[ad_1]
WWith England entering another lockdown on Thursday, the Treasury and the city’s regulator have stepped in to offer support to people unable to work while businesses are closed.
Plans are being expanded to keep people from falling behind on mortgage and loan payments and to help cover their wages.
What help is there for workers struggling to pay their mortgage?
The UK government’s mortgage payment holiday scheme, which has allowed homeowners a six-month deferral of payments, was due to end on Saturday, October 31, but has been extended to help people who will not be able to work during the closing.
The Financial Conduct Authority (FCA) is working with lenders on the fine print, but the watchdog has proposed that borrowers who have not yet had a deferment may apply for one.
In addition, those who have deferred payments for less than six months may request an extension. In total, borrowers will be able to suspend payments for up to six months. After that, they will need to reach another agreement with their lender.
As before, interest will continue to accrue during the deferral period and at some point you will face higher monthly payments or, if your lender allows it, you will have to extend the term of your mortgage. A deferral may not be the best option for you, so ask your lender about your options before making a decision.
What about other loans?
Once again, the amortization holidays that were to end on Saturday have been extended. The FCA says it wants lenders to offer deferrals of up to six months “unless it is obviously not in the interests of the client.”
For high-cost short-term loans, for example, payday loans, borrowers can request a month-long respite if they have not yet had a payment gap.
The FCA says that consumers are not yet to contact their lenders and will hear from them once the plans are confirmed.
My employer is closing. Can you give me permission again?
Yes. The leave plan was to be replaced by the much less generous Employment Support Plan (JSS) on November 1. Instead, the leave will continue and pay up to 80% of workers’ wages, up to £ 2,500 per month, through December.
To be eligible for the extension, employees must have been on payroll on October 30, 2020.
I have a short Reserved UK break in November – will I get a refund?
The Competition and Markets Authority has previously stated that refunds must be paid to clients who cannot accept a service due to government regulations.
Despite this, some consumers are expected to lose out. For example, Airbnb disagrees with the CMA’s position. It has stated that its standard cancellation terms will apply to all bookings made after March, which means that some people will lose up to half of their money. The company maintains its reservation fee if the consumer cancels. It’s best to let the host cancel, in which case you are entitled to a full refund.
I had to travel abroad, what is wrong with me?
After the Canary Islands were added to the non-quarantine list last week, November bookings for the destination soared as people tried last-minute sunbathing. If you plan to fly before Wednesday night, you can still do so. Trips that were supposed to leave on Thursday are disabled and whether you receive a refund will depend on how you booked the trip.
Those who booked a tour package will have that tour canceled and will be entitled to a full refund as per the package tour regulations.
If you booked your own flight and accommodation, it seems a lot less safe. If your flight is canceled by the airline, you can request a refund, but if you go ahead, you may not get your money back. On Monday, Ryanair announced that it will not reimburse customers who do not board the flights that are still in operation.
Few travel insurance policies are paying for the cancellation of trips booked after mid-March, when the coronavirus pandemic became a “known event.”
Can I still move house?
Yes. This time, the housing market has not been blocked, the housing secretary said. Real estate agents and moving companies can continue to operate., and tenants and landlords can still move out.
[ad_2]
