Financial Advice For Those Suffering Due To The Coronavirus Lockdown

A lot of people are experiencing financial concerns because of the coronavirus. Jobs have been lost, work orders are low, and the uncertainty is causing great worry. You’d be hard-pressed to find someone who isn’t concerned. However, rather than worrying about things that are out of your hands, the best thing to do is gain control of things that are. With that being said, read on to discover some key pieces of advice and steps to follow if you are concerned about the coronavirus. 

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Understand what help is available to you, and when it will be available – The government have announced a number of measures that are available to help people. Unfortunately, there are some segments of the workforce that aren’t going to be eligible for any assistance. For example, if you are self-employed, and you’ve not yet filed a tax return, it’s unlikely that you’ll be able to get any significant help. You should be able to apply for universal credit, which we will explain more about in the next segment, yet in terms of getting a percentage fo your earnings, this, unfortunately, won’t be possible. It’s advisable to head to the government website and to figure out more about the different options available. 

Apply for universal credit as soon as possible – If you’re out of work, there is a very high chance you will be entitled to universal credit. While this includes a standard sick pay amount, you may also get help with your housing costs as well if you rent a property. What a lot of people don’t realise is that you can get an advance. Your advance will typically cover your rent (or most of it) and some funds for food and essentials. You will then cover this with future universal credit payments. So, if you’re in need of some urgent cash, this is a good place to start. Of course, there are payday loans and other options available should you need money soon, but do consider these with extreme caution. 

Ring up all of your providers – Last but not least, you need to contact all of your providers. This includes everything from credit card companies and loan providers to your energy providers and TV company. Yes, you may spend a lot of time on hold, but it will be worth it! A lot of companies really are trying to help people. Sky Sports are allowing people to pause their payments, meaning you still get access to sports channels yet you don’t have to pay at the moment. A lot of loan providers are offering repayment holidays. You may want to check each company’s website first before calling, as some have set-up online forms to make the process quicker and easier.

Hopefully, you now feel more prepared when it comes to tackling the financial uncertainty that has been caused due to the coronavirus. We know that a lot of people are struggling right now and it is a difficult time for everyone, so we hope that these tips will have helped you, even if just a little bit.

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Cascade of Colour is a UK Male Lifestyle blog delving in to the world of Mens Fashion and Grooming, Food, Music, Design, Tech and Travel. Want to get in touch? Drop me an email at cascadeofcolour@gmail.com

One thought on “Financial Advice For Those Suffering Due To The Coronavirus Lockdown

  1. With the coronavirus pandemic causing many workers to lose hours, it s more important than ever to know what financial options you have. Banks including Capital One, Chase, Citi and Wells Fargo are encouraging their customers facing economic hardship to contact them to see what they can work out. Credit unions are also offe 00006000 ring assistance and loan help. Additionally, you may be able to sign up for a hardship plan, which could mean lower interest rates or smaller fees and penalties for a time.

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