Survival guide for money and minds
AS we enter week three of the lockdown, cash and job security are major stresses. So make sure you grab all the help out there.
Ask to be furloughed
If you have recently been made redundant or laid off, ask your ex-employer if they will consider taking you back, designating you as a “furlough worker”.
You will receive 80 per cent of your salary and it costs them nothing. HMRC pay the bill.
Self-employed saver
The Government has announced a new Self-employed Income Support Scheme, where you can receive 80 per cent of expected profits up to £2,500 per month. Go to gov.uk for information.
Cancel subscriptions
Many people subscribe for regular goods or services that cannot be delivered during the pandemic.
On the basis that the trader cannot deliver these, they have an obligation to put the subscription on hold – including payments – or cancel the subscription.
Responsible traders have already done this, such as BT Sport, but others will need prodding.
My advice is that you should cancel the direct debit for any such subscriptions immediately.
Use your credit or debit card for all purchases
If you use these cards you have protection if the goods or services are not delivered or if something goes wrong or the trader refuses to help or goes bust.
If you buy something that costs more than £100 you will have the protection of section 75 if you used your credit card. With your debit card, you can make a chargeback claim, regardless of the amount. Take a break
All mainstream mortgage lenders are allowing payment holiday of up to three months.
I have heard many cases where other lenders, such as car and personal loans, have also allowed this. It is worth asking.
Look out for liars
Fraudsters have dreamt up lots of scams to cash in on Covid-19, ranging from fake cures and testing kits to delivering regular essentials to your door.
Do not sign up to any “miracle cures” or testing kits and buy only from reputable traders with a history and name you can clearly trace online.