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How to deal with financial complications 


This news story was published on July 10, 2020.
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For many people living in North Iowa, 2020 has been one of the most financially difficult years for a very long time. Many businesses are struggling to make profits, and many people have lost their jobs as a result of the coronavirus. If you’re one of the many unfortunate enough to find your finances affected by the global pandemic, here are three things that you can do to regain financial stability. 

Protect your home

The most worrying prospect for many people when they lose their jobs is whether they’ll be able to afford to pay their mortgage. If you are worried about being unable to pay your mortgage, get in touch with your provider. The FCA has taken several steps to support people struggling during these unprecedented times. This includes being able to apply to take a payment holiday for three months. This basically means you won’t be expected to pay your next three mortgage payments if you pay monthly. You will only be allowed one payment holiday, and the scheme is currently due to end in November.

If you believe you will continue to have problems after those three months are up, then use this time to look at foreclosure loans. Private lenders like Sachem Lending specialize in providing loans for people who have run into complications with traditional mortgage providers. They offer loans based on the value of your home rather than your current financial status, so they are more likely to provide you with the money you need. The process is extremely quick as well, and you could have the funds approved and available within days.

Improve your job prospects

If you have lost your job, the first thing you should be doing with your unexpected spare time is to improve your resume. Make sure the content sells your best qualities. You want to sound confident and experienced. You’ll also want to check and double-check it for any mistakes before sending it off. 

The ideal job could appear the next day, so you’ll want to be prepared to be able to apply as soon as possible. Most job sites now have their own mobile apps, so be sure to spend at least 10 minutes every day looking at the latest jobs to be added in your area. As well as job websites, there are lots of local Facebook groups in North Iowa that specialize in matching employers with potential new employees. 

Make some money in the meantime 

While you await a new job, there are many ways you can earn some cash in the meantime. If you have any clothes, furniture or anything else that you haven’t used in a while, now would be the ideal time to sell these on. Take a few photos and post them on sites like Facebook Marketplace, and you could have a lot more cash by the end of the week. You could also apply for some independent work such as working for a driver for Uber or deliver for takeaway food apps such as Deliveroo.

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