If you're struggling to keep up with your debt repayments or hire purchase agreements due to the ongoing effects of coronavirus, our Money Advice Team have compiled a useful list of advice to help you through this uncertain time.

If you have any questions or need further advice on these issues, please contact Money Advice on:

Tel: 01983 823898 ext:2825
 [email protected]

Individual Voluntary Arrangement (IVA)

Guidance to the IVA protocol has been published by the Insolvency Service and applies from 20th April. If you have been directly impacted by Covid-19 you can:

  • Ask for a reduction in payments of up to 25% without a creditor vote
  • Ask for a 3 month payment break. This is in addition to the 9 month break in the protocol, and can be used even where a 9 month payment break has already been used. 
  • You won’t be asked to release equity, unless you still wish to do so.
  • You won’t have their overtime pay included in your IVA if you a Key Worker.
  • Yon’t immediately have to pay your redundancy pay to the Insolvency Practitioner (IP). This will be at the discretion of the IP, and if the IP decides to defer paying it, they must explain when and how much they will ask to be paid (if anything). IPs can decide not to issue a breach notice during the outbreak


Car Finance Guidance

Borrowers with car finance plans are set to be helped with three-month payment holidays from next week. The Financial Conduct Authority, which regulates car finance, says it's holding a consultation on making this help standard across the industry. The measures are likely to be finalised on Friday 24 April and then lenders will have a few days the week after to get them in to place.

Specific help the FCA plans to bring in includes:

  • Three-month payment holidays. If you're financially affected by coronavirus, your car finance lender will have to offer a three-month payment holiday. This means you don't need to make your scheduled payment, though interest will still accrue during this time.
  • Lenders can still offer other solutions if a three-month holiday isn't suitable. This may apply if you're already in arrears or if your financial troubles are likely to be longer than three months. However, in this situation, lenders would be expected to offer other solutions, rather than just saying no.
  • Car finance lenders can't repossess vehicles if you're struggling due to coronavirus. Lenders wouldn’t be able to end the car finance agreement or repossess the customer’s vehicle due to coronavirus-related payment struggles. If a customer wasn’t able to pay their balloon payment at the end of the deal but wanted to keep their vehicle, firms would be expected to “work with the customer” to find a solution.

Firms would also be expected to treat customers fairly, and not introduce unfair changes to customers' contracts if they're refinancing them to spread the cost of the missed payments and accrued interest over the remaining term of the finance agreement. For example, if car prices depreciate temporarily due to coronavirus, firms shouldn't use this to recalculate customers' Personal Contract Purchase (PCP) balloon payments.


We believe everyone is entitled to the information that affects their lives.

That’s why our charity has given independent, confidential and free advice to generations of island residents.

We want our clients to have the knowledge and the confidence they need to find their way forward - whoever they are, and whatever their problem.

In times of crisis, we're here for you. 

As our offices are currently closed to the public, the best way to contact us is on our Adviceline number:

0800 144 88 48

At the moment we are only answering voicemails left on the Adviceline number. This is the most efficient way we can deal with your enquiry. We are currently returning calls usually on the same day, and certainly within 1 working day.

What to do when you call Adviceline

- Call 0800 144 88 48 and press * to hear the other options, and then press 0.

- Please leave your details and a number that we can contact you on.

- Someone will reply as soon as they can.

* Calls to the Adviceline 03 number cost the same as calling 01/02 numbers & may be included as part of your mobile or landline call package. If you do not have a package, calls from a landline can cost up to 9p per minute. Mobiles may be considerably more expensive.

Other ways to contact us

- You can also contact us via webform  through the Isle Help website

- You can also get advice through the national Citizens Advice website where you can access webchat.

- If your enquiry is between 5pm to 8am you can leave an email. Enquiries through the national website will be answered by a Generalist Adviser from the national team.