If your income has been hit by the Covid-19 lockdown and you are worrying about making your debt repayments, don’t panic. The Financial Conduct Authority (FCA) has announced plans to freeze loan and credit card payments for up to three months as part of emergency measures.
If confirmed, the scheme would mean that you can apply to your loan or card provider for a break in your repayments that wouldn’t affect your credit rating, as with a mortgage holiday. Lenders would also have to waive interest charges on arranged overdrafts of up to £500 for the same period.
This will relieve pressure on many people facing an income shortfall, but the government isn’t waving a magic wand over your debt.
When the crisis passes your debt will still be there. However, you can take steps of your own to tackle your debt. If you have credit cards you can’t afford to pay off, apply for an interest-free balance transfer credit card.
The longest interest-free balance transfer deal currently available is 29 months from Virgin Money with a 3% fee. But you can avoid the balance transfer fee simply by switching to Santander’s 18-month completely interest-free balance transfer deal, a much better deal.
A £500 interest-free overdraft, meanwhile, is great news if you need that little bit of extra help getting through the lockdown days. But, we would advise to be very careful about building up debt on your overdraft.
Last month a long-planned change to overdraft charges came into full force, meaning banks can no longer charge daily or monthly fees, merely a simple interest rate. Most banks planned to charge a set rate of around 40% on overdrafts, which will also still apply even when the current crisis has passed.
Tips on dodging overdraft interest rates: avoid that enormous interest rate by shifting your overdraft debt onto a money transfer credit card instead.
These cards allow you to pay money from an interest-free credit card straight into your bank account, giving you a bit of breathing space to clear the deficit without that interest mounting up. MBNA will give you up to two years interest-free with a 2.99% money transfer fee.
Unfortunately, if you have a car finance deal the government has yet to announce any help here. If you are going to struggle to meet your car repayments, you will need to contact your car finance provider and ask them for a payment holiday. Many are offering holidays or contract extensions, but unfortunately it isn’t guaranteed.
Motivational Quote Of The Day
“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.”
Colin Powell
Alternative Quote Of The Day
“I saw six men kicking and punching the mother-in-law. My neighbour said, “Aren’t you going to help?” I said, “No, six should be enough.”
Les Dawson
The Best Way We Can Bail Out The Airlines
Coronavirus has wreaked havoc in the airline industry, for obvious reasons. British Airways, easyJet, Ryanair and Virgin Atlantic have all approached the UK government for help.
There is a strong case to be made for protecting the industry – about 80,000 jobs are attached to those four airlines, and some see them as too important to fail, both for the labour market and for the wider economy.
Others, however, suggest that this was already an industry in decline and that there are better ways to support affected workers. If the industry is bailed out, the government should learn from past mistakes.
First of all, be transparent about the rationale for any bailout, and upfront about the expected costs.
Second, make sure private investors pay their fair share. It’s only right. Those who enjoyed the profits in the good times must expect to be “bailed in” in the bad.
Third, require protection of jobs, employment rights and green standards.
Finally, be realistic about the future. Airlines were already facing strong headwinds – the government must take a more realistic view of the future profitability of the industries it tries to save.
Today’s National Day
NATIONAL HAMBURGER DAY!
PUBLISHERS NOTICE
Dear Streetwise Customer
I hope that you and your family are well.
I don’t have to tell you that the Coronavirus outbreak has changed everything, and nowhere more so than in the world of sports betting. With almost all our regular ‘go to’ profit makers like European football, horse racing and golf on hold, you might be excused for thinking that the opportunity to make a lucrative extra income from sports betting was gone – at least for now.
That’s what we thought until we heard from a guy called Craig Russell and how
he was…
Making an extra £150-£250 a week exploiting the ‘invisible’ betting opportunities exposed by the Coronavirus mayhem.
You see Craig isn’t your typical sports bettor. Long before anyone had heard of coronavirus, he was shunning the sort of events most of us bet on in favour of little-known sports, events and fixtures taking place in obscure locations.
Why did he concentrate on those?
Because he figured that the less ‘pro’s’ there were looking at these obscure markets, and the more time he spent studying them, the greater edge he’d have over the competition.
Obvious when you think about it.
So why this message?
Because it seems like now is the perfect time to bring this to a wider audience…but not much wider!
You see, in conjunction with Craig we’ve put together a totally unique service which is tailor-made for the times we find ourselves in. But there will only be 100 places available. Ever.
For full details on what’s involved and why the limit, take a LOOK NOW.If an extra couple of hundred pounds tax-free income would be worthwhile to you right now, I’d urge you to get in touch without delay. These places are really going to go fast.
For full details CLICK HERE
Very Best Wishes,
John Harrison
Streetwise Publications
P.S Almost forgot…you can get started with this for just £9.95. I’m pretty sure that makes it our cheapest service ever. Why? Well take a look now and all will be revealed.