Top Tips to Manage Your Loan During Uncertain Times
First of all, it’s normal to feel a sense of financial uncertainty when our ‘normal’ day to day lives have been flipped on their heads. We know from talking to our customers and community during last year's lockdown, that many of you may have experienced a change in financial circumstances – and that’s ok! What’s important to remember is that the staff at MyFinance are definitely part of the ‘team of 5 million’ and we’re genuinely here for you to lean on when it comes to getting through financial hardship. Chat with us online, call us on 0800 385 385 or contact us online to chat about your personal circumstances.
If you're finding it hard to manage your current personal loan or want to find out more about taking out a loan during these times, here are our top tips to help.
1. Talk to us about your concerns
If you’re concerned about not being able to make repayments on a current personal loan, the first step is to chat with us – we’re here to help, promise! And in fact, we’re just like you working to manage our own finances throughout this time.
The last thing we want is for you to feel additional pressure about your personal loan, so the sooner you talk to us the better. We can help you manage your repayments or adjust your budget according to your personal circumstances and relieve some financial pressure.
You can chat with us online or call us on 0800 385 385. All of our staff are knowledgeable and trained to help you through these times.
2. Review your budget
If your financial circumstances have changed due to the recent lockdown, then you may need to review what your budget looks like. Managing your income and spending is essential when times are tough, but what that looks like is different for everyone.
The first step to creating your budget is to write down all your expenses and put them into categories. What are your essential purchases right now? Things like rent, groceries and petrol may be essential, while your coffee, fast food or even childcare spending may have decreased recently if you’re working from home. Once you’ve made a list of expenses, you can work out what personal loan repayments you can afford, without adding extra financial pressure.
If you can, now is also a great time to start thinking about setting up an emergency cash fund for when you need it most. Even putting away a small amount each week will add up for a rainy day or when an emergency occurs.
If you need a hand working out a realistic budget that you’ll be able to stick to, get in touch with our team.
3. Wondering about a payment holiday?
If changes to your financial situation mean that you can no longer make repayments, a payment holiday could be on the cards. We can work with you to find an arrangement that will fit your needs and circumstances. The first step is to contact one of our helpful team members so we can tailor a plan to suit you.
4. Consider a debt consolidation loan
Don’t let debt stack up! Now may be the perfect time to consider a debt consolidation loan. Managing all the moving parts of multiple loans with different providers could add to your financial pressure. With a MyFinance debt consolidation loan, you can combine all your debt into one easy to manage, fixed-rate loan.
This way, you could get rid of your debt faster, not to mention eliminate the stress of managing separate loans. And as we all know, some habits turn into values when taught at an early age. Check out our take on how to teach great money habits.