3 March 2021

What to do if you’re struggling financially during lockdown

The pandemic has brought about challenges for people everywhere, and the economic impact on the UK has affected millions of people financially.

It is important to be aware of the financial support available if you find yourself struggling. With government guidelines urging people to stay at home, there are still many ways that you can seek financial help despite the lockdown measures in place. 

Speak to a your bank or building society 

To stop the spread of Coronavirus and help keep members safe, many banks and building societies are offering predominantly online services during the nationwide lockdown. 

At Principality, our branches are still open for deposits and withdrawals, but branch appointments have been postponed. We are still offering support over the phone or online, meaning you can reach your local branch directly without needing to leave your home. 

You can call our Contact Centre on 0330 333 4000, or alternatively you can find your local branch and its contact details here. 

Regardless of which bank or building society you are with you can also speak to the Citizen’s Advice Service for free in England and Wales. They offer impartial information and support for problems with debt, benefits, employment, housing and many more issues.

To access the Citizen’s Advice Service in Wales call 03444 77 20 20, if you’re in England call 03444 111 444.

Find out what help is available to you

Speaking to your bank or building society will help you identify what support is available to you.

The challenges people face will be different depending on their individual circumstance, so it’s important to explore a range of options to help you ease your financial difficulties that could have been brought about by the pandemic. 

On October 31st 2020, the FCA announced an extension to the Mortgage Payment Holiday meaning you can apply for a payment holiday of up to six months. A mortgage payment holiday allows you to put all, or a proportion of your mortgage payments on hold for a set period of time . However please note that during your payment holiday, interest will continue to accrue and will be added to your loan balance. You can find more information on our dedicated webpage - https://www.principality.co.uk/coronavirus

Members of Principality Building Society can apply for a Mortgage Payment Holiday, or request an extension up to six months using this form.

If you have already taken the maximum six months payment holiday, there is still support available to you. Please visit our Budget Planner to get tailored support. 

If you are borrowing on a buy-to-let arrangement you will also be eligible for a payment holiday of up to six months if your tenants have lost income due to Covid19. Buy-to-let borrowers with a payment holiday are expected to pass on the benefit of the payment holiday to their tenant.

If you do find yourself struggling to pay your mortgage, you can also visit our dedicated page which includes useful information and links to organisations who can provide independent financial and housing advice.

Talk to someone

If you’re feeling stressed or anxious as a result of your financial position, let someone know how you feel. Whether you feel comfortable speaking to a family member, friend or colleague, try to share your feelings with someone. 

Alternatively, you may feel more comfortable speaking to someone you don’t know, in which case there are helplines out there to allow you to speak to someone anonymously. 

Samaritans offer a free and confidential helpline to people experiencing feelings of stress or despair. Call 116 123 for free. You can find out other ways that you can get in touch here. 

Remember that you are not alone, and there is always help available. 

By clicking on the external links you will leave the Principality website and will enter a 3rd party website - Principality is not responsible for the content of external websites.

 

Published: 03/03/2021