25 November, 2020 Open access
25 November, 2020 Open access
New plan enables people whose income has been temporarily affected by coronavirus to make reduced payments on borrowing for up to a year
StepChange has confirmed that applications for its new Covid Payment Plan - which enables people whose income has been temporarily affected by coronavirus to make reduced payments on borrowing for up to a year - are now open.
Setting out details of the new plan, StepChange says that, while people have been able to register their interest and undertake an initial eligibility check for the past few weeks, from 24 November 2020 they can complete the entire application, approval and registration process and get the new plan set up, with the first payments to be taken and distributed to creditors in January 2021.
StepChange CEO Phil Andrew said -
'All debt advice charities are gearing up for a big increase in the number of people who are going to need help with debt that has built up due to the pandemic.
While the new Covid Payment Plan won’t be right for everyone, it will specifically help those people who have a number of financial commitments but just need a bit of time to get back to normal payments.
What everyone should know is that if you’re facing debt problems you don’t need to try to cope alone. Reputable debt advice charities will help you, free of charge. Even if this plan isn’t the right approach for you, various alternative solutions are available that may be suitable, depending on your circumstances.'
For more information, see Covid Payment Plans go live as we urge people who need debt help to explore options from stepchange.org
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