The Cost of Returning to Normality
With Covid restrictions lifting and the end of the Coronavirus Job Retention Scheme (furlough), many of us are starting to get an idea of what life will look like post-pandemic. Sadly, for many, this is not the same life we had pre-pandemic. Whether it means reduced income from work, less overtime availability, higher costs for operating businesses safely or the increased likelihood of redundancy, the financial implications will start to become apparent.
Arguably the biggest challenge facing us will be returning to the regular expenditure of everyday life: travel, activities with the children, eating out at restaurants, weddings, holidays and general socialising.
Many of the clients we’ve spoken to over the past year have admitted to merely existing financially – never missing a single payment to their essential outgoings but being unable to save or treat themselves. The increased social expectations of “freedom” may put further strain on already stretched finances.
“Problem debt” does not necessarily mean sheriff officers at the door, default notices or phone calls from collection companies. In many cases it means a level of debt which is manageable, for now, but which leaves no room for emergencies. “Problem debt” is likely to be unsustainable long term should there be any kind of income shock to the household.
You don’t need to wait for this income shock to happen to receive debt advice. And you don’t need to be behind on payments. If you’re finding it hard to plan when your debts will be cleared, or you’re worried that your everyday costs are taking your wages to the wire every month without giving you any room to breathe, there are options that will suit your circumstances and give you support to get the debts cleared on your terms. Our debt experts are on hand to offer free debt advice and can advise on all possible debt solutions and talk through the ones tailored to you and your circumstances.
The most popular solution for clients recently has been the Debt Arrangement Scheme, as this allows you to freeze your interest and charges and still repay your debts in a reasonable timescale, but with a lower monthly payment. This solution gives you more breathing space and allows you to stay in control of your finances, consolidating the debts together in one place and ultimately making it easier to manage.
Our debt advice is free so if you’re struggling with debt, speak to one of our experienced debt experts today on 0141 567 4567 or email firstname.lastname@example.org.