COVID-19 and CC

RBYHS

Hi there,
I am in a unusual situation. 

I have just tested positive for COVID-19, despite having the vaccines, lucky me. 

My workplace only offers SSP while in isolation meaning that what I’ll get these weeks will barely be enough for food - I get paid weekly. 

Is there any support I could ask from my credit card providers and car finance company for this month? To maybe let me do the minimum payment without adding interests? Or anything like that? 

The guy from Human Resources was telling me about Payment Holidays, could anyone help me understand how they work and what the best option for me?

thank you. 

eskbanker

https://www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/#creditcards
https://www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/#carfinance

lisyloo

Not judging as I don’t know what issues you’ve faced but going forward you’d be well advised to save up an emergency fund for sickness (and other) eventualities especially if you know you have no proper sick pay.

born_again

RBYHS said:

Hi there,
I am in a unusual situation. 

I have just tested positive for COVID-19, despite having the vaccines, lucky me. 

My workplace only offers SSP while in isolation meaning that what I’ll get these weeks will barely be enough for food - I get paid weekly. 

Is there any support I could ask from my credit card providers and car finance company for this month? To maybe let me do the minimum payment without adding interests? Or anything like that? 

The guy from Human Resources was telling me about Payment Holidays, could anyone help me understand how they work and what the best option for me?

thank you. 

https://www.gov.uk/test-and-trace-support-payment

FCA advice
https://www.fca.org.uk/consumers/coronavirus-information-personal-loans-credit-cards-overdrafts

MEM62

lisyloo said:

Not judging as I don’t know what issues you’ve faced but going forward you’d be well advised to save up an emergency fund for sickness (and other) eventualities especially if you know you have no proper sick pay.

Absolutely spot on.  Most, if not all of us, need an emergency fund.  

born_again

MEM62 said:

lisyloo said:

Not judging as I don’t know what issues you’ve faced but going forward you’d be well advised to save up an emergency fund for sickness (and other) eventualities especially if you know you have no proper sick pay.

Absolutely spot on.  Most, if not all of us, need an emergency fund.  

Sadly many have seen their emergency funds swallowed up by Covid. You have to remember the advice is for at least 3 months cover.Covid is now well passed 12 months.

The rule of thumb

A good rule of thumb to give yourself a solid financial cushion is to have at least three months’ essential outgoings available in an instant access savings account. For example, if you lose your job, it’ll give you three months breathing space.

So, if you spend £1,000 a month on mortgage or rent, food, heating bills and other things you can’t live without, you might aim for £3,000 in emergency savings.

RBYHS

Thanks for all the tips. 

I have the deposit for my house, which if need be I’ll be forced to dip into - which is still a “safety net” as I’d rather dip into it (just the minimum needed to survive) than ruining my credit report. 

eskbanker

RBYHS said:

Thanks for all the tips. 

I have the deposit for my house, which if need be I’ll be forced to dip into - which is still a “safety net” as I’d rather dip into it (just the minimum needed to survive) than ruining my credit report. 

Seems a sensible approach - there's no point in trying to preserve a deposit at all costs if you then compromised your ability to secure a mortgage by seeking concessions from other lenders.

MEM62

born_again said:

MEM62 said:

lisyloo said:

Not judging as I don’t know what issues you’ve faced but going forward you’d be well advised to save up an emergency fund for sickness (and other) eventualities especially if you know you have no proper sick pay.

Absolutely spot on.  Most, if not all of us, need an emergency fund.  

Sadly many have seen their emergency funds swallowed up by Covid. You have to remember the advice is for at least 3 months cover.Covid is now well passed 12 months.

That is true, but the OP's post suggests that he does not even have that.  He is employed but his finances are distressed the moment is is on SSP.    

born_again

MEM62 said:

That is true, but the OP's post suggests that he does not even have that.  He is employed but his finances are distressed the moment is is on SSP.    

Suggest you read this post by OP.

https://forums.moneysavingexpert.com/discussion/comment/78519298/#Comment_78519298