Tenant evictions have been banned during the three months from 19 March 2020 (date of the announcement) so you should be safe from eviction and many lenders are being flexible about “payment holidays” on mortgage and finance arrangements. 

Remember that deferring a liability does not mean that the debt or liability goes away altogether. In the vast majority of cases you will simply be deferring payment until a later date. This may incur additional interest or other costs in the long run.

Paying some things late may well also still affect your credit rating or lead to other problems later. This is more likely to be the case if you have not made a prior arrangement with your lender, bank,  credit card, car finance company, other finance company or landlord. 

However, as soon as you know you may have trouble paying your rent or mortgage on time speak to your landlord or mortgage lender, or other provider to keep them informed of your financial circumstances in these exceptional times.

Most mortgage lenders are offering “mortgage holidays” for up to three months and Landlords and Tenants may be able to negotiate measures that will either give tenants extra time to pay, e.g. a rent holiday with an increased rent later to catch up with rent over an extended period of time after the “holiday” period. 

Don’t leave it until after a problem in paying has occurred, warn your lender, bank, finance company or landlord as soon as you know you wil have trouble paying due to loss of a job or reduced income due to the Coronavirus pandemic.

Suppliers and providers will be aware of Government Guidance and the loss of jobs due to the current virus pandemic and may be more sympathetic about delayed or temporary reduced payments.  Many are facing their own challenges due to the virus. 

Don’t leave it until after a problem in paying has occurred, warn your supplier or provider as soon as you know you will have trouble paying your bills due to loss of your job or reduced income due to the Coronavirus pandemic.

It is always better to ask than leave it until the problem is bigger.

Don’t panic buy food and groceries be considerate to others and the need of others.

Although there may be ways to delay other financial payments and liabilities paying for basic essentials such as food could be more of a challenge.

Personally, I see the next three months as an opportunity to consider my diet, consider what I eat, and reduce my food intake to use the opportunity as an incentive to lose some of the two stone, or so, that I need to lose!

Some people are using this as an incentive to give up smoking that will save money and also help if they were to get the virus!

We may all end up drinking less or no alcohol, especially as the pubs and restaurants are closed at present.

During the Coronavirus pandemic we all need to keep an eye out, and an ear to the ground, for family, friends & neighbours that maybe have lost jobs or income and are struggling to buy food.

For those with no family , friends or neighbours that can help with food there are a number of UK charities that might be able to help.

If you have income or healthy finances, and can afford it, maybe consider a financial donation to some of the UK charities that help people with food shortage problems? Surely this will help many in desperate need during the current Coronavirus pandemic.