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FINANCIAL DIFFICULTIES

We’ve all heard about the ‘cost of living crisis’ in the UK right now. Inflation is running at near record levels (certainly for the ‘modern’ era) with many people finding their bills rising at an unsustainable rate. And that’s not even mentioning the so-called mortgage timebomb.

Some statistics from the FCA:

• In May 2022, 12.9 million UK adults had low financial resilience – 1 in 4 (24%) of all UK adults. These are people who are in financial difficulty, or who could quickly find themselves in difficulty if they suffer a financial shock, because, for example, they have little to no savings or are heavily burdened by their domestic bills or credit commitments.
• This result is worse than we recorded in our February 2020 Financial Lives survey. At that time, 11.9 million adults had low financial resilience, 1.0 million fewer than in May of this year.
• The main reason for this increase is an increase in the proportion of adults who say they are heavily burdened by their domestic bills and credit commitments: 7.8 million adults (15% of all adults) felt this way in May this year, compared with 5.8 million adults (11%) in February 2020. This is not surprising, as there has been a significant increase in the cost of living in the latter half of 2021 and in 2022.

Can Sidekick help?

Absolutely – please get in touch with us as soon as possible. It’s highly likely to be better to take early action. There is a way to do this within our App. If you prefer, you can write to us at: 21-33 Great Eastern St, London, EC2A 3EJ, or email support@sidekickmoney.com

How?

Sidekick is a responsible lender – but, more than, that we’re here to help our customers build wealth for the long term. We recognise of course that life events happen all the time so we want to provide as much assistance as we can to help you in tough times.

If you have a portfolio line of credit product with us – and can’t keep up with your monthly repayments, then please get in contact. Equally, if you think you’re likely to struggle in the near future, discuss this with us as soon as you can.

We have a range of options which we can put in place while are designed to help – temporarily and over the long term.