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Managing your finances can be difficult at any time, not least following the effects of Covid-19, which has highlighted the importance of understanding your finances. Two national lockdowns and the current tier system have put businesses under a lot of pressure. Employees are finding themselves with reduced incomes and many are unfortunately facing redundancies. There is wide ranging support available through the Government, employers, and third parties to help individuals through these testing times.
The furlough scheme was introduced by the government through the Coronavirus Job Retention Scheme (CJRS) in a bid to help employers across the UK retain their employees. The scheme allows employers to place their employees on temporary leave from work with the help of government funded support. The scheme is accessible to those that were employed and being paid through the PAYE on or before the 30th October 2020.
Debt advice & budgeting
Those on the furlough scheme may find themselves in financial difficulty as the 20% deficit from their pay will affect monthly outgoings and their ability to save. This could lead to some individuals falling into arrears and quickly becoming overwhelmed. It is best to implement a budgeting plan to prepare for any potential changes, seeking support at the earliest opportunity can ensure that concerns are tackled head on.
Planning a budget
The Covid Payment Plan (CVPP)
The CVPP is a plan designed to help individuals manage their finances whilst their income is reduced. The scheme allows you to make reduced payments to some creditors such as a personal loans or credit cards for up to 12 months. The plan is designed as a short-term solution whilst your income is temporarily reduced and may be suitable if:
Step Change are a leading debt charity offering financial support. They work with creditors to input a CVPP, arranging for the interest and charges to be stopped or reduced. They can also discuss alternative options and plans that may be suitable.
Telephone: 0800 138 1111 - Monday to Friday 8am to 8pm, Saturday 8am to 4pm.
As you may not be receiving your full pay or may no longer be working you may be entitled to access benefits. These can include universal credit, Pension Credit or the new style Job Seekers allowance (JSA) which could help with any financial deficit.
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