Self-employed Individuals, what help is available to you through this uncertain period of Covid19
We know queue times are ridiculous so in an attempt to save you some time calling around everywhere, we will try to summarise any options and provide direct links to how to reduce any current liabilities and obtain the most short-term funding and support that you can to help you navigate this tough period.
Most banks, companies and finance providers have been swift to take Immediate action and offer the suspension of late payment fees, interest, enabling weekly or daily payments, offering for direct debits can be cancelled with no fees and held with some companies for a minimum of 30 days and for others much longer.
Some finance providers, for example Hitachi Capital are providing immediate 30 day payment holidays for any payments due, others e.g V12 finance will provide up to 3 months on submission of the impact on you from the Covid19 pandemic.
Barclaycard have an excellent call direction which explains that whilst they are not offering payment holidays they are offering a waiver on interest on cash advance transactions between March 19 and 20th June, they will take care of these as long as you are up to date on payments and can make the payment within 14 days of its due date (this will also not effect your credit file).
Virgin money have a dedicated page where you can apply for up to 3 months payment holidays. Interest if due on your account will still accrue.
Residential mortgage payments have been suspended from most banks and you are advised to immediately contact your landlord to see if this has been passed back to them if you’re renting.
It is worth asking your employer to advance any payments and many will no doubt try to where possible.
There are many hardship grants being announced by local charities and foundations, reach out to these. Religious groups are specifically offering hardship loans and access , details here;
• Apply to our Hardship Relief Fund for essentials such as food, clothing and small debts: https://www.nzf.org.uk/News/ViewArticle/4253 • Apply to our Housing Fund for help with rent or council tax arrears: https://www.nzf.org.uk/News/ViewArticle/4255 Our experienced Grant Officers are on on-hand to support you.
We will update these posts with new facilities as we come across these to provide you with access to as much support as possible.
To stay hopeful is key - remember through the darkest times came the greatest innovation. When the University of Cambridge temporarily closed due to an outbreak of the plague in 1665, Issac Newton had to work from home. He used the time to develop calculus and the theory of gravity.
It’s a great time to look online, think of what people need most and explore ways to either help others or take some forced time-out. Forced time out often leads to great new ideas so use this time wisely, take it as preciously needed for you and for us all.
Sir Issac Newton