MSE News
Coronavirus Finance & Bills Help
Help if you're struggling to pay mortgages & other debts, plus rental help, energy top-ups & more
The coronavirus pandemic has fundamentally changed the way we live. While the primary concern is health, our financial wellbeing is also important. Many are worrying about paying their mortgage or rent, to say nothing of trying to keep up with payments towards other debts and bills. This guide runs through what help's available.
Important: If you've a question that isn't covered below or in the other guides, please email it to us (we can't respond individually but we'll try to add answers in these guides).
Looking for other help? This guide has info about how coronavirus might affect your finances. We also have...
- Coronavirus travel rights for the latest on holidays and refunds.
- Coronavirus employees' help for furlough scheme info.
- Coronavirus self-employed & limited co help for SEISS grant info.
- Coronavirus universal credit & benefits for benefits updates.
- Coronavirus life in lockdown for the latest on supermarkets, MOTs etc.
In this guide
- Help if struggling with debts, incl payment holiday help
- Help if you can't pay your mortgage
- Help with credit card & loan repayments
- Help with buy now, pay later and rent-to-own payments
- Help with payday loans
- Help if you can't pay car finance payments
- Limited help's still available on overdrafts
- Help with pay-monthly insurance premiums
- Help if you can't make IVA/trust deed payments
- A note on savings
The entire financial landscape has shifted due to the coronavirus. We saw the Bank of England undertake economic shock therapy and reduce the UK base rate twice in just over a week in March. And we saw lenders scrambling to help customers who'd lost their income, offering payment holidays on loans, mortgages and credit cards, plus widespread help for those overdrawn.
It was economic shock therapy that was needed. Many people were worried about how they would be able to afford to pay their bills, or just afford to live. But the main broad-brush payment holiday help schemes are now more limited, and those who have had payment holidays are being moved on to "tailored" help.
We've split this guide into two main parts:
- Help with credit products – this covers products such as mortgages, credit cards, loans, overdrafts and car finance, as what's available for them is similar, despite the differences in the way these products work. The help's the same because they're all regulated by one body, the Financial Conduct Authority, which has set guidance for firms on what help they should offer.
- Help with other household bills – here the help is much more dependent on what the bill is, and what the various regulators involved have asked firms to do.
We hope this is helpful, but let us know if you think we've missed something.
What help's available if I'm struggling to pay my mortgage, credit card, loan, insurance or other debts?
Regulator the Financial Conduct Authority (FCA) has set out a series of rules for lenders to follow to help customers who are still struggling to make repayments.
Most will be able to take six months of payment holidays with few questions asked. However, once their payment holidays end, if they're still in difficulties, the lender needs to offer tailored support based on their customers' individual circumstances.
While the support available will mean similar things across a broad range of products, there are a few nuances depending on which product you need help with. Scroll down, or use these links to skip to relevant sections:
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Help if you're struggling with mortgage repayments
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If you're struggling with your mortgage due to coronavirus, here's what help's available from your bank or building society:
- Borrowers who've not yet had a payment holiday will be able to request one up until 31 March 2021. The FCA chose the March date to align payment holiday help with other coronavirus help measures, such as furlough. Generally, you'll be given a three-month payment holiday when you first apply, though you'll be able to resume payments earlier if you don't need that long.
- Borrowers who've already had or are on a payment holiday will be able to 'top-up' to a total of six months of payment holidays. In general, payment holidays are given in three-month tranches, so for most people, you'll get an initial three-month payment holiday, and then another three months (whether or not these are taken together).
Yet, if up to now you've only had, say, a two-month payment holiday, you'd be entitled to another four months to top up to the six-month limit (though the lender has to give a maximum of three months at a time, so you may need to take the three months, then ask for an extension for the final month).
- If you're on your first payment holiday and it ends after 31 March 2021, you'll be able to extend it. While 31 March is the deadline to apply for new payment holidays, if you're still on your first and it takes you past the deadline, you'll be able to extend it. However, all payment deferrals need to end by 31 July 2021, so if you get in to financial trouble in the new year and want to benefit from the full six months of payment holidays, you'd need to apply for your first payment holiday before your February mortgage payment is due.
- You'll still be charged interest during the payment holiday. This means you'll likely end up paying more overall. So it's best to do this only if you need to – if you can pay, it's best to keep doing so.
- You can take partial payment holidays if you can pay something towards your mortgage. This is better than a full payment holiday if you can make the payment, as less interest will rack up. Again, the deadline to apply for a partial payment holiday is 31 March 2021.
- Borrowers who've already had six months of payment holidays and still need help will be offered 'tailored support'. Your lender should contact you to discuss this. Read more about the tailored help you could be offered.
- Your first six months of payment holidays WON'T be reported as missed payments on your credit file, but lenders can still find out about them. Usually if you miss a payment, the lender reports that to credit reference agencies. If you then apply for credit, other lenders will be able to see the missed payment. Yet, when you agree a payment holiday with your lender, it's reported as if the payment has been made (assuming you weren't in arrears before the payment holiday.
But it's worth knowing that even if it's not on your credit file, lenders can still find out about the payment holiday in other ways - for example, they can see your mortgage balance isn't going down - and can use that information to help their decision when you next apply for credit.
- Your lender won't be able to repossess your home for non-payment until at least 1 April. The only exceptions are if your home is already empty or if you agree to the repossession. Lenders can apply for possession orders and hearings before that date, they just won't be able to enforce any order made.
If you're struggling to make mortgage payments and need help, check what your lender's doing.
Should I take a mortgage payment holiday?
Up to six months without paying your mortgage sounds like a no-brainer. Yet these are actually far from it. Martin has a simple rule for payment holidays...
'If you NEED one, take it, but ONLY take it if you need it'
That's because, while a payment holiday is a good financial break and, if you're struggling with other bills, it's better than missing payments without an agreement, there are some real consequences to it:
- Interest racks up. Interest isn't frozen, so it still racks up over the period. Normally you make repayments that lower the amount owed and reduce the interest, yet the fact you're not paying while the interest still accrues means it will cost you more.
- It may affect your ability to get future credit. When the coronavirus payment holidays were first launched, the FCA and Chancellor were keen to note that it wouldn't go on your credit file, nor impact your future chances of getting credit.
Yet while it still isn't reported on your credit files, as Martin revealed in mid-May, lenders can negatively assess you if you've had a payment holiday. They can find out if you've taken one via application forms, Open Banking or just from looking at your payment history.
For more on Martin's view on this question, see his Should you take a payment holiday? blog.
How do I apply for a mortgage payment holiday?
If you've decided that a payment holiday is the right solution for you, it's usually best to apply online if your lender allows it. Of the 13 big lenders we checked, all have online application portals:
Bank of Scotland | Barclays | Coventry Building Soc | Halifax | HSBC | Lloyds | Nationwide | NatWest | RBS | Santander | TSB | Virgin Money | Yorkshire Building Soc
If your lender isn't listed, just head to its website, and follow the links to its coronavirus help.
If you're already on a payment holiday, the bank or building society will usually contact you before that payment holiday comes to an end to ask what you want to do, so you won't usually need to fill in the forms above.
Quick questions
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If you've already taken six months of payment holidays on your mortgage, then you'll be moved on to 'tailored support measures'. However, what that means for you will depend on your financial circumstances. How settled your finances are will also have an impact.
The following are some of the help measures you may be offered, though lenders are free to offer other solutions if something else works better for your particular circumstances:
- A (further) payment deferral. This is likely to be a short-term measure only, and may be offered if your circumstances are still changing, and you're not able to commit to a longer-term measure such as changing your mortgage type or length.
- A (further) period of reduced payments. If you can pay something towards your mortgage, but can't make the full contractual repayment, your lender may agree to you making reduced payments. Again, this measure is likely to be for the short-term only.
- An extension to your mortgage term. This is essentially like a remortgage, and means you'll pay less each month (but as you're borrowing over a longer period, you'll pay more overall).
- A change to your mortgage type. For example, this could be switching you to an interest-only mortgage or changing to a product with a different interest rate.
Tailored support WILL go on your credit report
The FCA says mortgage lenders SHOULD report any further 'forbearance' (ie, the financial support they provide, such as extra payment deferrals) after you've had six months of payment holidays to credit reference agencies. Your lender should let you know if the support it's offering you would have an impact on your credit report (see how to check your credit reports for free).
Quick questions
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- Borrowers who've not yet had a payment holiday will be able to request one up until 31 March 2021. The FCA chose the March date to align payment holiday help with other coronavirus help measures, such as furlough. Generally, you'll be given a three-month payment holiday when you first apply, though you'll be able to resume payments earlier if you don't need that long.
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Help if you're struggling with credit card debt or loan repayments
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At the height of lockdown, more than 1.7 million loans, credit cards and store cards were on payment holidays. And, while that number's now less than 80,000, that means that many are still in need of help.
The regulator, the Financial Conduct Authority, has confirmed help will be available until 31 March 2021 to people credit cards and loans (and this includes store cards, catalogue credit, guarantor loans, logbook loans, credit union loans, home-collected credit and community development finance institution loans). Plus, if your debt has been sold on to a debt collection firm from one of these lenders, they'll also have to give you the option.
Here's what help's available if your finances have been affected by coronavirus and you're struggling to pay your debts:
- Borrowers who've not yet had a payment holiday will be able to request one up until 31 March 2021. The FCA chose the March date to align payment holiday help with other coronavirus help measures, such as furlough. Generally, you'll be given a three-month payment holiday when you first apply, though you'll be able to resume payments earlier if you don't need that long.
- Borrowers who've already had or are on a payment holiday will be able to 'top-up' to a total of six months of payment holidays. In general, payment holidays are given in three-month tranches, so for most people, you'll get an initial three-month payment holiday, and then another three months (whether or not these are taken together).
Yet, if up to now you've only had, say, a two-month payment holiday, you'd be entitled to another four months to top up to the six-month limit (though the lender has to give a maximum of three months at a time, so you may need to take the three months, then ask for an extension for the final month).
- You'll still be charged interest during the payment holiday. This means you'll likely end up paying slightly more overall. So it's best to do this only if you need to – if you can pay, it's best to keep doing so.
- You can arrange with your lender to take partial payment holidays. If you can make some payments towards your loan repayment or minimum payment on your card, but can't pay the whole amount, you'll be able to come to an agreement with your lender to do so. This is better than a full payment holiday as less interest will accrue.
- Borrowers who've already had a six-month payment holiday and still need help will be offered 'tailored support'. Your lender should contact you to discuss this. Read more about the tailored help you could be offered.
- Your first six months of payment holidays WON'T be reported as missed payments on your credit file, but lenders can still find out about them. Usually if you miss a payment, the lender reports that to credit reference agencies. If you then apply for credit, other lenders will be able to see the missed payment. Yet, when you agree a payment holiday with your lender, it's reported as if the payment has been made (assuming you weren't in arrears before the payment holiday.
But, it's worth knowing that even if it's not on your credit file, lenders can still find out about the payment holiday in other ways - for example, they can see your mortgage balance isn't going down - and can use that information to help their decision when you next apply for credit.
Here's the help currently being offered by 12 big banks and card providers:
Bank Accepting loan payment holiday applications? Accepting credit card payment holidays applications? Bank of Scotland Yes, apply online Yes, apply online Barclaycard N/A Yes, apply online Barclays Yes, apply online N/A Halifax Yes, apply online Yes, apply online HSBC Yes, apply online Yes, apply online Lloyds Yes, apply online Yes, apply online MBNA Yes, apply online Yes, apply online Nationwide Yes, apply online Yes, apply online NatWest Yes, apply online Yes, apply online RBS Yes, apply online Yes, apply online Santander Yes, apply online Yes, apply online TSB Yes, apply online Yes, apply online Virgin Money No online portal, apply by phone Yes, apply online If you're already on a payment holiday, the bank or building society will usually contact you before that payment holiday comes to an end to ask what you want to do, so you won't usually need to fill in the forms above.
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If you've had six months of loan or credit card payment holidays and are still struggling (or you had a payment holiday earlier in the summer, then resumed repayments and are now struggling again), your lender will need to provide tailored help. As it'll be based on your circumstances, there are no set solutions. But, you may be offered one or more of the bits of help below:
- A (further) payment deferral. This is likely to be a short-term measure only, and may be offered if your circumstances are still changing, and you're not able to commit to a longer-term measure such as setting up a repayment plan.
- A (further) period of reduced payments. If you can pay something towards your card debt but can't make the full minimum contractual repayment, your lender may agree to you making reduced payments. Again, this measure is likely to be short-term only.
- Waiving or reducing interest. If you can't meet your payments, the lender needs to make sure the amount you owe isn't rising out of control, so it may need to cut or waive the interest it's charging you.
- Agreeing a repayment plan. This is where your lender works with you to set up a plan that doesn't meet contractual repayments, but allows you to pay off the debt in a reasonable amount of time.
- Refinancing your credit agreement. This might mean, for example if you have a credit card, you convert the debt to a loan with a lower rate of interest and agree to pay set monthly installments over a longer period. This will only be offered where the lender offers personal loans as well as credit cards, and where it's likely to be affordable, and your finances are settled enough to commit to a new agreement.
Tailored support WILL go on your credit report
The FCA says lenders SHOULD report the help they're giving you after you've had six months of payment holidays to credit reference agencies. Lenders will need to let you know if the support they're offering would have an impact on your credit report (see how to check your credit reports for free).
Quick questions
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- Borrowers who've not yet had a payment holiday will be able to request one up until 31 March 2021. The FCA chose the March date to align payment holiday help with other coronavirus help measures, such as furlough. Generally, you'll be given a three-month payment holiday when you first apply, though you'll be able to resume payments earlier if you don't need that long.
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Help if you're struggling to pay your rent-to-own, pawnbroker or buy now, pay later loan
The Financial Conduct Authority has also extended help available for people with pawnbroker loans, rent-to-own goods and buy now, pay later loans (as well as those people whose debts have been sold on to a debt collection firm from one of these lenders).
Lenders in these three areas must give three-month payment holidays or partial payment holidays (where you pay some of what you owe but not the whole amount) to customers who are struggling due to coronavirus who haven't yet had a payment holiday, or who have previously had a payment holiday but haven't yet had six months' worth.
How exactly the payment holiday works depends on what type of product you have...
- Buy now, pay later. You can ask for a payment holiday or partial payment holiday of up to three months and you'll have until 31 March 2021 to do so. If you get a payment holiday, and you're in a promotional period – say an initial 0% interest deal – this should be extended by the length of the payment holiday. However, if you are paying interest, this will continue to accrue during the payment holiday and will be added to what you owe once you start paying again.
Buy now, pay later covers in-store credit or catalogue credit where you get an interest-free or low-interest period at the start, often for a year, where you may not need to make any payments. After the initial period, you'll need to make monthly payments, and you may start being charged interest at this point. Buy-now-pay-later firms include Hitachi Capital and Consumer Credit Solutions, though the finance is arranged in store or online.
Many people have asked us if Swedish bank Klarna and its buy-now-pay-later service is included in this. Officially it isn't, as most of its very-short term finance deals aren't regulated in the same way. But when we asked Klarna, it said it was helping customers who were struggling to pay, and one option to help included payment holidays. If you're having difficulties with repayments, get in touch with its customer service team.
- Rent-to-own customers. Again, you can ask for a payment holiday or partial payment holiday of up to three months, and you'll have until 31 March to ask. If you need to keep using the goods, eg, fridge or washing machine, firms won't be able to repossess them due to non-payment till at least February, either (and shouldn't repossess them after if you're on a payment holiday). However, interest will continue to rack up during the holiday so only consider this if you really need it.
Rent-to-own stores, such as PerfectHome and the in-administration BrightHouse, let you take white goods and other household appliances home in return for weekly or monthly payments to 'rent' the item. Usually you'll be able to buy the item if you want to, during the contract or at the end, though you can return it at the end if you no longer need it or want to upgrade.
Rent-to-own stores won't be able to charge customers any additional fees if social-distancing measures mean goods can't be collected or repossessed, whether that's because the store is shut, or the firm's agents can't get to you to take the goods back.
- Pawnbroking customers. You'll be able to ask for a payment holiday or partial payment holiday of up to three months here too (again until 31 March). You'll continue to accrue interest during the payment holiday.
Your redemption period would also be extended for the same amount of time as the payment holiday. If your redemption period has already ended, the pawnbroker shouldn't serve notice to sell the item during the three months. If it's already told you it plans to sell your item, it should pause the sale.
Pawnbroking firms also won't be able to charge customers additional fees if social-distancing measures mean items can't be redeemed, collected or repossessed, whether that's because the store is shut or if the customer can't get to it, for example if they're self-isolating or shielding.
If you've had six months of payment holidays on your rent-to-own, pawnbroker or buy now, pay later loan and are still struggling (or you had a payment holiday earlier in the summer, then resumed repayments and are now struggling again), your lender will need to provide tailored help. As it'll be based on your circumstances, there are no set solutions. But, you may be offered one or more of the bits of help below:
- A (further) payment deferral. This is likely to be a short-term measure only, and may be offered if your circumstances are still changing, and you're not able to commit to a longer-term measure such as setting up a repayment plan.
- A (further) period of reduced payments. If you can pay something towards your loan but can't make the full contractual repayment, your lender may agree to you making reduced payments. Again, this measure is likely to be short-term only.
- Waiving or reducing interest. If you can't meet your payments, the lender needs to make sure the amount you owe isn't rising out of control, so it may need to cut or waive the interest it's charging you.
- Agreeing a repayment plan. This is where your lender works with you to set up a plan that doesn't meet contractual repayments, but allows you to pay off the debt in a reasonable amount of time.
- Refinancing your credit agreement. This might mean, for example if you have a loan, that you agree to pay it back over a longer period, thus reducing the monthly payment you need to make (but as you're borrowing over a longer period, you'll pay more overall). This will only be offered where it's likely to be affordable, and your finances are settled enough to commit to a new agreement.
However, the FCA says lenders SHOULD report any additional help they give you after you've had six months of payment holidays to credit reference agencies. Lenders will need to let you know if the support they're offering would have an impact on your credit report (see how to check your credit reports for free).
Quick questions
- Buy now, pay later. You can ask for a payment holiday or partial payment holiday of up to three months and you'll have until 31 March 2021 to do so. If you get a payment holiday, and you're in a promotional period – say an initial 0% interest deal – this should be extended by the length of the payment holiday. However, if you are paying interest, this will continue to accrue during the payment holiday and will be added to what you owe once you start paying again.
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Help if you're struggling with payday loans
Payday loans are treated slightly differently to other credit. Here, only a one month payment holiday is allowed, and it's the only payment holiday where lenders have to cancel interest during the payment holiday.
If you've not yet had a payment holiday on your payday loan...
If you're struggling due to the effects of coronavirus on your income, and you can't meet payments on your payday loan, you can apply for a payment holiday any time before 31 March 2021. Go to your lender's website and use the contact details there to apply (you may need to call the lender).
The payment holiday will last for one month, and can't be extended. Plus, while you're on the payment holiday, the lender can't charge interest.
However, no extensions are allowed. So, if you're still in difficulties when your payment holiday comes to an end, read on.
If you've already had a payment holiday on your payday loan...
If you still have problems paying after the payment holiday ends, your lender still needs to help you. This could include:
- The lender accepting token payments, eg £1, until you can resume normal repayments
- Agreeing a repayment plan so the debt's paid off over several months
- Waiving or lowering interest rate charges
So, if you can't pay your payday loan - whether it's a new problem or a continuation of previous difficulties - talk to your lender to see which of the solutions works best for you and for it.
For more information, have a read of our payday loans guide, which has help on steps you can take to get out of payday loan debt. It's also worth checking if your payday loan was mis-sold and whether you can reclaim.
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Help if you're struggling with car finance payments
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If you're struggling with a car, van or motorbike finance plan due to coronavirus, you can ask your lender for help.
Regulator the Financial Conduct Authority confirmed an extension of its payment holiday guidance, which is designed to help those who have been financially affected by coronavirus. Your lender needs to help you in the following ways:
- Borrowers who've not yet had a payment holiday will be able to request one up until 31 March 2021. The FCA chose the March date to align payment holiday help with other coronavirus help measures, such as furlough. Generally, you'll be given a three-month payment holiday when you first apply, though you'll be able to resume payments earlier if you don't need that long.
- Borrowers who've already had or are on a payment holiday will be able to 'top-up' to a total of six months of payment holidays. In general, payment holidays are given in three-month tranches, so for most people, you'll get an initial three-month payment holiday, and then another three months (whether or not these are taken together).
Yet, if up to now you've only had, say, a two-month payment holiday, you'd be entitled to another four months to top up to the six-month limit (though the lender has to give a maximum of three months at a time, so you may need to take the three months, then ask for an extension for the final month).
- If you're on your first payment holiday and it ends after 31 March 2021, you'll be able to extend it. While 31 March is the deadline to apply for new payment holidays, if you're still on your first and it takes you past the deadline, you'll be able to extend it. However, all payment deferrals need to end by 31 July 2021, so if you get in to financial trouble in the new year and want to benefit from the full six months of payment holidays, you'd need to apply for your first payment holiday before your February car finance payment is due.
- You'll still be charged interest during the payment holiday. This means you'll likely end up paying slightly more overall. So it's best to do this only if you need to – if you can pay, it's best to keep doing so.
- You can take partial payment holidays if you can pay something. This is better than a full payment holiday if you can make the payment, as less interest will rack up. Again, the deadline to apply for a partial payment holiday is 31 March 2021.
- Borrowers who've already had six months of payment holidays on their car finance and still need help will be offered 'tailored support'. Your lender should contact you to discuss this. Read more about the tailored help you could be offered.
- Your first six months of payment holidays WON'T be reported as missed payments on your credit file, but lenders can still find out about them. Usually if you miss a payment, the lender reports that to credit reference agencies. If you then apply for credit, other lenders will be able to see the missed payment. Yet, when you agree a payment holiday with your lender, it's reported as if the payment has been made (assuming you weren't in arrears before the payment holiday.
But, it's worth knowing that even if it's not on your credit file, lenders can still find out about the payment holiday in other ways - for example, they can see your car loan balance isn't going down - and can use that information to help their decision when you next apply for credit.
- Your lender won't be able to repossess your car for non-payment until after 31 January 2021. After this, it also shouldn't repossess it if you're on a payment holiday. The only real exception is if you agree to the repossession, or your car's depreciating so rapidly and you've no real prospect of repaying. Your lender would still need to go through the proper legal processes to get the repossession order.
If you need help, go to your lender's website to see how it would like you to apply for the payment holiday - many allow you to do it online without speaking to anyone.
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If you've had six months of car finance payment holidays and are still struggling (or you had a payment holiday earlier in the summer, then resumed repayments and are now struggling again), your lender will need to provide tailored help. As it'll be based on your circumstances, there are no set solutions. But, you may be offered one or more of the bits of help below:
- A (further) payment deferral. This is likely to be a short-term measure only, and may be offered if your circumstances are still changing, and you're not able to commit to a longer-term measure such as setting up a repayment plan, or refinancing your car loan.
- A (further) period of reduced payments. If you can pay something towards your agreed payment on your car finance, but can't make the full contractual repayment, your lender may agree to you making reduced payments. Again, this measure is likely to be short term.
- Waiving or reducing interest. If you can't meet your payments on your car finance, the lender needs to make sure the amount you owe isn't rising out of control, so it may need to cut or waive interest.
- Agreeing a repayment plan. This is where your lender works with you to set up a plan that doesn't meet contractual repayments, but allows you to pay off the debt in a reasonable amount of time.
- Refinancing your car finance deal. This essentially means entering into a new agreement for the amount you owe, lowering the monthly payment but paying off the debt over a longer term.
It's complicated in some car finance deals, especially personal contract purchase deals, as if you have the car for a longer period, the 'guaranteed future value' (the balloon payment at the end) will change, as the car will be older. If this is the case, be careful and make sure the lender explains the implications of a new deal to you.
This will only be offered where it's likely to be affordable, and your finances are settled enough to commit to a new agreement.
Tailored support WILL go on your credit report
The FCA says mortgage lenders SHOULD report any further 'forbearance' (ie, the financial support they provide, such as extra payment deferrals) after you've had six months of payment holidays to credit reference agencies. Your lender should let you know if the support it's offering you would have an impact on your credit report (see how to check your credit reports for free).
Quick questions
- Borrowers who've not yet had a payment holiday will be able to request one up until 31 March 2021. The FCA chose the March date to align payment holiday help with other coronavirus help measures, such as furlough. Generally, you'll be given a three-month payment holiday when you first apply, though you'll be able to resume payments earlier if you don't need that long.
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Paying overdraft interest? If struggling, Lloyds, Halifax, Santander and Bank of Scotland are still offering a 3mth, up-to-£500 interest-free buffer
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During the initial wave of the pandemic, temporary rules were put in place by regulator the Financial Conduct Authority (FCA) to help those struggling with overdraft costs. This included lowering interest rates and/or offering up-to-£500 interest-free for three months (we say up-to-£500 as some have a lower overdraft limit).
Since October, though, the regulator no longer required banks to offer this blanket help. Yet, a few banks go over and above and still offer up-to-£500 interest free for three months to give respite against what are now standard 40%-ish interest rates.
If your bank's not in the table below, then it'll need to provide tailored support if you're struggling.
Bank Deadline to apply and help offered Lloyds Banking Group (incl Bank of Scotland, Halifax, Lloyds) Apply online until 31 January 2021 for a 3mth, up-to-£500 interest-free overdraft buffer
Santander Apply online until 4 May 2021 for an up-to-£500 interest-free overdraft buffer + reduced interest of 19.9% EAR on any amounts above £500 (standard interest is 39.9% EAR). Both the buffer and reduced interest last for three months. For further help and information, see our Cut overdraft costs guide, which includes info on how to get your overdraft to 0%.
Will getting help with my overdraft be shown on my credit report?
No, not specifically. With overdrafts, the amount you're using of the overdraft is shown on your credit report. However, there wouldn't be any changes as a result of part of (or all of) the overdraft becoming interest-free or the interest rate you pay changing.
Quick question
Bank not listed above? You'll need to ask your bank for 'tailored support'
This could include...
- Reducing or waiving overdraft interest
- Transferring the overdraft debt to a cheaper credit product, eg, a personal loan (usually the overdraft will be closed if you accept this solution so you don't end up running the overdraft debt back up)
- Agreeing to reduce the overdraft limit in stages as you pay the balance off
Will tailored overdraft help be shown on my credit report?
As we say above, the fact you're using your overdraft and how much you owe will be shown on your credit report. However, if the bank agrees to reduce or waive interest, for example, this wouldn't be shown on your credit report.
The only difference might come if you accept a loan to pay it off. In this case, the loan would be added as a new credit product in the loans section of your report and your bank account would then show with a balance of zero on your credit report as you're not borrowing anything - and this will be the case even if you're in credit. To check what's showing on your report, see how to check your credit reports for free.
For further help and information, see our Cut overdraft costs guide, which includes info on how to get your overdraft to 0%.
Quick questions
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Help if you're struggling to pay insurance premiums
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If you're struggling to pay your insurance premiums because your income's been affected by coronavirus, your insurer should help you. It should first review your policy to make sure it's suitable and as cheap as it can be. If that doesn't help, then it should work with you on a repayment plan that suits you both.
The measures below cover all types of general and protection insurance, which means it covers car, van and motorbike, home, travel, income protection, life and private medical insurance, as well as boiler cover and critical illness cover, to name just a few. It also covers premium credit providers – these are the companies that give you a 'loan' meaning you can pay monthly premiums rather than annual.
While any help you get will be based on your individual circumstances, measures your insurer might offer could include:
- Reviewing your policy. This is the first port of call, and insurers would look at whether you can drop extras you may not be using, such as key cover on car insurance. Insurers could also look at whether a cheaper policy with lower cover levels may be suitable.
- A (further) payment deferral. This is likely to be a short-term measure only, and may be offered if your circumstances are still changing, and you're not able to commit to a longer-term measure such as setting up a repayment plan.
- A (further) period of reduced payments. If you can pay something but can't make the full contractual repayment, your insurer or premium credit lender may agree to you making reduced payments. Again, this is likely to be short-term only.
- Waiving or reducing interest. If you can't meet your payments, the insurer or lender needs to make sure the amount you owe isn't rising out of control, so it may need to cut or waive the interest it's charging you.
- Agreeing a repayment plan. This is where your insurer or lender works with you to set up a plan that doesn't meet contractual repayments, but allows you to pay off the debt in a reasonable amount of time.
Tailored support WILL go on your credit report
The FCA's says insurers and lenders SHOULD report any further forbearance (such as extra payment deferrals) after 31 October to credit reference agencies. Lenders will need to let you know if the support they're offering you would have an impact on your credit report.
Quick coronavirus and insurance questions
- Reviewing your policy. This is the first port of call, and insurers would look at whether you can drop extras you may not be using, such as key cover on car insurance. Insurers could also look at whether a cheaper policy with lower cover levels may be suitable.
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Help if you're struggling to make payments on your IVA/trust deed
If you've got an IVA – a legally binding debt repayment plan – and need extra help, it used to be that your supervisor had to ask your creditors to approve changes such as a payment break or reduced payments. This is called a 'variation' and can be a slow process.
However, the coronavirus guidance has been designed to increase the flexibility of variations and gives situations where the IVA supervisor can provide more help immediately with no need for approval from creditors.
The rules allow:
- Your IVA supervisor to approve up to an extra six months of payment breaks. Initially the supervisor will grant three months, then can approve a further three-month break.
- Your supervisor to approve a reduction in your monthly payments by up to 50% (the standard variation is 15%).
- Your supervisor to apply "discretion" when considering whether redundancy payments in excess of six months' net take-home pay are required to be brought into the arrangement.
- Critical workers (as defined in the Government list) to be exempt from the rules around bonuses and overtime – usually these need to go towards the IVA if they're over 10% of take-home pay.
- That no attempt should be made to release equity during the pandemic unless the debtor wants this. Instead the supervisor has discretion to extend the IVA for 12 months. The old rules say if you are in the last year of your IVA and have a home with equity you may have to try to remortgage to pay some equity into your IVA.
If you take a payment break, the extra months will be added on to the end of your IVA term, so it may last longer than the standard five years. You have until 20 April 2021 to apply for a payment break or reduction on your IVA. So if you're meeting payments now but start to struggle further down the line, the option will still be around to help you.
We've more information on IVAs and how they work in our Debt Solutions guide.
More leeway on trust deeds in Scotland
If you live in Scotland, the nearest equivalent to an IVA is a 'trust deed'. These generally last four years, during which time you'll pay an agreed amount to your creditors with any debt remaining written off. When you have a trust deed, all of your assets are passed on to someone who will look after your financial affairs, called a trustee.
Accountant in Bankruptcy, the Scottish equivalent of the Insolvency Service, has released guidance with a couple of measures to help people with trust deeds during the coronavirus crisis. These are:
- Encouraging trustees to decide not to increase the length of a trust deed beyond four years if someone is unable to make payments due to Covid-19. Normally, the four years can be extended if you fail to meet your payment obligations.
- Allowing trustees to discharge you from your debts at the end of your trust deed, even if you haven't been able to meet your payments due to Covid-19. Normally, discharge can be refused if you haven't made your payments.
To get a trust deed, you'll need to find an insolvency practitioner (IP) to administer your debts. Any of the professional debt advice charities will be able to advise you on whether a trust deed is right for you, and how to find an IP.
Quick questions
- Your IVA supervisor to approve up to an extra six months of payment breaks. Initially the supervisor will grant three months, then can approve a further three-month break.
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A note on savings – should you get cash out?
The savings market has been thoroughly shaken up, with rates plummeting since the summer. But, if you need access to savings locked away in fixed-rate accounts or in Lifetime ISAs, or you've got a temporary high balance you can't currently spend, the banks and the Government have put in specific-coronavirus help for these situations:
- Banks will allow you to access existing fixed-rate savings. Normally if you've locked cash away in a fixed-rate savings account, you have to pay a penalty to get it out before the fixed term's up. Yet 10 banks (Bank of Scotland, Barclays, First Direct, Halifax, HSBC, Lloyds, Nationwide, NatWest, RBS and Santander) have told us they'll waive penalties for existing customers affected by the pandemic who need their savings to cover living costs.
It's worth noting though that with interest rates dropping, your money may well be locked away at a rate that's now impossible to get, so only do this if you really need to.
- Lifetime ISA withdrawal penalty dropped from 25% to 20%. In May, the Treasury announced that people would be able to withdraw their cash from Lifetime ISAs without having to pay the full withdrawal charge. Usually, you're charged 25% of the amount withdrawn if you take cash out before you're 60 for anything other than buying a property.
But that's now been cut to 20% for withdrawals made until 5 April 2021. This means LISA account holders will have to pay back any Government bonus they have received, but won't have to pay the additional withdrawal charge, which is equivalent to 6.25%. See our Lifetime ISA guide for full info on Lifetime ISAs and the penalty reduction.
- Temporarily high savings balances now protected for 12 months. The Financial Services Compensation Scheme (FSCS) usually protects savings deposits up to the value of £85,000 per person, per banking group. The protection means that if the bank goes bust, your savings are safe up to that limit.
However, temporary high balances up to £1 million are also covered for a period of six months, if the high balance came from a 'life event'. These could include selling your home, inheritances, redundancy, and insurance or compensation payouts.
In light of the coronavirus, and the difficulties people may have in spending these temporary high balances, the FSCS has extended this protection. Now any qualifying high balances deposited in an account between 6 August 2020 and 31 January 2021 have £1 million protected for a period of 12 months rather than six.
Any qualifying temporary high balances deposited on or after 1 February 2021 will have the usual six months' protection. Read more in Are your savings safe?.
Help if you're struggling to pay rent
Many rules have been changed to support those struggling to pay rent due to the coronavirus outbreak. No social renter should be evicted due to coronavirus, local government and housing associations have confirmed, and although private renters can still face eviction, extended notice periods have been put into place. Here's the key info, including extra financial help that's now available.
- Speak to your landlord as soon as possible to let them know your situation and work out a repayment plan.
While private landlords with a mortgage are usually eligible for a three-month buy-to-let mortgage payment holiday (and a further three-month extension if needed), this will only help if your landlord has a mortgage and uses your rent to pay it.
Many landlords just have one extra property, often inherited and mortgage-free, and use the income from rent for living expenses. In the current crisis, these landlords aren't eligible for any Government help (not even universal credit). So if your landlord's in this position, they may be struggling too.
When you talk to your landlord, be sensitive to their circumstances, and try to find a solution that suits you both.
- Check you're receiving all financial help you're entitled to, including universal credit.
The Government increased the housing allowance part of universal credit in April so that the local housing allowance would cover at least 30% of the lowest rents in your area, which may help you. See our Coronavirus Universal Credit & Benefits guide for more.
Tenants in Wales who are struggling to pay their rent arrears may also qualify for a new 1% APR loan over one to five years from the Welsh Government. The loan's paid directly to the landlord to cover the arrears, then you repay the government. You'll need to apply through a credit union – more information on the scheme, who's eligible and how to apply is on the Gov.wales website.
A similar scheme is available in Scotland, with the Tenant Hardship Loan Fund providing 0% loans to cover a maximum of nine months' rent, where tenants have fallen behind on payments due to coronavirus since 1 January 2020. This is then repaid over five years, with the first payment taken after six months. Applications can be made online via the above link.
If you rent privately in London, it's worth using the Mayor of London's property licensing checker to see if you're owed a refund of up to 12 month's rent, which could be due if your landlord doesn't have the right documentation. You'll still need to put in some legwork but it could be worth £1,000s. See our news story for full information.
Ban on rental evictions extended in England, Wales and Scotland – though there's a loophole if you've 6mths+ rent arrears in England
There's a strict process landlords need to follow to evict you. The first part is to serve you notice of eviction. In England, Wales and Scotland, they usually need to give you six months' notice, and 12 weeks' notice in Northern Ireland.
If you've not left after that time, they can then apply for an eviction notice. If, and only if, the court (or tribunal in Scotland) upholds the eviction can you be forced out. However, a ban stopping bailiffs from evicting anyone is in place until 31 March 2021 in Wales and Scotland, except for extreme cases such as anti-social behaviour. Similar rules apply in England until 21 February 2021, though there's an added loophole – the ban no longer protects tenants with an eviction order who owe more than six months' rent.
Here's what's happening with evictions in each UK nation, in terms of notice periods, when court eviction hearings are taking place and if a bailiff can force you out:
| Nation | Current notice landlords need to give (i) | The eviction notice has passed. Are courts hearing cases? | The court has issued an eviction notice, can I be evicted? |
| England | Six months (ii) | Yes | No, bailiffs are banned from evicting anyone until 21 Feb, except for anti-social cases or where the tenant owes more than six month's rent. |
| Wales | Six months (iii) | Yes | No, bailiffs are banned from evicting anyone until 31 Mar, except for anti-social cases. |
| Scotland | Six months (iv) | Yes | No, bailiffs are banned from evicting anyone until 31 Mar, except for anti-social cases. |
| Northern Ireland | 12 weeks | Yes | Yes |
(i) Applies to notices given up to 31 Mar 2021. (ii) Four weeks required if given for anti-social behaviour, or if you're more than six months behind on rent. (iii) Three months' notice needed if given for anti-social behaviour. Can be shorter if you're more than six months behind on rent. (iv) 28 days' notice needed if given for anti-social behaviour.
For more rental help, see our 50+ top tips for renters.
Quick questions
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What help's available if I'm struggling to pay for energy, broadband, water or other bills?
If your income's been affected by coronavirus, then it's likely you could struggle to pay bills as well as making repayments on your debts. We've rounded up the help available on the most common household bills below. Scroll down, or see the specific help available for:
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Help if you're struggling to pay gas & electric, incl prepaid meters
Energy suppliers are offering help to those who may struggle to pay bills as a result of the coronavirus pandemic – both prepay and credit meter customers.
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On a credit meter?
Most importantly, your supply won't be cut off – disconnections of standard credit meters have been completely suspended. What's more, all energy suppliers have agreed to provide support to anyone in financial distress, which can include debt repayments and bill payments being reassessed, reduced or paused.
Exactly what help suppliers will offer will depend on your individual circumstances. Click the link below to see what help your supplier's offering.
Plus, do a whole of market comparison via our Cheap Energy Club to see if you can get cheaper bills by switching – many can save over £200/year.
On a prepay meter?
Regulator Ofgem has written to all suppliers, saying it expects them to "take proactive measures to support prepayment meter customers, including customers in vulnerable circumstances".
Ultimately, suppliers will deal with issues on a case-by-case basis, so the best thing you can do if you have to self-isolate or are struggling to pay your bill due to coronavirus is to contact your provider as soon as you can. Click the link below to find out what help your supplier's offering.
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Help if you're struggling to pay your broadband bill, or you can't afford broadband at all and need it for home schooling
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With many of us working from home, broadband has become almost as important as electricity and water as a home service.
If you're struggling to pay your bill, a number of providers including BT, Sky and Vodafone have told us they'll help. All providers say that anyone who's struggling should contact them as soon as possible to discuss their options.
Ofcom, the broadband regulator, has told firms not to disconnect people who can't pay: "We expect providers to keep customers connected even where they are struggling to pay. We'll be asking them to suspend all disconnections, except those requested by the customer. We are in close contact with companies about what further support they can offer to customers in financial difficulties."
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If you don't have broadband and your child needs to get online for home schooling, you may be able to get additional mobile data
This scheme is open to children and young people in England who:
- don’t have access to a fixed broadband connection
- can't afford additional data to be able to access educational resources
- have access to a mobile device on EE, O2, Sky Mobile, Smarty, Tesco, Three or Virgin (see what each network is offering).
- can't currently attend their school and get education face-to-face.
However, you can't apply for the additional data, it needs to be done via the school or local authority. You'll need to give them the name of the mobile account holder, the mobile number and the network it's on. You can find more information on the scheme on Gov.uk.
If your child doesn't have a mobile, you may be able to get a 4G router through a similar scheme. Again, the school or local authority needs to apply for this.
What about elsewhere in the UK?
In Northern Ireland, kids may be able to get access to free wi-fi and mobile connectivity if they don't have their own tech. Contact your child’s school for more information.
The Welsh Government has committed up to £3 million to support "digitally excluded" children. Contact your child's school to find out what it's doing.
We’ve asked the Scottish Government what support is available for pupils in Scotland and will update this story when we hear back.
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Help if you're struggling to pay your council tax
The Local Government Association (which represents councils in England and Wales) has told us that all local authorities have help in place for people who are facing financial hardship as a result of coronavirus. COSLA, its Scottish equivalent, has told us that councils there are standing by to help too. If you're in Northern Ireland, see more on the council tax-equivalent domestic rates system in the questions below.
We contacted a selection of 20 councils across England, Wales and Scotland. All of those to reply said they were offering some sort of support, and that this would depend on people's circumstances. Help offered could include...
Payment holidays and payment plans
All but one of the councils we heard from were giving those struggling with their 2020/21 council tax the chance to put off paying some of their bill to a later date – though you'll need to ask for this.
Of those that may offer it, it's judged on a case-by-case basis and the deferral length varies, so there's no certainty. Some had pushed payments back a couple of months, others were more generous, offering a longer payment deferral. Do check with your council what it's offering.
While not all local authorities were offering a payment deferral, all we checked with were offering payment plans, where you could work out an affordable repayment schedule with the council.
Bill reductions if you're on universal credit, other benefits or a low income
Council tax reductions are long-standing discounts of up to 100% off bills for those on benefits or a low income. It doesn't matter if you own your own home or rent, or whether you're employed or not. All can apply. Yet what you get depends on:
- Where you live (each council runs its own scheme)
- Your circumstances (eg, income, number of children, benefits, residency status)
- Your income, including savings, pensions and your partner's income
- If children live with you
- If other adults live with you
Some councils may let you backdate the reduction, but by how many months varies by council so you'll need to check, though the sooner you do it, the sooner your bill will be reduced. On top of the discount, in England, you may also get an extra £150 off your bill backed by a £500 million Covid-19 hardship fund. Apply for a council tax reduction at Gov.uk.
Quick question
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Sadly there's no gold standard of help here, so what's available to you depends on where you live. For full details of what you can get, you'll need to contact your local authority – use the Gov.uk checker to find yours.
In addition, it's worth checking you're paying the right amount of council tax in the first place:
- Claim any council tax discounts you're entitled to – for example, people living alone, students and people with 'severe mental impairments' (or living with someone who has) can all get discounts.
- Also check your home's in the right council tax band (England and Scotland only).
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Help if you're struggling to pay water bills
![image of a water meter]()
Water companies in England and Wales have stepped up efforts to help customers who have lost their jobs or had their incomes cut due to the coronavirus pandemic. The companies are encouraging households with immediate or short-term issues paying their bills to get in contact as soon as possible so that they can receive help.
All water companies are halting debt collection visits. You may still get a call, but they won't be sending anyone round or applying for any new court orders during the current crisis.
The best thing to do if you need help is to contact your water company or check its website for an online form. All companies offer some kind of help, which may include:
- Offering payment breaks or payment holidays. Some providers can pause your payments for a time.
- Flexible payments. Some will reassess your current payment plan, and lower it while you're struggling.
- Social tariffs. These are special tariffs each firm offers to reduce or put a cap on what you pay.
- Help with arrears. Suppliers can wipe arrears if you can agree to make regular payments.
- Capped tariffs for those on water meters. Via a scheme known as WaterSure, providers offer capped tariffs if you get certain benefits and need to use a lot of water for medical reasons or because you have a certain number of school-age children.
- Pay directly from benefits. Your bill payment can be taken directly from your benefits.
- Charitable trusts. Some providers have charitable trusts that offer grants to struggling households.
We've rounded up the help providers have said they offer below – though what you’ll actually be offered if you’re struggling will depend on your circumstances.
Warning – watch out for coronavirus scams
Lowlife scammers are taking advantage of coronavirus to try to defraud people, especially the elderly and vulnerable.
Action Fraud identified thousands of reports of fraud relating to coronavirus, with victims' losses totalling more than £5 million. Many of these are online shopping scams where victims have tried to buy products such as protective face masks and hand sanitiser from fraudsters. There have also been over 4,400 reports of coronavirus-themed phishing emails designed to trick people into opening malicious attachments or revealing sensitive information.
A common tactic used by scammers is to send messages purporting to be from research groups linked with the Centres for Disease Control and Prevention in the US, or the World Health Organisation. Some claim to be able to provide a list of people infected with Covid-19, which links to a malicious website or asks the victim to make a payment in Bitcoin.
Other common phishing emails include those pretending to be from the Government, sending articles about the coronavirus outbreak with links to fake company websites, or sending details of investment schemes which encourage people to take advantage of the coronavirus downturn.
Received a suspicious email? The National Cyber Security Centre (part of GCHQ) has launched its new Suspicious Email Reporting Service to take phishing scams down – all you have to do is forward suspect emails to its report@phishing.gov.uk email address.
Pension holders targeted in spate of scams
One very common scam during the coronavirus crisis has targeted pension holders, saying they can access cash quickly if they transfer their pension. And with many desperate for cash, this scam often finds a target – and victims lose an average of £82,000 through pension scams. Here's what to look out for
- An out-of-the-blue offer of a free pension review. If someone calls you and says they're from your pension company, or are from a financial adviser offering you a free pension review, NEVER continue with the call.
- Someone saying they're calling from your pension company. If they say they're from your pension company, say you will call them back, and then look up the company's contact details online or on your policy documents. NEVER call a number they've given to you. If it's a legitimate call, the caller won't mind.
- If you're under 55 and someone calls with an offer to access your pension, don't continue. You can't access your pension before you're 55 unless you're terminally ill. Anyone offering this isn't legitimate.
- Someone offering to manage your pension. Similarly, if someone asks you to transfer your pension to their company or put it under their management, do your homework on the company before taking any action. You can check if pension companies or advisers are registered on the FCA Financial Services Register, a public record that shows details of regulated firms, individuals and other bodies.
Tips to protect yourself against scams
Action Fraud says you can do the following to minimise your chances of being tricked:
- Be vigilant for scam messages. This includes not clicking on any links or attachments if you receive a suspicious message, and not responding to any unsolicited messages or calls that ask for personal or financial details.
- Take care when shopping online. You should always do your research if buying from a company or person you don't know and trust, and possibly ask a friend or family member for advice first. If you do go ahead with an online purchase, you should use a credit card if possible for extra protection (see our Section 75 guide).
- Protect your devices from threats. This includes always installing the latest software and app updates to protect your devices from new threats.
Also see MSE Katie's 20+ coronavirus scams to watch out for blog for more of the known coronavirus-related scams out there and tips to protect yourself from fraudsters.
Have you been scammed?
If you've lost money to fraudsters, you should do the following:
- Immediately end all communication with them.
- Contact your bank to tell them you've been scammed, and cancel any recurring payments.
- Report the scam to the police through the Action Fraud website. You can also call it on 0300 123 2040, but be aware it has a reduced phone service at the moment, so waiting times may be longer than usual.
- If you want one-on-one help, you can contact Citizens Advice Scams Action by phone or online chat.
Looking for other help? This guide has info about how coronavirus might affect your finances. We also have...
- Coronavirus travel rights for the latest on holidays and refunds.
- Coronavirus employees' help for furlough scheme info.
- Coronavirus self-employed & limited co help for SEISS grant info.
- Coronavirus universal credit & benefits for benefits updates.
- Coronavirus life in lockdown for the latest on supermarkets, MOTs etc.
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