If I am impacted by coronavirus, what does it mean for my money?
- 1. Jump to What can I do if my income has been reduced because of coronavirus?
- 2. Jump to What happens if I get made redundant?
- 3. Jump to What benefits can I claim if I get made redundant because of the coronavirus outbreak?
- 4. Jump to What if I am struggling to pay my rent and mortgage?
- 5. Jump to What should I do if having children at home is affecting my finances?
- 6. Jump to What if I need to be off work for coronavirus sickness/self-isolation and claim Statutory Sick Pay?
- 7. Jump to What if I need to self-isolate or take sick leave whilst on a zero-hours contract?
- 8. Jump to What financial support is available to me if I'm self-employed?
- 9. Jump to What if I have Payment Protection Insurance?
- 10. Jump to What if someone else has control of all my money and finances and I don't know what to do?
- 11. Jump to What should I do if I find myself gambling more than I’m happy with?
What can I do if my income has been reduced because of coronavirus?
If you are struggling to make your monthly payments, you can use our support tool to find the right support for you.
There are various options to help those affected by coronavirus to better manage their money, such as emergency access to savings in fixed term accounts without charge.
It’s also important to quickly understand and work to your new budget. Our free budget calculator has been designed with this in mind. Within the calculator, you can fill out the details of payments received, the savings you hold, and any amounts going out. Having a bank statement to hand might help remind you of regular incomings and outgoings.
You can also find some tips on how to stick to your new budget and ideas for what to do if things get tight.
If you’re worried about your financial situation because of coronavirus, please contact us.Back to top
What happens if I get made redundant?
Many people around the UK are facing potential job losses as companies are operating under very challenging circumstances.
Being made redundant can knock both your personal and financial plans off course. However, understanding your rights and options can help you take practical steps to get back on track. Find out everything you need to know from ACAS.
It’s worth noting that if you’ve worked for your employer for more than two years, you should be eligible for statutory redundancy pay. You can use the Government redundancy calculator to check the most current rates.Back to top
What benefits can I claim if I get made redundant because of the coronavirus outbreak?
This sudden and unexpected change to your employment status could mean you need to claim benefits. The Turn to Us online benefits checker is a great tool to quickly find out which ones you’re eligible to claim.
The Department for Work and Pensions has temporarily suspended all face-to-face assessments for health and disability-related benefits. This is to reduce the potential exposure of coronavirus to those who are at most risk and to safeguard their health.Back to top
What if I am struggling to pay my rent and mortgage?
If your income has been directly impacted by coronavirus, you may be worried about how you’re going to manage to pay your mortgage or your rent. In the first instance, you should use our budget calculator to see what you can afford. There’s support in place from ourselves, as a mortgage provider, and from the Government if you’re struggling to keep up your payments.
Mortgages and coronavirus: We have a number of ways to help, until things get back to normal. You can find out more about the help available to you by using our support tool.
Rent and coronavirus: The Government have published non-statutory guidance for landlord, tenants and local authorities in the private and social rented sectors. Find out more from Gov.uk.Back to top
What should I do if having children at home is affecting my finances?
Although some nursery, primary and secondary school children went back to school on the 1st June, not all schools are open and many children are still at home. It’s understandable that a lot of parents, carers and guardians are worried about how this may affect their finances. You may find that you have no other choice but to take time off work to care for your children, potentially reducing your income but increasing household bills. If you find yourself in a position where you’re unable to afford food to feed your family, or other essentials, you can find more information about emergency funding from Step-Change.
There are various options to help those affected by coronavirus to better manage their money, such as mortgage payment holidays, increased limits on existing Credit Cards and emergency access to savings in fixed term accounts without charge.
If you’re worried about your financial situation because of coronavirus, please contact us.Back to top
What if I need to be off work for coronavirus sickness/self-isolation and claim Statutory Sick Pay?
Many people are expected to self-isolate and many people may also need to take time off work due to illness. Because of this, the UK Government has changed the rules on Statutory Sick Pay (SSP). Previously, you would have needed to wait for four days before receiving an SSP payment. However, if you are absent from work because you are sick with coronavirus or because you have to self-isolate, you’ll now receive SSP from the first day of absence.
Find out more about the changes to SSP during the coronavirus outbreak, eligibility or how to claim SSP from Gov.uk.Back to top
What if I need to self-isolate or take sick leave whilst on a zero-hours contract?
Many people are on a zero-hour contract. If, under Government guidance, you have to self-isolate or you are off sick with coronavirus, you may be entitled to Statutory Sick Pay (SSP). Check with your employer if you are unsure. Find out more about eligibility or how to claim SSP from Gov.uk.
Additionally, if you find that your working hours have been cut or reduced dramatically as a result of the coronavirus outbreak, you may be able to claim benefits such as Universal Credit. Find out more from Gov.uk.Back to top
What financial support is available to me if I'm self-employed?
The UK Government has introduced a coronavirus Self-employment Income Support Scheme for those who are self-employed or a member of a partnership and have lost income due to the virus. This scheme will allow those who are eligible to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.
Find out more about the scheme and eligibility from Gov.uk.
If you are self-employed and you need to take time off work due to illness, you might be able to claim Universal Credit or New Style Employment Support Allowance through Gov.uk. Find out more about coronavirus and claiming benefits from Gov.uk.
HMRC have put various measures in place to help self-employed people and businesses during the coronavirus outbreak. Find out more from HMRC.Back to top
What if someone else has control of all my money and finances and I don't know what to do?
Financial abuse can take a variety of different forms within different relationships, including partners, family members or carers. It might be financial control, exploitation or sabotage.
For anyone who is impacted by domestic or financial abuse, this period could mean you have additional worries.
If you are in immediate danger, call 999, if you cannot speak press 55, or call The National Domestic Violence Helpline a freephone 24-hour helpline 0808 200 0247 (24 hours)
We can support you, or someone else you know, if they are impacted by financial abuse. Find out more about how to keep your money and confidential information safe.
Additionally, Bright Sky is a free app that provides comprehensive support to people affected by abuse. We advise you to only download the app onto a device which is safe and that only you have access to.Back to top
What should I do if I find myself gambling more than I’m happy with?
We know many things can affect the way people manage their money so we want to offer our help and support. If you find yourself gambling more than you’re happy with, or if you have concerns because of gambling, there are a few ways we can help.Back to top
Knowing where to start is the first step to feeling more in control of your money, so the following Q&A should help provide you with the information, links and tools to support you in doing so. The situation is rapidly changing, so we will continue to update these pages when we get any further information.
Further sources of information, help and support
- For Government advice on coronavirus (COVID-19) - what you need to do, including information on employment and support.
- For Government guidance on shielding and protecting people defined on medical grounds as extremely vulnerable from coronavirus (COVID-19).
- The Money Advice Service provides free and impartial money advice.
- The National Debt Line coronavirus fact sheet provides advice and support for those worried about the impact of coronavirus on their finances.
- SignHealth provides the British Sign Language versions of Government advice.
- The Turn to Us online benefits checker is a great tool to quickly find out which benefits you’re eligible to claim if you’ve been impacted financially by coronavirus.
- With Lloyds Banking Group support, Mental Health UK has launched the Bloom resource library - a library full of tips and tools to help parents, guardians and carers have conversations about mental health with young people.
- Mental Health UK have put together useful information and tips for managing your mental health during the coronavirus outbreak.
- Mind provides information about coronavirus and wellbeing.
- Age UK can provide information on coronavirus, including updates on how you can look after yourself and loved ones, comments from Age UK, and ways you can support older people.
- The Silver Line offers a free confidential helpline providing information, friendship and advice to older people. The line is open 24 hours a day, every day of the year. You can call the Silver Line Helpline on 0800 4 70 80 90 anytime for support.
- Macmillan Cancer Support can provide the latest guidance for people with cancer, Macmillan supporters and their volunteers, who are worried about coronavirus.
- The National Domestic Abuse Helpline, provides support for people experiencing domestic abuse.
- The Alzheimer’s Society provides advice and practical tips for people living with dementia and those supporting them during the coronavirus outbreak.
- GamCare provides free information and support for anyone affected by problem gambling.
- The National Autistic Society provides advice and practical tips for autistic people and those supporting them during the coronavirus outbreak.