The UK lockdown and the effect it has had on the economy will naturally leave millions struggling to meet financial commitments. This may be in the form of mortgage or rent payments or simply covering utility costs. So what can you do? We put together some advice if you’re struggling to pay bills.
Back in March, the UK government announced a raft of measures aimed at providing assistance for those affected by the Coronavirus. It aimed to assist those whose livelihood had been put at risk. The measures were varied in their scope. There were loans and grants for businesses. And grants for most of those that are self-employed. Plus payment holidays were forced on many lenders to ease pressure on those with lines of credit.
You can check your benefits entitlements here.
Alternatively, check the guidance on the government website.
If you live alone you should already receive a 25% discount on your council tax. If you don’t you should sort that out immediately. But even if that rule does not apply to you, you may still be able to get a reduction. If your income has suffered, it is worth contacting your local council to see if they can assist you in any way.
If this applies to you, contact your suppliers and try and make an arrangement. Do not turn a blind eye to the issue, as this will not solve anything. Your supplier may be able to arrange a deferral on payments, and set up a new payment plan with lower payments. The same applies for mobile phones and the like. It is always best to make contact. All these companies will have details on their website. For phones and Tv packages, you may be able to downgrade your package and lower future costs.
There may be a necessity to cut down on outgoings to get through this difficult period. For many of us, we have little choice as our social lives have disappeared. A rare advantage to being housebound is that we can save money. But you may have to make further savings elsewhere. Sit down and write down all your expenses in life, and see if you are wasting money anywhere. It may help save you financially.
Many of us will simply have to adapt to a life with lower earnings. We will have to change our lifestyle and what we spend money on. Use a cheaper supermarket, eat out less often and so on.