Whether you have been made redundant, been dismissed or had to give up work due to ill health, losing your job can have a devastating impact on your finances.
For those who are already in debt, the problems arising from losing their job can be crippling. With regular household bills to pay, plus the added burden of keeping up with loans and credit cards, you can fall behind on your payments surprisingly quickly. Even for those people who previously did not have any debt, the loss of employment and the income that comes with it, can result in them struggling to keep afloat without relying on loans and credit cards to see them through the month.
Without savings to fall back on, the effects of losing your job may be felt almost immediately as bills continue to land. In fact a recent study has shown that one in three working families are only one month’s pay packet away from being unable to cover their living costs. Debt problems have an awful way of spiralling out of control, and it goes without saying that the longer the period of unemployment, the more serious the problems will get.
Your focus will no doubt be on finding a new job so you can replace your lost income as quickly as possible. However, you should also find some time for checking out whether you are eligible for any government support in the form of state benefits to help you while you are job-hunting. There is a whole array of financial help out there, and what you can get depends on your individual circumstances. There are different benefits available for those who have children, who are homeowners, who rent their property, who are sick or disabled, and many more besides.
If you are already in debt, you should make your lenders aware of your change in circumstances. You may be able to come to some arrangement, such as making reduced payments for a short while until you get back on your feet. Ignoring your debt problems will only make the situation worse as additional fees and penalties will be added onto the amount you already owe and will accrue interest at the same rate as your outstanding debt.
Here at Northern Ireland Debt Solutions, we have unrivalled experiencing in helping people overcome their debt problems. There is no situation that is unsolvable; however, the earlier you seek advice the more options will be available to you. Call our friendly advisers today for a same-day, no-obligation appointment.