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Debt and coronavirus

As COVID-19 (coronavirus) continues to spread, you may be worried that your financial situation could be affected either directly or indirectly by the virus, and that you may find yourself with a debt problem.

What do I have to do?

Coronavirus poses a very serious health risk. If you're directly or indirectly affected by the illness, your first priority must be to look after your or a loved one's health. In addition to following whatever medical advice you receive from the NHS, you should carefully follow the right course of action recommended by other authorities, including self-isolation if necessary.

Only once it's right to do so should you turn your mind to your financial situation.

If you're worried about the impact of the illness on your finances, the first thing to do is speak to your bank, lender or credit provider. Most creditors are willing to be flexible and supportive to anyone who is affected by coronavirus, to try and prevent them falling into further debt.

However, it may be that your creditor isn't able to help you enough to prevent you from experiencing debt problems, If you're placed on Statutory Sick Pay (SSP) by your employer, you may find this money isn't enough to cover your usual outgoings. If this is the case, you should contact us for free, expert debt advice as early as possible.

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What if I already have a debt solution in place?

If you're already on a debt solution, and are directly or indirectly affected by coronavirus, it's possible you may find that you can't make your usual monthly payment due to the illness. If this is the case, please contact us.

Next, you should contact your creditors to explain why you might be missing a payment.

If you miss more than one payment, it may be that your plan will need to close. However, we will still be able to re-open the plan for you if it is still the right solution for you. 

What should I do about my finances if my health changes?

The quicker you respond to a change in your health or that of a loved one, the better:

  • Check your benefit entitlement as you may be able to claim Statutory Sick Pay or Industrial Injuries Disablement Benefit
  • Get in touch with your council and make them aware of what’s happened. You may be entitled to council tax or housing benefit
  • If you’re a homeowner, you may be entitled to help from a government mortgage scheme
  • If you’ve got payment protection on your debts, check if you’re eligible to make a claim based on illness
  • If you have coronavirus you should consider an application for Personal Independence Payment (PIP)