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Financial advice during Coronavirus

Financial advice during Coronavirus

By Rebecca Wishart

5th May 2020

Mortgage payments

On 17 March, banks agreed with the Chancellor that they will offer those struggling a three-month ‘holiday’, allowing customers a temporary break from having to make mortgage payments during this time. You will still be charged interest for the time you're not making payments. But you won't have to pay it back immediately – it'll be added on to the total cost of your mortgage and factored into repayments when you start making them again. Visit www.moneysavingexpert.com for more details.

Loans & credit cards

The Financial Conduct Authority (FCA), which regulates the lending industry, brought in help for loan and credit card customers earlier this week, saying that lenders need to offer payment holidays where customers were struggling to pay. Visit www.moneysavingexpert.com for more details.

Help for renters – speak to your landlord

The Government announced emergency legislation to help renters. If you rent your home and are struggling to keep up with payments due to coronavirus elated difficulties, you should speak to your landlord as soon as possible to work out a realistic repayment plan.  Visit www.moneysavingexpert.com for more details.

If you live in local council housing, it’s also worth checking whether you’re receiving all the financial help you’re entitled to, which could be from benefits such as universal credit. You can also check whether you could apply for a discretionary housing payment from your local council. More information can be found here

Energy bill help, incl how to top up prepaid meters

Energy suppliers are offering some help to those who may struggle to pay bills as a result of the coronavirus pandemic – both prepay and credit meter customers. The Government and energy suppliers have agreed to new emergency measures to help prepayment customers unable to top up during the pandemic, including posting cards loaded with emergency credit to those who are self-isolating, adding discretionary credit to your meter, and allowing you to nominate someone to top up for you.

Ultimately, suppliers will deal with issues on a case-by-case basis, so the best thing you can do if you have to self-isolate or are struggling to pay your bill due to coronavirus is to contact your provider as soon as you can. Visit www.moneysavingexpert.com for more details.

Help with other household bills

For help and advice on broadband, sports subscriptions, over-75 TV licence charges, council tax, water rates, mobile phone providers, child benefit – including claiming for newborns before registering their birth, insurance providers and help for students, incl loans & hall costs visit www.moneysavingexpert.com

Visit www.moneysavingexpert.com to keep up to date on developing information

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