Have you been placed on Furlough?
PayPlan are specialists in finding solutions for people with multiple debts, and can help anyone whose income has been impacted by being Furloughed.
If you’ve been Furloughed, you’ll be earning 80% of your regular income and although your employer can top up the additional 20% to ensure you remain on full-pay, many businesses aren’t in the position to do this.
The amount your employer can claim from the government is capped at £2500 a month of your pre-tax salary. That means that if you earn over £30,000 a year, you will see more than a 20% drop in salary which could considerably affect your monthly finances.
How PayPlan can help with your debts:
- We will talk the situation through with you and carry out a detailed assessment of your income and expenditure to work out what you can afford to pay to your creditors now. You can do this over the phone on 0800 316 1833 or use our online debt solution tool.
- You may only be able to pay a small amount to your creditors whilst you are on Furlough and if this is the case, we can contact them for you to make them aware of your situation.
- Following a full debt advice session, we will recommend the best solution for your circumstances, both now and in the future.
- If a PayPlan managed solution such as a Debt Management Plan (DMP) or Individual Voluntary Arrangement (IVA) is suitable, you can start by making a monthly payment of an amount you can afford.
- We will review the situation with you on a monthly basis and only increase payments to your creditors when you are back at work and can afford to pay more.
For further information on the support and help available to anyone who has been Furloughed, including our handy financial well-being guide, please visit the information for employees on our Coronavirus hub.