During this time, we know that economic survival will be the primary concern for many, and with bills still coming in, it’s easy to get caught up on your current financial situation.

It may be that you have some savings, and a little bit of debt, or even that you’ve found that you’re living pay-cheque to pay-cheque, either way we’re in a tricky situation, with UK households now owing a record average of £15,385 to credit card companies, banks and other lenders.

So what can you do during this time to tackle your finances?

What the Financial Conduct Authority is planning

It’s been announced that the Financial Conduct Authority is fast-tracking a plan that is aimed at consumers and renters who are not benefiting from existing relief measures that have targeted homeowners – with mortgage payment holidays – or business owners. These plans aim to freeze loan and credit card payments for up to three months as part of emergency measures.

But if you find that you aren’t applicable for the schemes offered, you can still look into consolidating your debts in a different way.

There’s never been a better time to gain control of your debts, with interest rates at an all-time low. If your mortgage fixed rate ends in the coming months, or you’re on a Standard Variable Rate, then we can hopefully help you relieve some financial pressure.

Secured loans come in many formats and may be known as a home owner loan, home equity loan, second charge mortgage or second mortgage. Some will have arrangement fees or set charges and interest rates may be fixed or changeable. The amount of time you take the loan for can also vary, typically from 1 to 35 years.

Learn more about secured loans