IF you’re struggling financially because of the pandemic, help is available from mortgage holidays to breaks on paying back loans.
The government has announced a range of measures and here we have listed the deadlines you need to know about for applying for help.
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When the Prime Minister brought in the coronavirus lockdown on March 23, many people were left without work or a reduced income.
This has put a lot of pressure on finances but some help is available.
In an attempt to keep the economy going, payment holidays have been allowed on most debts, including mortgages, credit cards, loans, and car finance contracts.
If you are struggling to repay these each month, a payment holiday can provide a little breathing space.
While it is possible these deadlines might be extended, at the moment here are the dates you need to know.
Credit cards, loans and store cards
On Thursday, April 9, the FCA introduced measures to help those struggling to pay back credit cards, personal loans and store cards.
It is in place for three months and you have until Thursday, July 9 to apply.
Car finance contracts and payday loans
If you have an outstanding car finance contract, or a payday loan, but because of the virus you’re struggling to make payments, you have until Monday, July 27 to apply for a payment holidays.
The Financial Conduct Authority (FCA) said you can apply to defer payments for up to three months at any point before this date.
All types of general insurance, including home and car policies, are also included in the measures for coronavirus.
You can apply for a holiday from payments until Tuesday, August 18.
The FCA said insurers need to look at a range of options to help including, reducing your premium, waiving admin and cancellation fees, extending cooling off periods, and partly refunding payments if you paid upfront.
Individual Voulntary Agreements (IVAs)
Help for those with IVAs was announced by the government last month.
Those with one can apply for a three-month holiday and a 25 per cent cut to repayments, and they have until Tuesday, October 20.
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It was confirmed last week that the mortgage payment holiday scheme would be offered for a further three months, until the end of October.
Proposals to extend repayment holidays were put forward by by HM Treasury.
Over 1.8million mortgage payment holidays have so far been taken up since the scheme was first announced by chancellor Rishi Sunak back in March.
The government has said homeowners will now have until October 31 to ask for a three month freeze (not a six month freeze) if they’ve not taken one up already.
But there have been some warning around payment holidays affecting your abiity to get a mortgage.
You can still get help if you’re receiving Universal Credit and struggling because of the virus.
Here’s 21 ways to fix your coronavirus-hit finances.
Self-employed workers can also get help, with loans of up to £7,500.