What are you going to do when you just run out of money?

[batvixen123]

My situation - I'm currently working from home. DH is on furlough, but is bringing in considerably less than he would do normally due to the cap on earnings. Am aware we were v lucky before. DH's company is one which relies on people being allowed to interact in public - they can't work while mass gatherings, and hospitality is shut down. Currently the company owner is pretty honest about the fact that they know the company will go bankrupt, but they're keeping it open on paper in order to be able to get their staff furlough pay. Once furlough pay stops, the company goes into liquidation.

DH has worked in his industry for over 20 years. I think it would be challenging for him to get a new job in another industry. Especially if he can't leave the house - he has severe asthma and so is meant to be shielding. If shielding continues until we have a vaccine, potentially 1-2 years, he won't be able to work.

If DH can't work and his furlough pay stops, which we expect will happen well before a vaccine appears, then we won't be able to pay the mortgage. We have savings that will last us maybe 4-5 months but not more. Certainly not years. I don't see how we can put the house on the market to sell it before foreclosure if we are meant to be shielding. I don't see how we can move house without massively breaking shielding.

If we're going to have to break shielding anyway, is he best off just finding some kind of work when furlough ends and he loses his job, even if it involves going out for some of the time? Are there any other options?

What are other people in the shielding category going to do when they stop receiving furlough pay etc if the expectation is that they can't engage with the world again until there is a vaccine?

It would be really good to know the risk factors around particular illnesses and see how they are represented within their age groups and against other risk factors. Surely they must have some of this data now?

Similar here op. My dh is shielding and self employed. His income is zero since 27th March and we're eating in to our small savings pot (he was main earner) and getting by on my small part time pay. We've applied for mortgage and loan holidays. Applied for universal credit and will find out the amount on 2nd May and then first payment will be 2 weeks after. The gov grant for self employed should come through in June and I assume no universal credit will be paid for sometime after (if) we get this. We're waiting to see how much UC we will get and whether a reduction in council tax will be included. It is confusing as some areas you have to apply for this separately. We don't know how we will cope if he has to shield for a long time. I could increase my hours but it still won't be anything like his previous earnings. He is thoroughly fed up already and is weighing up just returning to work and taking the risk that comes with it. It is a stressful time.

I can see all us women working and men staying at home as we are 50% less likely to die from the virus.

Are men twice as likely to die in all age groups and across co-morbidities and within the various BMI categories?

members of our family have taken a "mortgage holiday" with the agreement of their lender. It will give them some leeway, so you might consider that.

That's a genuine question ... I've just read back my post and realised it sounds like I'm spoiling for a fight .

We should spell out the measures we need to get through this.

1. A temporary, one-year basic universal income for all of around £1.2k per month and pause UC as it isn't fit for purpose and never was.

For those who say that the employed and rich don't need this money - they will spend it and prop the economy up. They'll put it in their pension pots. All good for the economy. It saves the government money in administration and infrastructure of a needs assessed be benefit. People should be allowed to work despite this universal income and get themselves out of the poverty hole caused by Covid. For those that shout the government can't afford it - paying benefits to 15 million unemployed people is hugely expensive. Meanwhile those meagre UC benefits do nothing to restart the economy.

1. All banks to offer a 1 year mortgage holiday

1. Stop the £2.5k monthly tax payer bail out at the end of the current 3 months - it was generous - but others are struggling with UC or zero income. To be replaced by Universal Income.

1. Tax the hell out of companies like Amazon, or don't allow them to operate in the UK - definitely not propping up their wage bill will tax credits.

He will break it and work doing any job he can do even if working for dominoes delivering pizzas. U sell your house and buy a cheaper one.

@DianaT1969 1.2k a month is incredibly generous. It would make my life way easier, but I doubt that level is affordable?
Yes benefits are too low. I have been on them so know, thankfully not for that long.

£1.2k a month is generous ? The current benefit cap is £2k a month and there are ways around that to ensure you receive more

Become a supermarket worker or delivery driver. They are in high demand.

@FourTeaFallOut yes it does seem to be across all ages accept age between 0-20 as the deaths are so small.

www.theguardian.com/world/2020/mar/26/men-are-much-more-likely-to-die-from-coronavirus-but-why

@ChrissieKeller61 Our household income is £3k a month in normal times, so yes £2.4 k just handed to us as a universal income is very generous.

And the benefit cap only really affects you if you have lots of kids or live in a high rent area. Outside London not many people get anywhere near it.

Apply for any benefits you can.
Use savings.
Look at outgoings - can you make savings anywhere.
Mortgage deferral or extend the term if repayment type to lower payments?
Whilst on furlough look at online training/opprotunities to start self employed once this is over/new career path. Take any job going once furlough pay ends.

Sending best wishes and sadly there will be lots in a similar position to you... I know that probably doesn't help but this really is unknown territory for everyone

No real advice but soooo many in the same boat, i'd contact yor creditors and sit tight - we bauild the banks out - they'll have to bail us out. Sit tight and wait - it's all we can do.

I don't have much to add on the stretching or running out of money side, but I do want to give some hope for shielded workers whose current employers might not survive the lockdown.

I work for a large global corporation and we're already talking about the way that we will hire in the future to ensure that we don't lose the skills of a shielded workforce. We expect that in the longer-term many governments will be supportive, or regulate us, in these efforts too. We were already actively recruiting with a lens of inclusivity, and this has accelerated that process.

We're thinking about having policies around preferred candidacy status for certain roles that can work from home for example and reworking the way that we run internal events so that critical moments are fully virtually accessible and participatory.

My advice would be to start researching companies who already have inclusive recruitment strategies, think about transferrable skills and get prepared. Recovery will take time, but ultimately a lot of sectors will have huge resource holes where firms have gone bust and other companies will emerge to fill that gap.

@alloutoffucks - i have clients who receive £1200 in childcare alone, then rent top ups and credits and CB in addition. People get a lot more than £2k a month handed to them already.

@Chrissie - single peopl, no children with a mortgage get around £390 UC per month. That's it. Possibly Council Tax Support too.

*people

Would looking at citizens advice online help? Lots of Covid 19 related advice regarding money issues.

We are 4 adults living here, me on a pension, DH, self employed, DS, company he worked for went bust 2 weeks prior to lockdown, DDIL (she is American ...this is relevant) who only recently got her security through from the FBI to enable her to work as a teacher in the UK, so she has been doing supply teaching for about a week prior to lockdown.....
So, I am the only one in our household currently with an income, a state pension!
Do you know what I can't worry about it, we are living out of the freezer for the moment, we have a small amount of savings and as long as we can all stay healthy and alive that is all we should be worried about.

I think the housing market will explidecafter this as so many people will be in your situation op.
You really need to be looking at downsizing ASAP. If it's a choice between your dh going out working before a vaccine is found, or eventually selling up and downsizing to a place you can manage on your money alone, the downsizing wins.

I really think when we open up again estate agents will be very busy.

Fire sales are never a good idea, you’ll end up with the same mortgage if you can even get one without the equity and having paid out costs. It’s too late to downsize. Hold tight now

The current benefit cap is £2k a month and there are ways around that to ensure you receive more

Er, no, it's £1650 outside London, and you'll only get anywhere near that if you have rent to pay. What ways are there around it other than working then?

Funny how many people now decide UC is not enough to live on now it affects them, and asking for £1.2K a month like that's reasonable.