Coronavirus or COVID-19 has tossed the whole world into chaos. While we are largely endeavouring to adhere to social distancing in order to straighten the curve, there is also the financial chaos which should be managed.
Have you been remained down/laid off/had your income decreased?
If you are one of the numerous whose salary has been affected, you are no doubt thinking about how long this circumstance will continue for. For a long time, many people have simply been living pay-to-pay where any unexpected expense caused financial stress. Fast forward to COVID-19 where earnings have been halved or completely wiped out and people are wondering how they are going to recover financially.
So, what should you do? In short term, the answer is surprisingly simple: Communicate.
As we all know, COVID-19 is a global pandemic crisis. Everyone is aware of COVID-19. Everyone knows that businesses, organizations have shut down, employees laid off, unemployment queues seemingly endless. If you are simply unable to settle your bills, debts and other repayments, you must communicate to your Creditors. If they do not realize that you are struggling it will be expected you are deciding not to pay. Creditors repeatedly tell us they want the opportunity to communicate and assist their clients directly prior to more genuine choices being investigated. Yes, they may well be over-subscribed at the moment, but be quiet as there are numerous people in that vessel with you.
Each Creditor will have their own criteria and assessment process so you should apply independently to everyone. Hence it is conceivable that you meet one criteria and not another. Additionally, each Creditor may offer unique arrangements; it is crucial to note the terms of each arrangement and maintain accordingly or if unable to do so that you advise the Creditor as soon as possible.
Numerous banks have been supportive of dynamic in their treatment of home loan holders; we are hoping to see these measures applied to a far more extensive scope of loans however the reality is that each lender will approach this crisis in their own way and will have their specific manner of tending to the requirements of their clients.
What Other Help Is Available?
Financial Counselling; If you are struggling with debts, bills, rent, maybe unsure of your rights, need advice on debt consolidation and how to get rid of debt, are being unduly harassed by collection agents, or are considering bankruptcy then there are trained professionals available to help and advise you free of charge.
Synagy Finance is a professional insolvency practice; we aim to provide clients with information on debt options and negotiate repayment arrangements with Creditors. Our service sort out the stress of unmanageable debt. For more information visit Synagy Finance.
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