The effects of the coronavirus with workers furloughed or unable to work could mean many people will need to start living on less money than they are used to.
PayPlan, one of the UK’s most trusted providers of free debt advice, has come up with some tips to help anyone concerned about their finances:
Look at your budget – the priority is to make sure you have enough money to meet your basic needs. To do this, work out how much money you need to live on a day to day basis. You can do this by completing this handy budget sheet
Prioritise your payments – priority debts should be dealt with before your non-priority debts. Understand the difference and act accordingly.
Speak to your bank, lender or credit provider if you think you will miss payments – if you contact a creditor to explain that you’re in financial difficulties, and you’re seeking help from a debt advice organisation, most companies will give you at least 30 – 60 days’ breathing space.
Get debt help as early as possible – if you are worried about your money or concerned that you will fall, or have fallen, into arrears then it’s always better to seek advice sooner rather than later. PayPlan offers free and confidential debt help for police officers, police staff and their families. Request a call back or seek help online through their dedicated Police Federation service.
Recommended by the Money Advice Service, PayPlan’s expert advisers offer free and confidential Financial Conduct Authority regulated support, advising on a range of debt-free solutions that are tailored to individual circumstances.
Contact PayPlan on 0800 009 4146 or visit the website.
You can find more advice on the national Police Federation’s coronavirus pages.