Managing debt in a time of Covid-19
By Mr Bankruptcy
31st March 2020
The financial impact of the Covid-19 emergency is yet to be fully revealed but it is undeniable that it will be serious. For people already in debt, the stress of losing income can seem too much. To help you navigate your finances at this time, we have some key actions that could help.
Be proactive and take action
It’s very hard not to feel additional financial stress at this time because of the lock down and effect of Coronavirus on businesses, but don’t panic. I encourage you to take time to understand your changing situation by following these steps:
- Revise your budgets: Take another look at your finances, taking account of your likely revised income. Understand the challenges this may present and look for opportunities to mitigate these.
- Prioritise debts: Understand which debts are priorities and how your changing income will affect your ability to pay these. Take a look at our post Do you know how to prioritise your debts for help.
- Speak to your creditors and bank: When you realise that you’re going to start missing payments, contact your bank or creditors to make them aware of your situation. They can help you look for options and will appreciate you being proactive.
- Seek advice early: Do not bury your head in the sand over debts. When you realise you have a financial problem that you need help with, seek advice. Make sure you aren’t ignoring signs you are in debt.
- Investigate the new financial support measures: The Government has announced a range of initiative to help business and individuals with financial difficulties caused by Covid-19. Find out which of these may be relevant for you.
- Check insurance policies: Your insurance may offer income, mortgage, sickness or employment protection. Check whether your policies offer financial support.
- Already have debt support measures in place? Whether it’s a Debt Management Plan is failing , IVA or other arranged debt solution, if you feel you’re going to struggle to make payments, make contact with your creditors to review your arrangements.
Once you understand your situation it becomes easier to see possible options for moving forward and you can start to feel in control again.
James Rosa Associates
At James Rosa Associates, we support vulnerable clients with debt management daily and are ready to help you.
James Rosa Associates is a firm of debt advisors and debt adjustors. With a friendly, supportive and non-judgemental approach, we offer a full range of advice and professional services to individuals and business owners/directors facing unmanageable debt or involved in civil or commercial disputes.
Our services include:
● Insolvency support
● Negotiated settlements
● Personal assisted bankruptcy
● Mediation
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.
Time to call in expert debt advice for your clients?
By Mr Bankruptcy
19th March 2020
I hope I’ve made my mission at James Rosa Associates clear: “To be recognised as the most trusted source of debt advice and support in the UK with a reputation for excellence and integrity”.
I work hard every day to achieve this aim, to support individuals, professional advisers and insolvency practitioners to help business and individual clients.
If you find yourself supporting a client who has debt problems, but you don’t have specialist debt knowledge, working with our team of experts at James Rosa Associates could be exactly want your client needs.
Speaking from experience
The issue of debt is increasingly prevalent in our society and whether the issue is personal debt or company debt, we’ve seen the detrimental effect it can have on a person’s mental and physical wellbeing.
The stress and worry caused by not knowing which way to turn, or the options available, can lead people to feel the problem before them is insurmountable, exacerbating a feeling of desperation.
If you’re supporting a client in this situation, possibly in your capacity as their accountant or solicitor, you undoubtedly want the best for your client, but without the expert knowledge and experience to advise over a range of debt situations, that can be hard to do.
Working with James Rosa Associates means your clients will be presented with opportunities they may never realise were possible.
A range of expertise
We provide several keys services for clients:
- Insolvency Support: Advice on different insolvency options, working with IP panels
- Personal Assisted Bankruptcy: Providing full support at each stage, including attending court with the client
- Negotiated Settlements: To agree a settlement with creditors through informal means, usually with no court intervention
- Mediation: To seek settlement or compromise between parties to resolve debt matters without having to court proceedings
The importance of offering this range of services is that we can enable clients to understand fully the options available to them and then make an informed choice based on their particular circumstances.
No one size fits all when it comes to debt management, so we take the time to understand each situation and person so how we work delivers upon our mission for everyone we work with.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors facing unmanageable debt or involved in civil or commercial disputes.
Our services include:
- Insolvency support
- Negotiated settlements
- Personal assisted bankruptcy
- Mediation
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.
Do you know how to prioritise your debts?
By Mr Bankruptcy
3rd March 2020
If you are in debt to multiple creditors it can be overwhelming, but knowing which debts to pay first can help you to clear them all quicker and therefore save you money.
What is a priority debt?
Priority debts are not necessarily the largest debts or those with the highest interest rates but are so called because not paying them carries the most serious consequences. These debts must be paid first and include:
- Council tax
- Gas and electricity bills
- Mortgages or rent
- Debts secured against your home
- TV Licence
- Court fines
- Child maintenance
- Tax, VAT or National Insurance
What happens if they are not paid?
Not paying off your priority debts could result in you:
- Having your heating or lighting cut off
- Receiving a court summons
- Being visited by bailiffs
- Your home being repossessed
- Going through the bankruptcy process
- Having money taken from your wages
You still need to consider other debts
In addition to priority debts you could also have what are often referred to as non-priority debts. These need to be repaid but the consequences of not doing so are less serious. Non priority debts are things like bank or building society loans, personal overdrafts, credit and store cards or overdrafts.
Understanding your debts can save you money
Knowing your debts means more than just knowing the amount to be repaid. You need to understand the cost of your debt by knowing the charges linked to it, for example, interest rates or late payment fines.
Once priority debts have been determined, repaying non-priority debts should start with the most expensive, but also be mindful of any charges there may be for overpayment or early repayment.
Still struggling to understand your debt?
Even when you feel you know what debts you have, it can still be hard to navigate the best way forward, clear your debts, remain focused on repayment, address the priorities and understand the creditor’s terms. Seeking specialist advice can help you to determine which debts to prioritise and how to effectively manage debt in a way that may save you money and help reduce anxiety about your debts.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors facing unmanageable debt or involved in civil or commercial disputes.
Our services include:
● Insolvency support
● Negotiated settlements
● Personal assisted bankruptcy
● Mediation
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.