Responding to figures released today by UKFinance, showing there have been payment deferrals on more than 1.7 million credit cards and personal loans in the wake of Covid-19,
Valentine Mulholland, Senior Policy and Propositions Manager at the Money and Pensions Service, said:
“Payment breaks on mortgages, credit cards, loans and other products have been a lifeline during the coronavirus crisis but many people will find it difficult when these schemes come to an end. Dealing with money problems early on can prevent them getting worse so it’s a good idea to start working out now how best to get your finances back on track. A great place to start is the new Money Navigator Tool on the Money Advice Service website. Take 30 seconds to answer a few short questions and it will give you guidance based on your personal situation.”
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About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime.
The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk
Consumers can continue to access free guidance about their money and pensions via the following websites and helplines: