A recent report from the charity Stepchange said that people falling into severe problem debt has doubled since March this year due to the pandemic.
Stepchange said that he UK was “sleep-walking into a debt crisis and long-term support was needed”. Many individuals are turning to credit cards and loans to pay for necessitates including utility bills and rent / mortgage payments.
Although some lenders and utility companies have offered payment holidays, but the debt will still have to be paid when the holiday is over.
Our advice to anybody facing financial distress is to seek help as soon as possible.
For more information on bankruptcy, administration, liquidation and all the other insolvency procedures, or to take advantage of our free consultation and business health check, please telephone Stella on 01377 257788 and she will make you an appointment at any of our offices, York, Driffield, or Scunthorpe. Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.