So what are people going to do for money?

[DoubleAction]

Already DS has seen his shifts cut because they've been so quiet. As this progresses, financial hardship is going to become very real for huge sections of the population. I understand people saying we need to put the nation's health first and protect lives but what do you expect will happen to help these people pay their bills?

SSP isn't going to cut it and in any case it's not about people needing time off ill, it's about jobs and businesses actually disappearing.

We 'should' be ok with our jobs - but luckily (or not) we have about a year of inheritance from my mum who died last year away.. I work with really vulnerable people and know that a lot of them are going to either become really very ill or suffer a lot of financial hardship.

Credit cards and not paying bills if it comes to it.
Shop lifting is already going through the roof. Saw someone walk out with a trolley full yesterday without paying and nobody said a word.

I was relying on upping my hours so that I could afford to take reasonable maternity leave in the autumn. I’ll likely end up being in the ‘set isolate for months’ category due to being asthmatic and pregnant so as a result we’ll be fairly financially buggered come maternity leave. DH only gets SSP but is fairly fit and well so hopefully won’t need to take too long off work - although he manages a gym so not sure what will happen when leisure facilities get shut down. There doesn’t seem to be an HR policy for that!

We are going to be pretty fucked. Dh is a self employed builder, I am director of our company. We have a small amount of reserves, enough for a few months but that's it.

I have had emails from my personal and business bank saying they will help if they can with payment holidays etc . And am tempted to apply for an overdraft on dhs personal account for emergencies and we have a couple of k available in credit cards but it will be tough for everyone and that's the only thing that's stopping me from panicking.

Worse case scenario is business goes bankrupt and I sell my lovely car to get us out of the shit and get a banger instead. Dh needs his car for work but if sites close for a while we can and will manage on one.

We aren't affluent but are lucky to be able to access credit. Id advise anyone who is worried and can access credit to apply for a credit card or overdraft now. It will need to be repaid but at least it takes the immediate pressure off.

It's one if the first times I am genuinely grateful that we are a disabled family.

Won my PIP tribunal last year so am now on indefinite max award. Dd's DLA isn't due for renewal for another 5 years. All in all we get just short of £3000 a month and luckily own our house as I worked before.

We've started self-isolating and don't need to leave the house for any reason now we are keeping dc off school.

It will highlight more working practices, people on zero hours contract, no sick pay or people being contractors when they should be full time employees

About a year ago there was a cock-up with our payroll and we all got paid on the Monday instead of the Friday and lots of my colleagues were in dire straits, they didn’t have money for food and bills were missed so I can see a lot of people not being able to cope if they have to take unpaid leave and will spiral into further financial problems and there I wouldn’t be surprised if there were suicides as a result.

In other countries there are government measures to help people out, but only an optimist could think that the current UK government would do the same. They are putting the economy before public health and will continue to do so.

We're lucky that DH would be off on full pay if he has to self-isolate or if we go on lockdown. We live comfortably off his wage each month although our luxuries come from him doing overtime which we wouldn't have, but those are mostly things involving going out anyway which we wouldn't be able to do so doesn't matter that much.

I work freelance from home so might try and pick up a couple of extra jobs if it comes to it but we have a small amount of savings we can dip into as well.

treedragon

Isn’t the general advice to have about 3-6 months of savings totalling your take home pay. So say you take home £1,000 that’s £6,000 squirrelled away for bad times.

Ah righty then, and back in the real world?

My bank has put out information on what they are doing. From memory it is no fees for missed CC, Loan or Mortgage payment. No loss access to fixed term saving. Presumably all banks will do the same. Utility companies will probably stop cutting off for non payment. in Scotland we don't pay for prescriptions - this may happen in England as well. If this does go on for months other companies will need to bring in changes as well.

Ultimately it may be that all people need to pay for immediately is food.

These things take time for the fine detail to be agreed but they will happen

We both are doctors and will be on front line in the next few weeks/ months.
There are going to be lot of difficult decisions I need to face but fortunately money is not one of them, at least for now.

I know that I am in the minority but have said to my cleaner, my daughters music and dance teacher that I will pay them even if they can't do what they are paid to do. I have just been told by my friend that what I am doing is wrong and they should not be taking any money.
Had to say, each to their own and that's why we are all different. I am grateful for MN as it does give me an insight into so many things.
I don't have any useful thing to add, there are some of us who understand what is asked of everyone...

There is so much uncertainty, I'd recommend people who are seeking a drop in income applying for UC.

This is where the gig economy will bare its teeth for families living month to month. The economic fall out is what will have the largest impact for the country. The DWP will be stretched and if that collapses with staff being sick, the country is fucked.

We might not like how UC has affected people, but on the whole, for families that are working, it is there to be used. It's that safety net.

The economic crisis that will follow this will be huge. I can almost understand why central government are playing steady. The measures are to steady the ship.

Renters are very vulnerable at this time. I feel for them.

As for the poster up thread who suggests peoplenshoukd have 3-6 months reserves..... poverty and living on the bread line is very much with us....

I do wonder if there will be a political shift after this. Problem is, changing 40 years of neo liberal policy won’t be quick or easy.

@treedragon what's that got to do with what the OP is asking? Just trying to rub salt into the wounds it sounds like.

I really don't know what I'll do. My small business won't survive this if it goes on for too long.

It's much better to apply for a credit card than an overdraft.

Most overdraft rates have increased to 40% interest.

Dp is a self employed painter and decorator. We're financially in the shit already. I have no idea what we're going to do

Mortgage companies are supposed to be giving people some respite for a few months I think. Landlords should be forced to do the same and paid by the government.

I’m 65 on a work pension, no state pension yet. DH, 62, is an event security supervisor so all his work has been cancelled for the foreseeable future. Like most security he’s on a zero hours contract so we’ll both need to live on my pension which just about covers basics.

For those that are self employed and live in your over draft I would start withdrawing cash now and also open a seperate bank account if you are able. I would hope that no bank would withdraw credit facilities at this time but you never know.

Don't do anything too dramatic. Cash back when you shop and maybe £50 to a £100 at the cash machine. Get a stash of a months worth of food and fuel if on top ups.

If you do have to apply for UC use the new bank to have payments made into. Then contact old bank and say you are struggling can they freeze overdraft charges and pay a bit each week towards the debt.

I started doing that last week if I am honest. Dh will get tax back in april/may and we usually use that to pay the overdraft off but will leave it sat in an account in his name until this is all over.

Food and fuel is the main thing you need to have cash for. Everything else will have to wait and I suspect there will be legislation to that effect pretty soon. Obviously dont be going and buying a new sofa or anything daft, just budget like you have lost your job yesterday and keep a cash pot for any change over/benefit delays.

We are very lucky that I am still be paid even though schools are closed (teacher), dh is also in a job where he will still be paid even though he has been sent home from his current project. BUT we are also very lucky in that we own our home and have only an electricity bill and life/health insurances that comes out monthly. We will be self isolating for the next month at least. We'll see what happens after that!

I’ve just spoken to a Polish friend of mine. She is concerned that if a lot of EU citizens who have been granted settled or presettled status lose their jobs, they will have leave. She thinks the Tory government may take the term “economically active” more literally than it has been previously and stop benefits for EU citizens.

By that, she didn’t mean they’d be deported, but lose access to benefits so it would be financially impossible to stay with no job and no access to benefits.

I thought that settled status was just like permanent residency, apparently it isn’t and just means they retain the same rights as EU citizens had prior to Brexit.

I'm very lucky. The mortgage is paid off and I would get full pay if I need to self isolate

@ProfessorLayton1 lovely to read that you will pay them as normal- many wouldn’t even if they could.