Financial Wellbeing Guide

Thursday 23rd Apr, 2020

Useful advice

Financial Wellbeing Guide

During the coronavirus pandemic, most of us are being faced with an overwhelming amount of stressful and confusing changes to our finances and general lifestyle.

Using trusted resources such as Money Saving Expert, Step Change and HMRC - we have created a condensed and non-exhaustive financial wellbeing guide for you to use. We hope that you find it helpful.

 

HEY Credit Union Account

Loans

Applications 

You can still apply for a loan with us; online or by telephone. We strongly advise against using high-cost credit or loan sharks. 

Payment holidays 

If you’re struggling to make your repayments, it's most important to talk to us, and not just stop your payments. We are offering a payment holiday of up to three months to those whose income has been reduced due to coronavirus. More...

 

Savings

Applications

You can still apply for a savings account; online or by telephone. If you have some spare change, it could be useful to put something away for the future.

Withdrawals

We are allowing withdrawals on our Christmas Saver account, which would normally be ‘locked’ until November 1st. But remember, if you do this, you may have less money available to draw on when Christmas comes.

 

Home

Mortgages

Three-month mortgage payment holidays are currently available with most banks. Before cancelling any direct debits or standing orders, you must contact your bank for approval first. You may be able to do this through your online mortgage account rather than by telephone – which in most cases will be a lot quicker.  More...

Renters

You can’t be evicted for at least three months if struggling to pay your rent. Speak to your landlord as soon as possible to put in place a rent payment scheme. More...

 

Bills

Council Tax

Most councils are putting help in place for people facing financial hardship. Speak to your local authority – you may be able to take a council tax ‘holiday’. More...

Energy Bills

Energy suppliers are offering some help to those who may struggle to pay bills as a result of the coronavirus pandemic – both prepay and credit meter customers. Contact your supplier as soon as you can. They will deal with issues on a case-by-case basis. More...

Water Bills

Water companies are encouraging households with issues paying their bills to get in contact as soon as possible to receive help. More...

Broadband Bills

Providers are asking anyone who is struggling to make payments to contact them as soon as possible to discuss their options.

If you live in Hull, KCOM are removing all data caps and will not disconnect anyone for non-payment of bills. More...

Mobile Bills

Most of us will be using our mobiles a lot more in current times. Some mobile providers are offering free extra data and calls to their customers, which may help you to save on your bill. Visit your provider website to find out more.

If you’re worried about paying your bill, speak to your provider for advice.

TV Licence (Over-75s)

The BBC are delaying charging some over-75s for TV licences until August 2020. More...

 

Finance

Loans & Credit Cards

Three-month payment holidays are currently available if needed. The Financial Conduct Authority (FCA) have said that lenders need to offer their customers repayment holidays if they are struggling to pay. More...

Overdrafts

Banks must give up to the first £500 of a customer’s overdraft interest-free for three months to customers struggling due to coronavirus. Some banks have made this automatic without you needing to ask. Contact your bank if you are unsure. More...

Car Finance

Borrowers with car finance plans are set to be helped with three-month payment holidays shortly. More...

 

Subscriptions

Many companies are agreeing to ‘pause’ their customers’ subscriptions. This includes Sky Sports, for example. Contact your provider to discuss. More...

 

Vehicles

Vehicle Insurance

If you’re driving a lot less, you may be able to save on vehicle insurance. You could declare your vehicle ‘off-road’ or simply change your policy. Contact your provider to discuss. More...

MOTs

Your car, van or motorcycle’s MOT expiry date will be extended by 6 months if it’s due on or after 30 March 2020 - but you must keep your vehicle safe to drive. More...

 

Savings

Banks Fixed-Rate Savings

Banks will allow you to access existing fixed-rate savings that would otherwise be ‘locked’ away. Most banks will waive penalties for existing customers. More...

HEYCU Christmas Saver

We are allowing withdrawals on our Christmas Saver account, which would normally be ‘locked’ until November 1st. But remember, if you do this, you may have less money available to draw on when Christmas comes. 

 

Income

Employed

If you and your employer both agree, your employer might be able to keep you on the payroll if they are unable to operate or have no work for you to do because of coronavirus (COVID-19). This is known as being ‘on furlough’.

Your employer could pay 80% of your regular wages through the Coronavirus Job Retention Scheme, up to a monthly cap of £2,500. More...

Self-Employed

If you are self-employed, you can apply for a grant worth 80% of your average monthly profits over the last three years, up to £2,500 a month. More...

Statutory Sick Pay (SSP) / Claiming Benefits - More...

Child Benefit

You usually need to register your child’s birth before you can claim child benefit for them. But as many registry offices are closed due to coronavirus, you currently don’t need to register the birth before claiming. More...

 

Rights

Travel RightsMore...

Event cancellations, train tickets, parking tickets, general help and support - More...

 

Scams & Fraud

There is increasing evidence of criminals exploiting the coronavirus for their own gain. Scammers are particularly targeting the elderly and vulnerable. More...

 

Your Health

NHS Coronavirus Advice - More... 

Mental Health

The coronavirus outbreak has been very stressful for many people; for many different reasons. If you’re feeling particularly worried or anxious, there are a number of organisations to help - Samaritans (24/7) or MIND are there to chat.

 

Updated 21.4.2020.

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