Martin Lewis has given his latest update on the the things people need to be aware of to make sure they get through the fallout from the coronavirus outbreak.
Writing in his weekly newsletter, the founder of MoneySavingExpert.com put together a list of 18 key "need-to-knows".
And he warned that there will be gaps the unwary or unlucky could fall through.
"The extraordinary has become the ordinary," Martin wrote.
"State support mechanisms have been built in days that normally take decades. These will provide wealth support for millions - but not all. There are holes. Some won't be helped - more victims of this pandemic."
Because it's a fast-moving situation, he pointed out that his team have four, constantly updated guides for people to check for more detailed information.
- Coronavirus employed & self-employed help
- Coronavirus finance & bills help , including mortgages, energy, TV
- Coronavirus life-in-lockdown help , including MOTs, food, entertainment
- Coronavirus travel rights
Here are his 18 new "need to knows" for this week:
1. New Self-Employed Income Support Scheme - the Government pays 80% of profits up to £2,500 a month - This pays a non-repayable grant to support some whose profits have been hit by coronavirus. For cash in the meantime, you can also claim universal credit.
2. Employee or zero hours contract/agency worker who's not working? You're due 80% of salary up to £2,500 a month too - what counts as salary - If your income varies, you get the HIGHER of:
- What you earned for that job in the same month last year, OR
- Your average monthly earnings over the 2019/20 tax year.
The amount is based on basic salary including overtime, but not including bonuses and commission.
3. Applying for universal credit? Be patient - it will happen - Online applications were up 832% last week - rather than a typical 9,751 a day, it went as high as 105,678. It's swamped. Try to be patient (I know it's hard), and remember the call-handling staff are working flat out in difficult circumstances, so try not to vent at them - it's not their fault.
4. Limited company director? You can furlough your PAYE pay . No official scheme has been announced for directors of limited companies, even if they're sole traders, and I'm afraid I don't think one is coming.But limited company directors, even if they're the only employee, can furlough their PAYE income - ie, get 80% of what they pay themselves up to £2,500 a month.
But if you do this, technically you can't then work for the firm. You can continue to perform your statutory director's obligations, eg, official legal filings.
5. Old employers can rehire you to furlough you - If you left a job after 28 February, that old employer can rehire you to furlough you. The guidance already states they can do this for those they made redundant. Yet while employers can do this, it doesn't mean they have to - and sadly many won't - But you should at least to ask.
6. If I'm furloughed, what happens to my auto-enrolled workplace pension? For furloughed workers, the Govt covers the minimum basic matching pension contributions - so it should continue.
7. Has coronavirus hit your finances in a way that's not covered? There are sadly many holes in the support system (in which case universal credit is the prime option) and some financial problems exist too, including:
- Salespeople's commission not covered in furlough.
- Limited company directors' dividends not covered.
- The cliff edge that cuts off self-employed help at £50,000 profits.
- Payday lenders that won't give any payment reprieve.
- No help if out of work on 28 Feb, even if employed day before and after.
- No help for those who started self-employment this tax year (or even started last tax year, but it made up less than 50% of annual income).
- Rental property firms that won't give refunds for cancelled bookings.
- Job changers whose old employer won't furlough them.
- Employees whose firms choose unpaid leave rather than furloughing.
To help our work and to feed through to Government, take our survey to tell us of coronavirus money problems. Where it's deliberately decided Govt policy I doubt we can help, but where it's just a simple omission we may be able to get it considered.
8. MOT due? You've a 6mth extension - If your vehicle's MOT expiry date is on or after Mon 30 March, don't worry - your vehicle is still allowed on the road and you've been given an automatic 6mth extension to your current MOT.
9. Overdrawn with Halifax, HSBC, Lloyds, Nationwide, NatWest, RBS, Santander & more? New help - Regulation changes meant that from the new tax year's start, next Monday, almost all lenders will now be charging about 40% EAR on overdrafts. Thankfully, many banks are now putting provisions in place, from £300 buffer zones (ie, 0% interest) to suspending the rises, or allowing you to apply for 0% overdrafts.
10. Mortgage lenders are offering extensions so you can delay completion - Homebuyers and renters due to move are being urged to delay where possible. To help, mortgage lenders have agreed to offer up to 3month extensions for those who have already exchanged contracts or agreed completion dates.
11. I'm about to buy a new home - should I exchange contracts? I'd urge caution. Moving right now is difficult, and the Government is cautioning against it. Many removal and vehicle-hire firms are shut. If you're in a chain, it's likely there'll be a break somewhere. If it's your dream home, you could discuss with the seller whether they'd agree to a delayed completion, so you can exchange now and complete in say 6months, but you'll need lawyers and mortgage firms to put everything in place, and that mightn't be easy.
12. You now can apply for a mortgage payment holiday online with ALL major lenders (don't just stop your DDs though) - Lenders will allow those struggling to pay their mortgage a 3month break. Ten of the biggest lenders now let you apply online. Make sure you do apply though, don't just stop direct debits - that'll kill your credit file.
13. You are legally entitled to cash refunds NOT vouchers from flight cancellations - Easyjet grounded all flights this week, and like with other airlines including BA, many people are telling us when they apply for a refund online, they can only see an offer of vouchers. Yet under EU reg 261/2004 (still in force until December), if your flight is cancelled you legally must get a choice between a full refund or an alternative flight. So of course right now that means refunds.
If you want to get cash and aren't being offered it, the easy route is to call - though expect a long wait. An alternative would be to try using chargeback on your credit or debit card to get your money back.
14. Student maintenance will come as normal - The Student Loans Company has confirmed students will be paid their loans/grants next term as normal. As for rent... if you live in uni accommodation, some unis are saying they will refund/not charge for next term. If you're renting in private accommodation, you've the same renters' rights as everyone else at this time. If you're in hardship, speak to the uni - it may have a fund.
15. Home insurance should cover working from home - but not any stock/kit - If you're working from home when you don't normally, provided it's office/clerical work, most insurers are taking a relaxed approach (one key is that no biz visitors come to your home, but that's not likely right now). But if you've brought expensive kit or stock home, it's worth informing it.
16. NHS staff/key workers free parking - NHS workers will be able to park for free at hospitals, while 'key workers' - which includes NHS staff teachers, supermarket workers etc - can park for free in council spaces and NCP car parks. And thanks to all key workers, you deserve far more than free parking.
17. BT Sport customers can ask for 1mth's bill credit. As there's no live sport, it's relented and is now allowing BT Sport customers to claim a bill credit. Sky Sports lets customers pause their subscriptions.
18. Smart meter roll-out delayed, but this won't affect 'smart meter-needed tariffs' - If you recently switched to a cheap tariff that requires you to have a smart meter fitted, don't worry - the fact the roll-out of meters has been stopped won't affect your tariff. You'll just be contacted to have them fitted when the situation allows.
