We have had some great advice from our friends @Bridgewood today regarding how to handle creditors in the short term if you are struggling due to the current Coronavirus outbreak;
Act quickly and communicate with creditors
There is no benefit in delaying contact with creditors. Explain the situation and what you are doing about it. Don’t make false promises but where you can, state your intention to pay; how much and when.
Only offer to pay what you can afford
Be realistic about what can be paid, a failed promise may make result in an acceleration of creditor action.
Treat creditors equally
Where possible, make payments to creditors on a pro-rata basis and avoid the temptation to pay those who are shouting the loudest.
If you need more guidance on this, don’t hesitate to contact Bridgewood. A phone call to them can make a difference in managing a difficult situation. Their phone is 0800 987 1040. Or click here for their contact page.
They have also published an article today regarding current support being offered by the Government. Click here to read.
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