- Decide what are essential expenses and priority debts – these are the items which, for most people, it makes sense to pay before anything else.
- Contact your creditors to discuss your repayments. A payment deferral might be available for personal loans and credit cards.
The Financial Conduct Authority (FCA) has published information about dealing with financial difficulties during a pandemic They have also published help on working out a household budget.
And the Building Society Association website also has a comprehensive question and answer section offering support for mortgage customers during Covid 19