Day off: “I can’t afford to lose my job”

After working full time for the past 27 years, the layoffs were a shock.
He was first taken out, after which he was told that his last job at the garden center and restaurant was no longer available.
I am very worried. “I can’t lose my job. “”
Her determination to return to work meant spending as much time as possible applying for jobs and sending letters to employers.

Instead, he has to spend hours on the phone arranging a hold or “interruption” of payments on his Barclaycard credit card.
Paying £ 200 a month is his only debt, he said, but it took many disappointing calls to set up a gap in pay while he was looking for work.
“I was mad at them but they have been very good the last few days – they froze the account and made sure I was okay,” he said.

Coast Guard
With 85% of adults in the UK having at least one loan, paid holidays are an important protection for people whose finances have been hit hard by the coronavirus crisis.
A sudden drop in income while at work or after a layoff has an immediate and unexpected impact on their ability to pay bills.
According to UK Finance, which represents banks and other lenders, around 2.5 million people have taken mortgage leave since the pandemic began. There are still about 162,000 mortgage deferrals.
On top of that there are two million deferred credit card payments and personal loans. There are still 97,300 credit card agreements and 64,400 for personal loans.
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The city’s regulatory agency, the Financial Conduct Authority (FCA), expects large numbers of people to continue to need help.
His research shows that 12 million people in the UK are experiencing financial losses – meaning they are struggling to pay bills or pay back loans.
Approximately 31% of respondents saw a decrease in income after the pandemic outbreak, with households typically accounting for a quarter of income.
Those of black color and ethnic minorities were more likely to be affected, 37% receiving income.
People between the ages of 25 and 34 are more likely to change jobs because of the pandemic.

The paid vacation proved to be a savior for Garrett, whose finances would be “screwed up” without him. A month before the castle, she and her fiancé bought their “home for life.”
“Our household income fell by 85% overnight, and without our mortgage payments and using our marriage savings, we would not be able to pay our bills or our meals. Everything was very tight,” he said.
Coronavirus is holding back plans to get married next year. Now they are pregnant too.
“We managed to pay off our installments after three months of vacation. It’s good that we’re fine, we’re still busy and we still have a house. But our life has changed, ”he said.
“The house we bought needed work, we didn’t have a functioning bathroom. It was tiring and tiring, but we were able to survive.”
Not everyone gets the same life line as him.

More than 30% of those surveyed by Turn2Us, a charity that helps people experiencing financial hardship, said they were unaware of the salary disruption. A similar section says that late payment of rent or mortgage is not available to them.
For those left with little room to breathe the bill, the holidays will change from late October.
The current holiday – usually three months – lasts until its expiration date. All new holiday payments agreed from the end of October may be subject to additional conditions.
It is important that the late repayment of the loan is recorded in the borrower’s loan records.
This could affect their ability to borrow money in the future – not only for large loans such as a mortgage, but also for loan agreements such as cell phone contracts.
What help is there?
Creditors and utilities emphasize that support continues to be available while regulators have established rules and guidelines to ensure people are treated fairly. They include:
Mortgages: Businesses need to reach those who are still struggling to pay and offer to help meet their needs. This can be a short term paid vacation or a long term payment plan. You need to identify the vulnerable and help them find free, independent debt counseling. Withdrawal hearings could resume in early November, but not for those detained. Regulators say this is a last resort
Loans and Short Term Loans: As with mortgages, lenders need to be flexible in ensuring they support people who are having problems and identify those at risk. Those who have been included in the payment plan should not see their debt grow out of control. Therefore, interest, fees, and charges should be reduced if necessary
Rent: As during a blockade, tenants who are struggling to pay their rent will need to talk to their landlord to come up with a payment plan. However, the eviction cases will be retried in court (with some caveats) and people should not be asked to leave at Christmas. Bailiffs are not allowed to enter the houses in the Level 2 and 3 areas
Energy costs: Prepaid metered users who are unable to charge will find it helpful, most likely because they are self-isolating and unable to reach stores. A “realistic and sustainable repayment plan” is offered to any gas and electricity customer who has difficulty paying. So far, the agreement has been voluntary with the supplier, but will be required by law from December 15.
Insurance: Customers who have paid for vacations or are experiencing financial problems can reassess policy risks for cheaper or longer payment periods or reduced or cancellation of fees if they contact their insurance company instead of their insurance company
Car Financing: Lenders are urged to offer assistance in relation to the coronavirus situation. Depending on your circumstances, it is possible that you will negotiate a lower payment or that you will be charged less interest. If there are no realistic repayment options, the lender can return the car
Council Tax: The Council has a Hardship Fund designed to reduce payments for those who find it difficult to pay.
Citizens Advice is concerned that new, stricter restrictions in parts of the UK, including different systems in the UK, will leave people vulnerable.
“When I worry about a perfect storm where people who are already struggling to survive financially will really suffer,”
During the holidays, your small room can breathe financially and spiritually.
“My father tries to support me, but his health is fragile, so I’m worried about him,” she said.
Like many families, their physical and financial health can be a problem for a while.

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