If I am impacted by coronavirus, what does it mean for my money?

Frequently asked questions

• 1.

  What can I do if my income has been reduced because of the coronavirus outbreak?

  There are various options to help those affected by the coronavirus to better manage their money, such as mortgage payment holidays, increased limits on existing Credit Cards and emergency access to savings in fixed term accounts without charge.

  It’s also important to quickly understand and work to your new budget. Our free budget calculator has been designed with this in mind. Within the calculator, you can fill out the details of payments received, the savings you hold, and any amounts going out. Having a bank statement to hand might help remind you of regular incomings and outgoings.

  If you’re worried about your financial situation because of coronavirus, please contact us.

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• 2.

  What happens if I get made redundant?

  Many people around the UK are facing potential job losses as companies are operating under very challenging circumstances. 

  Being made redundant can knock both your personal and financial plans off course. However, understanding your rights and options can help you take practical steps to get back on track. Find out everything you need to know from ACAS.

  It’s worth noting that if you’ve worked for your employer for more than two years, you should be eligible for statutory redundancy pay. You can use the Government redundancy calculator to check the most current rates.

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• 3.

  What benefits can I claim if I get made redundant because of the coronavirus outbreak?

  This sudden and unexpected change to your employment status could mean you need to claim benefits. The Turn to Us online benefits checker is a great tool to quickly find out which ones you’re eligible to claim.

  The Department for Work and Pensions has temporarily suspended all face-to-face assessments for health and disability-related benefits. This is to reduce the potential exposure of coronavirus to those who are at most risk and to safeguard their health.

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• 4.

  What if I am struggling to pay my rent and mortgage?

  If your income has been directly impacted by coronavirus, you may be worried about how you’re going to manage to pay your mortgage or your rent. In the first instance, you should use our budget calculator to see what you can afford. There’s support in place from ourselves, as a mortgage provider, and from the Government if you’re struggling to keep up your payments.

  Mortgages and coronavirus: We have a number of ways to help, until things get back to normal. You can find out more about the help available to you, including new or extended payment holidays, or making reduced monthly payments by using either our Bank of Scotland mortgage support tool or our Halifax mortgage support tool.

  Rent and coronavirus: The Government have published non-statutory guidance for landlord, tenants and local authorities in the private and social rented sectors. Find out more from Gov.uk.

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• 5.

  What should I do if having children at home is affecting my finances?

  Despite a phased re-opening of schools across the UK, many pupils are still unable to return, and it’s understandable that a lot of parents, carers and guardians are worried about how this may affect their finances. You may find that you have no other choice but to take time off work to care for your children, potentially reducing your income but increasing household bills. If you find yourself in a position where you’re unable to afford food to feed your family, or other essentials, you can find more information about emergency funding from Step-Change.

  There are options to help those affected by the coronavirus to better manage their money, such as mortgage payment holidays, increased limits on existing Credit Cards and emergency access to savings in fixed term accounts without charge.
  

  If you’re worried about your financial situation because of coronavirus, please contact us.
  

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• 6.

  What if I need to take time off work for coronavirus sickness or self-isolation and claim Statutory Sick Pay?

  Many people are expected to self-isolate and many people may also need to take time off work due to illness. Because of this, the UK Government has changed the rules on Statutory Sick Pay (SSP). Previously, you would have needed to wait for four days before receiving an SSP payment. However, if you are absent from work because you are sick with coronavirus or because you have to self-isolate, you’ll now receive SSP from the first day of absence.

  Find out more about the changes to SSP during the coronavirus outbreak, eligibility or how to claim SSP from Gov.uk. 

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• 7.

  What if I need to self-isolate or take sick leave whilst on a zero-hours contract?

  Many people are on a zero-hour contract. If, under Government guidance, you have to self-isolate or you are off sick with coronavirus, you may be entitled to Statutory Sick Pay (SSP). Check with your employer if you are unsure. Find out more about eligibility or how to claim SSP from Gov.uk. 

  Additionally, if you find that your working hours have been cut or reduced dramatically as a result of the coronavirus outbreak, you may be able to claim benefits such as Universal Credit. Find out more from Gov.scot.

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• 8.

  What financial support is available to me if I’m self-employed?

  We’re keen to help protect our small business customers from the impacts of coronavirus and we’ve therefore introduced a £2 billion package of arrangement fee free finance for businesses with a turnover up to £25 million to help minimise disruption to your business operation over the coming weeks and months.

  The financial support available includes:

  1. No arrangement fees for new overdrafts or overdraft limit increases

  2. No arrangement fees for new or increased invoice finance facilities

  Find out more about the support package and how we can help protect and minimise disruption to our small businesses from the impact of coronavirus.

  Additionally, the UK Government has introduced a coronavirus Self-employment Income Support Scheme for those who are self-employed or a member of a partnership and have lost income due to the virus. This scheme will allow those who are eligible to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.

  Find out more about the scheme and eligibility from Gov.uk.

  If you are self-employed and you need to take time off work due to illness, you might be able to claim Universal Credit or New Style Employment Support Allowance through Gov.uk. Find out more about coronavirus and claiming benefits from Gov.uk.

  HMRC have put various measures in place to help self-employed people and businesses during the coronavirus outbreak. Find out more from HMRC.

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• 9.

  What if I have Payment Protection Insurance?

  If you have Payment Protection Insurance, you may be able to claim under your policy if you are unable to work due to sickness or unemployment. Visit our Payment Protection FAQs.

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• 10.

  What if someone else has control of all my money and finances and I don’t know what to do?

  Financial abuse can take a variety of different forms within different relationships, including partners, family members or carers. It might be financial control, exploitation or sabotage. 

  For anyone who is impacted by domestic or financial abuse, this period could mean you have additional worries. 

  If you are in immediate danger, call 999,  if you cannot speak press 55, or call The National Domestic Violence Helpline a freephone 24-hour helpline 0808 200 0247 (24 hours)

  We can support you, or someone else you know, if they are impacted by financial abuse. Find out more about
  how to keep your money and confidential information safe.

  Additionally, Bright Sky is a free app that provides comprehensive support to people affected by abuse. We advise you to only download the app onto a device which is safe and that only you have access to. 

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• 11.

  What should I do if I find myself gambling more than I’m comfortable with?

  How people manage their money is different for everyone and we know that different situations can affect the way that people spend. If you find yourself gambling more than you like, or if you have concerns because of gambling, we have a range of ways to help you.

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