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Hi Maureen,
If they move in before any job losses happen, they MAY be entitled to a payment holiday. However, at the moment these holidays are only available three months from the date of announcement (so, mid-June for mortgage holidays). This could be extended – especially if lockdown is extended – but we just don’t know. Anyone can ask for a mortgage holiday at any time – but if it’s outside of these temporary allowances, it could harm their credit score.
Income protection insurance on their mortgage package could help them, too. However, as your daughter has been furloughed, if her pay is only at 80%, the mortgage company may want to reassess lending affordability. This could mean the mortgage is rejected and only a lower amount offered. However, property prices may also reduce due to the stagnation in the market, so a reduced mortgage offer doesn’t necessarily mean they won’t get the house they want if the vendor is willing to renegotiate.
It should be noted, too, that lockdown doesn’t HAVE to stop them moving. Advice is to not move if you can avoid it – but essential moves are still allowed. Finding a removals company or self-hire van business that is still open could be tricky, though. If they want to set a date with their vendor, they can move even if lockdown is still in place. It’s not advisable, but it’s also not against the law.
I hope this helps!
It’s amazing how the ‘just a few quid’ things add up!
I’ve also realised how much I spend on pet treats! It’s normally so easy to pop into the pet shop and pick up a special chew for the dog or a new toy for the cat. Now it’s a total faff, they’re getting fewer treats and my purse is much happier for it!
Michael’s right – especially right now, banks are being urged by the FCA to demonstrate increased forbearance. They’re getting thousands of calls every day right now, and most customers are finding that it’s easy to ask for payment holidays – and that they’re not feeling ‘judged’ for doing so.
Interestingly, I wonder if the stigma of debt will change over the coming months?
It’s been hit really hard – especially as lots are either individual Limited companies (so they don’t qualify much on the SEISS scheme OR furlough), or they’re PAYE contractors who run short contracts month-to-month and won’t have been on payroll at the required time.
There’s likely to be a shakeup of the creative industries as a whole – but I think the positive thing is seeing how many theatres and TV productions are already adapting with things like online performances etc. The industry is massive and won’t die – but it could take some time to recover.
The positive thing is that things like castings are still taking place – just via online and video auditions. This shows that the industry is keen to get back up and running, and they’re already planning for the next wave of productions right now!
Just as an aside, if you’re a creative freelance at a loss right now, we’ve got a guide all about how to make money while everything’s shut! https://www.moneymagpie.com/make-money/how-actors-musicians-and-artists-can-earn-during-coronavirus-shutdown
Has anyone in the industry been involved in creative things during lockdown?
Don’t forget Magpies, you need to post on one of the OTHER threads in the forum – or create your own if you’ve got a burning question you want answered – to be entered in this competition! 😀
Hi Kiera,
You can definitely go self-employed now! If you’re already on Universal Credit, speak to your job coach about it. They’ll help you run through your plans – you could even apply for the New Enterprise Allowance, which gives you access to business mentors to help you create a viable business plan before you launch. You’ll get ongoing financial support from UC payments (and in the first year, don’t have to earn the Minimum Income Floor to get access to benefit payments. When you’re self-employed, you report your income and expenses every month – anything above your UC earnings limit will remove 63p for every extra £1 you earn from that month’s payment.
But as income goes up and down when you’re self-employed, you can report each month – so low income months you’ll get more UC, and higher income ones you won’t get as much (if anything).
We’ve got some freelance and self-employed guides in our Small Business Ideas articles already – and keep an eye out for some more new guides to help you go freelance, too! Good luck 🙂
Hi Amy,
If you were on payroll by 19th March 2020, you can contact your employer to ask them to furlough you!
We’ve got lots of info here: https://www.moneymagpie.com/manage-your-money/furlough-job-retention-scheme-faqs-answered
Which I hope helps, but feel free to ask more questions!
When you start earning, remember that you could be eligible for a Help to Save account too – that’s up to £1200 FREE in bonuses from the Govt over 4 years. There’s a whole article about it here: https://www.moneymagpie.com/save-money/help-to-save-free-money
Good luck!
It’s now happened! You can get up to a three-month payment holiday for your car finance. You’ll need to speak to your provider though – don’t just stop making payments, as that’ll affect your credit score.
If you think you only need a month or two months’ break, go for that – because extending your finance can cost you more in the long term, so the shorter a holiday you can take, the better.
Hi Heather – yes, Amazon are actually generally pretty good at getting stuff like this sorted! Sometimes, it can take a few days (or, at the moment, a week or more) for accounts to settle when there’s been a missed item or delayed order.
If it’s still showing as incorrect after that time, you can raise the issue. If you ordered via a Seller, you’ll need to raise the issue with the seller first before Amazon will be able to help you. If you go to My Orders > View Orders, you’ll see the options next to the order. If it says ‘Contact Seller’, you’ll need to click that to write an email to the seller.
The chat bot is supremely helpful – 99% of the time I’ve had to use it, I’ve gone through to a Real Human Being and had email conversations back-and-forth with them to get stuff sorted out. Good luck!
Hi Hannah,
Your contributions are covered on the scheme, so you won’t miss those payments. Employers also have their mandatory amount covered, too – but if you or they pay more than the minimum required, it’s up to you/them to pay them.
Employers who pay above the minimum will have to make these payments, but the pensions regulator has agreed flexibility on when these payments are made (to give struggling businesses a breather). They’ll have to pay in the full amount owed, but you might see a drop for a couple of months until they make the full payment due.
Great idea here!
Do you also think that, as everyone gets used to working from home at the moment, employers will be more open to remote or flexible working after it’s all over? Reducing the number of commuters would certainly help cut pollution!
Hi Aileen,
Jasmine’s right – and this ruling puts a lot of people on a lower furlough pay than they expected. Unless your contract guarantees a certain bonus, commission, or overtime each month, your employer can only use the base salary rate 🙁
If this leaves you a tad short for the next few months, check out our Make Money section – lots of ideas to make some extra cash on the side 🙂
Hi Mark,
NMW doesn’t apply to furloughed workers, unless they are still undertaking training while furloughed (but they can’t do anything that provides a direct service to your business). So, 80% of their wage may take them below NMW but this is legal.
You’ll need to add separate pay periods together when you apply for the scheme. So, NMW workers furloughed in March will have one pay period on the old rate, and subsequent pay periods from April on the new rate.
Hope that helps!
Hi Carol,
You’re in luck! Virgin Experience have confirmed free voucher extensions for all gift vouchers. You just need to hop online here to extend your voucher: https://www.virginexperiencedays.co.uk/myvoucher
You can extend up to six months 🙂
I hope you manage to get to your luxury day soon – it sounds wonderful!
