Credit ratings during coronavirus

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Malkytheheed said:

What are we always told? First things first. Build a 6 month emergency fund. 
This pandemic is exact the reason we do that. If people are living month to month and now can't service their debts then creditors will not look on this favourably. They may have "got away with it" in the past but this shows how close to the edge they were. 

But dare you say that to people and face the backlash. 

“How am I supposed to feed myself and pay for my top sky package and the latest iPhone and my kids McKenzie, Kenzo, Shaniqua, Sha-naynay and Burberry on £300 benefits”!?

sourcrates

FCA rules already provide flexibility to firms in a number of areas and its expected they will use this flexibility to support consumers, during this crisis, bearing in mind the customers’ individual circumstances.

A creditor already has the option to not register a default or a late payment, should circumstances warrent it, the FCA currently are keen to see firms taking initiatives going beyond usual business practices to support their customers.

It will be down to individual companies to decide what response will be given, but as always, if you feel the company has not listened to you, the usual mechanisms of complaint are still open to you.