Credit card, overdraft and loan payments
Credit Card and Loan Providers have their own processes relating to missed payments/payment holidays/payment reductions. In the first instance, you should speak to your Loan/Credit Card Provider and explain the situation – some may have special procedures in place already, others may not.
Please visit Money Saving Expert for further information on the help that is currently being offered by providers to help with loan, credit card and overdraft payments.
If you are still concerned and/or would like advice on dealing with debt, you can contact your local Citizens Advice Bureau, or a not-for-profit debt management company/charity, visit the Money Advice Service website.
Accessing existing savings/investments
Normally if you've locked cash away in a fixed-rate savings account, you have to pay a penalty to get it out before the fixed term's up, however some banks have confirmed that they'll waive penalties for those affected by the pandemic. You should check with your bank directly to see if this is applicable to you.
It's worth noting though that with interest rates dropping, your money may well be locked away at a rate that's now impossible to get.
If you are over age 55, you may be able to access your pension fund if required. You should first contact our advisors at Davidson Asset Management to discuss this further on the implications of your personal situation. You may alternatively wish to contact Pension Wise for guidance. Pension wise is a free and impartial service set up by government.
Please note, the information contained in this article is for informational purposes only and should not be construed as individual advice. This information is accurate as at the time of publication, however it is important to remember that information and guidance is currently changing on a daily basis, and the information contained in this document is not exhaustive. Please contact Davidson Asset Management is you require any specific individual advice. Davidson Asset Management Ltd is authorised and regulated by the Financial Conduct Authority. DAM is a trading style of Davidson Asset Management Ltd.