By now many of you may have already received my prior email, reaching out regarding how we manage the COVID-19 issue in respect to our debt commitments.
I want to reinforce that there are always a number of solutions to financial stress, and at present the majority of lenders that I’m dealing with on behalf of clients are offering a deferral of home loan payments up to a period of (6) months. There is also similar relief for business loan facilities.
It does mean that interest will still accrue on the debt, but the peace of mind in not having to find that weekly payment, after your work hours have been cut back, or your job is gone, just allows you to breathe more easily.
You can then readjust your budget for that next (6) month period. Once your budget is amended you may then find you can at least meet interest only payments on your loans and that at least sees the debt ‘treading water’ as it were .
I have a great excel budget tool available for anyone that would like to reassess their position and has access to a home computer. I’m only a phone call or email away and am more than happy to assist in these difficult times. You can ring me on my mobile 0400 030 556, as strangely enough I’m working from home at present (lol) .
Thanks, Michael