For many people, the financial impact of the COVID 19 pandemic was a relatively short-lived affair, but for others, the world is now a very different place, where their financial security is far less certain.
In fact, thousands of people have had their financial world turned upside down by the pandemic, leaving many really struggling to make ends meet.
When COVID first hit and the UK entered into its first lockdown, none of us really knew what to expect.
Furlough, that ‘new’ word that we’re all now so familiar with, certainly helped cover the immediate financial needs for hundreds of thousands of people, but it wasn’t ever intended to be anything other than a sticking plaster.
In the financial sector, most mainstream lenders provided extra emergency relief through payment breaks but, again, this was only ever going to be a temporary stopgap. And even then, some lenders continued to add interest accruing during the payment break.
For some households, the only way to cover their essential living costs was to rely on borrowing more money, no doubt in the hope that everything would return to normal relatively quickly.
But as lockdown dragged on, the lasting impact on businesses became apparent, with hundreds of companies falling into administration – generating thousands of redundancies.
Now, as we enter the winter of 2022, it seems that the worse of the pandemic is behind us and we can start to come to terms with the new world around us, in the knowledge that thousands of people are finding their world a very different place.
And the truth is that many households that were financially stable before the pandemic are now no longer able to cope.
If you are struggling to afford your bills, the first thing to do is start exploring the best way of getting the help you need.
Understanding your options and knowing what to do will and when to do it can be confusing, so don’t be afraid to ask for help. Remember, making the wrong decision can often make things worse.
And if you’re not sure on what to do, then speak to one of the professional debt advisers here at IVAorg before you make a decision,
We can help you make sure you’re not making a mistake before you commit yourself.
Making a Fresh Start
If you want to discuss your situation with one of the team, then just call our helpline on 0800 856 8569 where a dedicated team of professional advisers are waiting to help.