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Self-Employed People Increase Unsecure Debt by a Third

A third of self-employed people have increased their bad debt, whilst a quarter of homeowners have delayed their mortgage payments at some point during the pandemic.

A recent survey conducted has revealed some interesting stats which have highlighted the ongoing problems facing self-employed people, and self-employed houseowners in particular.

So, with this in mind, we’ve decided to look into this survey in a bit more detail.

 

Self-Employed and Aspiring Homeowners Increase Debt & Charges

 Conducted in the midst the pandemic among 1,000 self-employed and ambitious homeowners, the survey revealed that 1/3 of people confessed to having unsecure or bad debt including personal loans, credit cards and overdrafts. This amassed an average of £2,312 over the last year.

Furthermore, though 81% of self-employed people in the UK kept up on their payments on their debts and loans, 9% failed to make their credit card payments, while 5% confessed to unpaid personal loan and a further 8% failed to keep up on other payments entirely.

Therefore, there’s no denying, indeed, that the pandemic has massively impacted the freelance and self-employed sector. And, with it estimated that almost 50% of the UK adult population accumulated some type of debt during the lockdown, the landscape is vastly worse for those who lack large and substantial support from their work or the safety of a permanent employment contract.

 

Self-Employment and Homeownership & Charges

A downturn in their finances now means that 55% of aspiring homeowners feel they can no longer lend enough money to buy a house due to the amount of debt they have amassed recently.

The last year has been hard for everyone, that’s undeniable, but the self-employed have been hit disproportionately hard by the pandemic. Because of this, they have had to increase their personal debt and withhold their mortgage payments just to simply survive.

That said, at Cobra, we can be actioned on any debt worth £1k or more, so we could easily pay you a visit in regard to any debt you have amassed during lockdown.

 

Trust the Debt Recovery Experts & Charges

Established in 2009, our expert team of private debt recovers are specialists in their field and have seen the world change during the global pandemic, managing to recover £12m for our clients in the process.

With over 75 years’ worth of combined experience in the industry, we know how to recover a debt, but also help those people who may be struggling with their finances as we emerge from the pandemic.

We start by listening to you, talking about your situation and bespoke circumstances that underline your debt. Indeed, if you’re struggling with debt, be it credit card, loans, or personal, then we can help.

That said, if you are owed money and want to get it back quickly, take decisive action and instruct Cobra today on 0151 526 4222.

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