COVID-19: Getting support with your finances

COVID-19: Getting support with your finances

If your personal finances have been impacted by COVID-19, there is help out there for you. To give you get a better idea of what options you have, we’ve created this resource hub to help you find solutions that are right for you.

Keeping up with loan and credit card payments

1. Freezing loan and credit card payments

The FCA recently announced plans that would enable borrowers impacted financially by COVID-19 to freeze their loan and credit card payments for up to three months.

These plans came into effect as of 9th April. To find out more about how freezing your payments would affect your loan long term, read our guide.

COVID-19: Can I freeze my loan payments?

2. Switching to a new finance plan

If you’re eligible, you can use a lower rate debt consolidation loan to pay off your existing debts and reduce how much you need to spend each month. You also may be able to spread the cost of existing debts over a longer loan term, reducing your monthly repayments.

To find out if you could reduce your monthly spend by refinancing, you can check your debt consolidation loan offers now without harming your credit score.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the term of the debt and increasing the total amount you repay.

Consolidate my debts

3. Speak to your lenders

If you know you are starting to struggle with making payments, speak to your lenders as soon as you can. They will let you know your options and possible next steps.

Here at Freedom Finance, we are a credit broker, not a lender. Take a look at our guide to managing financial difficulties if you are unsure of your next steps.

Guide to managing financial difficulties

4. Reach out for support

If you need help clearing your debts, you can seek free, impartial advice from the Money Advice Service. They can offer guidance on everything from reducing your debt to managing your monthly budget.

The Money Advice Service

Keeping up with mortgage payments

1. Taking a mortgage payment holiday

If you are struggling to keep up with your mortgage payments as a result of COVID-19, you may be eligible to take a three-month mortgage break. To find out more about the long-term effects of mortgage payment holidays and how to apply, take a look at our guide.

Will taking a mortgage payment holiday affect my credit score?

2. Remortgaging to release equity

If you have enough equity in your home, you may be able to consider remortgaging. To find out more information, get in touch with our partner, Freedom Mortgages.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up with repayments on a mortgage or any other debt secured on it.

Contact Freedom Mortgages

Getting support with your income

If you’ve recently lost your source of income, you may be eligible for financial support from the government. Find out if you can boost your income by checking your eligibility for the following:

Apply for Universal Credit

Apply for Jobseeker’s Allowance

Saving money each month

1. Reduce your bills

One of the quickest ways to reduce your outgoings is checking you’re on the best deal possible for things like electricity, broadband and your mobile phone contract. Find out if you can reduce your household bills by checking Which?.

Which?

2. Money saving ideas

It’s not always easy to cut back on your spending. If you need inspiration for more ways you can save money, take a look at our money saving ideas below.

9 good money habits to pick up this January

Taking advantage of 0% interest deals

You may be able to give yourself some breathing space by transferring debts to a 0% interest deal. To find out more, take a look at our guides to interest free deals and balance transfers.

Baffled by 0% interest deals?

Balance transfers de-Baffled

Here at Freedom Finance, we’re trying to support our customers with their personal finances as much as we can during the COVID-19 pandemic. If you’d like regular updates from us, you can sign up to our email community when you check your loan offers or follow our social channels.

If there are any personal finance topics you’d like to know more about during this crisis, you can get in touch with us anytime via Facebook or Twitter.

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