A thread for direct financial impact of Coronavirus...

[wheresmymojo]

I thought all self-employed, freelancers, people made redundant and similar who are impacted by Coronavirus could gather here to share stories, tips on managing, etc.

I expect the thread to be quiet to begin with but get busier over the coming weeks.

Anyone else already impacted (like me) or seriously worried?

DH and I have already spoken about our tenant. The second we get anything to say our mortgage payment is on hiatus we'll obviously pause his rent.

& if you don't get that assurance @GeraltOfRivia?

Wondering how long this will last. I was made redundant on Friday but got paid 11 weeks notice and 6 weeks redundancy pay. I can make that last about 6 months.

Sold a house last year and forward purchase fell through so privately renting. Rent is high, but we thought we’d only be here for 6 months. We won’t be able to get a mortgage until I have a permanent job again. DP is a contractor and he works in an industry that could also be at risk. With a bit of belt tightening we can last until Aug/Sept on my redundancy pay.

A lot of the jobs that recruiters had contacted me about have been put on hold indefinitely. One wants me to sign a document stating that I haven’t travelled to a high risk area and don’t have any symptoms, before they will see me for interview (this week). I have a feeling things will go on hold after this week though, as people start to work from home.

I know that I’m lucky in that I got a decent redundancy package but still worrying about how long this will all go on.

It would be handy if they could give us all a council tax holiday - that’s a high bill for us - and is something that is under the government’s control. I don’t know how they could strike a deal with millions of private landlords about rent.

This is what I'm worried about. Look at how many people work in cafes, restaurants and bars, just that alone. Probably millions across the country. How many of those are small businesses? Quite a lot. Soon all we are gonna have is Costa, Starbucks and wetherspoons. Even they might struggle. Cinemas may struggle too.

Then BA is starting to struggle. They are a massive company. If they are struggling, how many other travel companies are we going to lose in a month? Or even a couple of weeks?

The government can't bail everyone out. And with the amount of people that may soon be on benefits, we can't afford that either. And we've left the EU so no chance of any help from them, if there might have been.

I do think coronavirus won't be the biggest killer this year. Well not directly at least.

@bizzybuzzy assuming he's still got income from work (care sector - not sure if he's salaried or not) and doesn't speak to us I'd expect rent if I have to pay a mortgage. If mortgage stops we'll pause his rent regardless so we aren't profiteering. If he contacts us to say he's struggling because he can't work and isn't salaries then we'll make sure he is able to stay in the flat whether by reducing rent to what he can afford or giving him a break. We have contingency savings for a short period which should cover if he can't work due to illness and isolation.

TL:DR we'd talk to him and work together and support him if necessary.

How can they cancel council tax etc though? Who will pay for doctors, nurses, local authority carers, bin men etc if there's no money coming in?

Farmer here. V v v nervous. We had a family cobra meeting today about how we'll cope. We have 6 staff who are fantastic but if they go sick we don't have people to fill in like big companies do.

It'll be roping in every random family member/local villager who is not allowed into normal work!

Just a note to say if you're foreseeing issues try calling your mortgage provider to see if you can go onto interest only for a few months (if you own).

How can they cancel council tax etc though? Who will pay for doctors, nurses, local authority carers, bin men etc if there's no money coming in?

It's the cheapest it's ever been for the Govt to borrow money from central banks so this is what they would need to do (it is normal to do this in a crisis).

DH is self employed as a bricklayer

I'd be lying if I said I wasnt worried

Dh is an electrician. I’m hoping that people will always need an electrician. I’ve said to him he needs to look more at commercial work rather than domestic. But we have had two cancellations this week.

I earn a salary part time but how much longer will
I have a job for.

I’m genuinely shitting myself. Dh doesn’t seem too worried at the moment but I think he is being naive.

Also worth bookmarking this advice page should you (we!) need it...

www.moneysavingexpert.com/loans/debt-solutions/

We rent out our father's home and the rent just covers his care home fees. If the tenants cant pay because of loss of income, we cant pay the care home. Landlords arent the bad guys, bills need to be paid all round.

I'm going to call HMRC this week as I'm on a payment plan paying personal tax on account for next year.

It's £2k per month when I have no income, which means I won't owe the bloody tax anyway but I'll be bankrupt by the time I get a rebate.

Head office have issued that all 0 hour workers to not be used. I feel physically sick at what this will mean for staff.

We're starting an in-house food bank.

We both have 2nd jobs that were cancelled at the weekend, we're down £100 already

I buy a lot of ingredients from supermarkets for my business which has proved really difficult in the last few weeks. I bulk buy items like flour and eggs which will be impossible if supermarkets start limiting purchases because of panic buying.

Can you join a wholesaler like Costco or Bookers?

We’re fucked if this lasts long two seasonal businesses both at the bottom of the cash flow curve due to shit winter.

About to advise our 17 staff that they may be out of work. Business has been shit since brexit and we haven’t taken the biggest hit yet.

Thinking of just going bankrupt.

For all of those with businesses with overheads do contact the people you pay and see if any arrangement can be reached. Especially rent.

Commercial landlords would usually much rather have a tenant paying reduced rent than an empty unit with zero rent and in this market they're not going to have anyone queuing up to move in!

A mortgage and loan holiday would help us more than anything else right now but that also means worries about how banks will cope? How long can they keep going without their payments, I genuinely don't know?

Every year under EU law (good old EU!) they have to prove (along with insurance companies) that they can withstand a 1 in 200 year catastrophe.

This would count as such a catastrophe (actually really a 1 in 100 year) so theoretically they should have enough cash to last.

I guess this will test whether that's right...

@BarbedBloom

We don't have anyone who could take us in

I know it's not the same as having your own place but there will be people like me who are struggling to pay their mortgage who would be happy to have people stay and rent a room.

@LouHotel

What kind of company do you work for?

I think we will actually advertise for a lodger from next week as that would bring c. £500 a month.

We could theoretically fit a second lodger for £400 a month in the spare single room.

Thanks for the thread. I've been putting on a brave face for friends and family, but I freelance in the creative and events sector. The conferences I was working on were cancelled or postponed at the end of February. No income and I haven't been able to pick up anything. I had a lean year last year, so no savings. I rent and it's a one-income household. Have never been out of work before. I'm hoping I'll qualify for this £3k grant. It might buy time to diversify, but so few sectors will be hiring, or even functioning.

Two cancellations for this weekend today