THREE MEASURES TO HELP PROTECT RENTERS AND HOME OWNERS
Government have announced mortgage lenders are to help those struggling to pay as a result of the coronavirus outbreak by providing 3 month payment holidays. However, if you were already in arrears prior to the outbreak this may affect you ability to obtain such support.
Protection is also offered to renters, as landlords will be able to seek support from mortgage lenders. Again if you were already in arrears prior to the outbreak this may affect you ability to obtain such support.
If you are struggling, in the first instance you should contact your mortgage provider or landlord
British energy suppliers have joined with the Government to help the most in need. Vulnerable customers can seek support with their utilities on the whole for a period of 3 months.
This include those on pay-as-you-go meters. who are unable to leave their house. Which could include sending someone else to top up their card, having a pre-loaded gas or electricity card sent to them in the post, or having funds added to their credit.
The Department for Business, Energy and Industrial Strategy has said that customers whom cannot afford to pay their bills will get support from their suppler.
Those in financial difficulty could get their payments reassessed, or reduced where needed, furthermore no credit meters will be disconnected during the outbreak
Many furlough workers will however be supported with wages throughout the outbreak, so support will be prioritised for those that need it most.
If you are struggling speak to your utility provider for the options they are offering.
Lucinda Matkin - Licensed Insolvency Practitioner & Chartered Accountant