The TUC has recently reported that UK workers are facing the worst Christmas wage squeeze in almost ten years.
In the final quarter of 2021, wages rose at half the speed of inflation. Real wages, which are after the cost of living has been taken into account, are on course to be 0.8% lower than in September 2021. That’s the worst final quarter for real wage growth since 2012.
Financial strain of paying for Christmas
Taking into account increases in NI contributions, rising energy bills and the economic effects of the pandemic, the future might not be looking so bright for many this Christmas.
According to recent research from the Lowell Group, Brits spend up to £2,500 at this time of year, and with lots of families struggling financially this can cause stress and added pressure. In fact,
- 22% feel pressure to buy more than is needed,
- 39% are funding Christmas spend through savings,
- and 17% via credit cards, the average person takes four months to recover financially.
Many will already be looking to the new year with dread when the credit card and tax bills drop and their savings are depleted.
Inheritance Advance can help ease finances
One in three people in the UK are relying on an inheritance and in October 2021 there were more than 43,000 deaths in the UK. That’s potentially more than 100,000 beneficiaries who are in line to receive an inheritance from one month alone.
The majority have no idea how long it takes to receive the grant of probate which is when the estate proceeds are released. The truth is it can take up to 12 months and many either can’t or don’t want to wait until then before they receive their money.
So what are the options if people want to get hold of their inheritance earlier?
They could take out a traditional personal loan or a bridging loan for probate but with those come credit checks, monthly repayments and personal liability.
Tower Street Finance saw a need in the market for people who either weren’t able to or didn’t want this type of inheritance loan arrangement.
Inheritance Advance was developed to meet this need and is a solution for people who want to get hold of their inheritance early.
This means there is no personal liability and no monthly repayments unlike other types of probate loans.
Our process is simple and quick and funds could be with you within 48 hours of us receiving the information we need from your probate solicitor.
The Inheritance Advance can be used for any purpose whether it’s paying off bills, a mortgage, care costs or taking a holiday or buying a new car.
Tower Street Finance also has other solutions for people going through the probate process whether it’s settling an Inheritance Tax bill, paying for funeral costs or preparing a house which is part of the estate for sale.