• Home
  • About Us
    • Our fees and charges
    • Terms of Business
    • Complaints procedure
    • Agreement to Mediate
    • Team
    • Privacy Policy
  • Consultation
  • Solutions
    • Insolvency Support
    • Negotiated Settlements
    • Personal Bankruptcy Experts
    • Mediation
    • Comparison of Solutions
  • Case Studies
  • Testimonials
  • Blog & News
    • Press & Awards
  • Links
  • Contact us
  • Home
  • About Us
    • Our fees and charges
    • Terms of Business
    • Complaints procedure
    • Agreement to Mediate
    • Team
    • Privacy Policy
  • Consultation
  • Solutions
    • Insolvency Support
    • Negotiated Settlements
    • Personal Bankruptcy Experts
    • Mediation
    • Comparison of Solutions
  • Case Studies
  • Testimonials
  • Blog & News
    • Press & Awards
  • Links
  • Contact us

Do you know the financial impact lockdown has had on you?

By Mr Bankruptcy

18th June 2020

In April, The Guardian reported the economic impact of the lockdown would mean households will see a monthly fall in disposable income of £515 per household. In addition, between the 20 and 30 March 2020, 49.6% of people in Great Britain reported “high” anxiety, the most common causes being work and finances. In these situations, it can be critically important to reassess your finances and take action if the sums don’t add up.

When did you last assess your financial situation?

It’s likely that over lockdown your income and outgoings will have changed. Take time to record carefully everything you’re spending and your revised income. You need to understand the gap between these two figures before you can really understand what action you need to take. Also, make sure you keep on regularly reviewing your finances for any more changes.

What you’re losing v what you’re saving

Many expenses, such as rent, mortgages and bills may remain the same, but you might be saving on costs like commuting, buying lunch at work, your morning coffee, eating out etc. These savings may be significant and help balance some of the loss of income and maybe, you can put some of it aside to save. Also, remember to check for any refunds you may be eligible for because of missed holidays or refundable membership fees.

Understand your financial commitments

Some outgoings you’re committed to and there will be consequences if a payment is missed. Mortgage, rent, utilities bills, credit cards, existing debt repayments can all increase your financial burden if you fail to keep them up because of fees, penalties, added interest or even direct action taken by creditors.

Ensure you know how much you’re committed to paying each month. Know which payments take priority and take time to understand initiatives the Government has introduced, such as mortgage or credit card payment holidays, which can relieve the immediate pressure from such commitments.

Don’t ignore your financial worries

Stress can be good – it can be a warning sign and it can spur you on to take action. You need to know if your income can’t support your current level of expenditure so it’s essential you take that first step and assess your financial situation. Then take action to minimise the impact of your new financial circumstances and, importantly, don’t be afraid to ask for help if you aren’t sure what to do next.

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 680 7217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.

Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.

Categories

  • Bankruptcy (45)
  • Case Study (6)
  • Economy (13)
  • Events (16)
  • Finance (38)
  • Guest (14)
  • Insolvency (63)
  • Mediation (7)
  • Mr Bankruptcy (49)
  • Newsletter (9)
  • Other (11)
  • Personal Guarantees (5)
  • Press Release (12)
  • Turnaround (5)

Recent posts

  • Why do people choose mediation to resolve debts?
  • Developing good financial habits to tackle debt
  • What is the current situation for debt in UK?
  • Using personal experience to help mediate people out of debt
  • Could you spend less this Christmas?

Archives

  • February 2021 (2)
  • January 2021 (2)
  • December 2020 (1)
  • November 2020 (2)
  • October 2020 (2)
  • September 2020 (2)
  • August 2020 (2)
  • July 2020 (2)
  • June 2020 (2)
  • May 2020 (2)
  • April 2020 (3)
  • March 2020 (3)
  • February 2020 (2)
  • January 2020 (1)
  • December 2019 (3)
  • November 2019 (1)
  • October 2019 (2)
  • September 2019 (1)
  • August 2019 (3)
  • July 2019 (2)
  • June 2019 (3)
  • May 2019 (2)
  • April 2019 (1)
  • March 2019 (2)
  • February 2019 (1)
  • January 2019 (1)
  • December 2018 (2)
  • November 2018 (1)
  • September 2018 (2)
  • July 2018 (1)
  • March 2018 (1)
  • January 2018 (1)
  • May 2017 (1)
  • January 2017 (1)
  • December 2016 (1)
  • November 2016 (1)
  • September 2016 (2)
  • August 2016 (2)
  • July 2016 (1)
  • May 2016 (2)
  • March 2016 (2)
  • February 2016 (1)
  • January 2016 (1)
  • October 2015 (2)
  • September 2015 (2)
  • August 2015 (3)
  • July 2015 (3)
  • May 2015 (1)
  • April 2015 (1)
  • March 2015 (2)
  • February 2015 (1)
  • January 2015 (2)
  • December 2014 (1)
  • November 2014 (2)
  • October 2014 (5)
  • September 2014 (3)
  • August 2014 (3)
  • July 2014 (1)
  • April 2014 (3)

RSS FT News Feed

  • Powell’s inflation remarks weigh on European stocks
  • Companies rush to issue convertible debt at rock-bottom rates
  • Bank of America reaps trading windfall during Texas blackouts
  • Fears rise among bond investors as Buffett warns on outlook
  • Business rates relief ‘near worthless’ for big retailers, says Frasers

Sign up to our newsletter

Useful links

  • Home
  • About us
  • Consultation
  • Blog & News
  • Press
  • Contact us

Solutions

  • Insolvency Support
  • Mediation
  • Negotiated Settlements
  • Personal Bankruptcy Experts

Social

  • Facebook
  • Twitter
  • LinkedIn

The Old Rectory Business Centre
Springhead Road
Northfleet
Kent
DA11 8HN

T: 0845 680 7217
F: 0871 714 3073
E: enquiries@jamesrosa.co.uk

© 2018 James Rosa Associates Ltd. All rights reserved.