How to Cope With Financial Crisis

The pandemic caused by the new coronavirus brought with it a problem as big and harmful as the disease itself: bankruptcy.

Although much is said about it, most people living in the UK do not know exactly what to do or who to turn to if they are experiencing financial difficulties. One thing we have learned from this pandemic is that money does not influence only a country's economy. It is also directly related to our personal well-being, especially when its lack affects not just an individual but a whole family.

When facing a difficult financial situation, have always in mind that you are not alone in this battle. There are different organisations created to help ease the burden on your shoulders, offering different options to solve the problems you may be facing.

Among these organisations we can include:

It is important to point out that any organisation that offers a help service to solve situations of financial difficulty must be duly authorised by the Financial Conduct Authority and committed to comply with all regulations and legal codes of conduct. Furthermore, there is no reason to pay for a service when it is offered free of charge.

Using one of these services is a personal decision. However, once taken, it is important to make the first contact as soon as possible. Especially during this time of pandemic, when a large number of people are asking for help in solving their financial problems.

Normally, any organisation you call should request the most detailed information possible about your income, expenses and debts that you have. The more details that can be given, the easier it becomes for them to help you. Do not worry if you are already receiving collection letters and threat of bailiffs coming to take possession of your assets. Just make it clear to the person you are talking to in what situation you are in. They will likely be able to work around any problems you may be experiencing.

Finally, you can take the initiative to establish direct contact with the creditor institution - be it a bank, financial institution or credit card company - informing your situation and requesting an agreement to settle your debt. Most institutions usually waive the interest on the debt and even divide the principal into instalments that you can pay over a certain period of time.

Whatever your decision regarding the negotiation of your debts, the most important thing is not to allow these debts to interfere with your marital or family relationship. Put your problems and difficulties before God every day and He will give you the wisdom necessary to overcome all obstacles, whether physical, emotional or financial.



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