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Many of you will be wondering, and probably worried, about how your credit score is going to be impacted by the coronavirus crisis. Mortgage lenders have already agreed to allow 3-month payment holidays with no negative credit file implications, but what about all of the other lenders? And what do you need to do?
The outbreak of Coronavirus brings a lot of uncertainty and the news of the pandemic can be overwhelming and it can take its toll on your mental health and wellbeing. So, what are the best ways to protect your mental health?
During this difficult time, and with many people facing the prospect of reduced income, it’s good to know that mortgage lenders are now offering a 3-month payment holiday, as a temporary measure to help people affected by the coronavirus crisis.
We have seen an increase in the number of self-employed workers and business owners contacting us because they have been affected by the coronavirus COVID-19 pandemic and aren’t entitled to the support already laid out by the government – namely SSP and the job retention scheme.
A big worry for people at the moment is how to pay their bills. Many people will experience a drop in income during this crisis and our main advice when that happens will always be, make sure you pay your essential (priority) bills first. However, in this pandemic, that may not be possible because it there simply might not be enough money.
The Financial Conduct Authority, which regulates financial services, has recently published an insight into the ‘journey into financial distress’ and what people who experience financial distress have in common.
Guarantor loans are becoming increasingly popular with people who have a poor credit rating and may need the help of a friend or family member to borrow funds. The way this works, is that the person borrowing the money asks someone to guarantee the loan so that if they can’t pay it
Scams are one of the most common types of crime in the UK, and unfortunately the Coronavirus crisis is giving the fraudsters the perfect environment to thrive.