Coronavirus Response
If you have been financially impacted by the coronavirus, Cashfloat is here to help you.
If you will, or think you will struggle to make your next payment during these difficult times, please contact us at 0203 757 1933, or email client-service@cashfloat.co.uk, and we may be able to offer you a payment deferral for a period of one month.
This payment deferral will not adversely impact your credit file or incur additional costs, as long as it is repaid as agreed on the following month’s due date. If you are unable to repay the deferred instalment the following month, please let us know as soon as possible and we will look at other ongoing options to suit your personal circumstances. Please note any ongoing payment arrangement after the deferred due date may incur additional costs and adversely affect your credit file.
COVID 19 Business Update
Please be advised that due to the current pandemic our opening hours have changed slightly. We are now open Monday to Friday 9am to 5.30pm and we will ensure that any requests received are processed during these times.
At Cashfloat, our customers’ safety is of the utmost importance. We are closely monitoring the coronavirus (COVID-19) situation in the UK, and we are here to support our customers during this challenging time. Cashfloat understands your concerns both for your physical health and financial stability as the virus continues spreading in the UK.
We are committed to helping our customers through this crisis.
Safety is our priority, and we encourage all our customers to limit themselves to potential exposure to the coronavirus. All of our online services will continue as usual. As always, customers will be able to apply for Cashfloat loans entirely online or using our Money on Demand app. You will also be able to login to your account to easily manage your loan online. We advise our customers to use online financial services versus in-person as much as possible to limit the risk of exposure.
We do not recommend borrowing short term online loans if your income has been reduced or your expenses have risen. Rather, we recommend that you seek help from government agencies and other help trusts during this difficult time.
How the Coronavirus is Affecting the UK Economy
Cashfloat is aware that many customers may be struggling financially due to the coronavirus outbreak. Many workers have been placed on unpaid leave or been made redundant by their employers. Others have had their incomes reduced and seen sharp declines in profit. Many businesses, particularly those in the restaurant and entertainment industries, are closing up shop for a second time now. Other companies, including retailers, airlines, and others in the travel industry will be hit hard as well, following stricter government health guidelines to protect the public.
Between business shutdowns, job layoffs, school closures, and social distancing, many UK consumers are wondering if the economy will ever be the same again. People are unsure how they will cover basic living costs and businesses wonder if the coronavirus will send them into administration. Here at Cashfloat, we strongly believe that with some careful planning, UK consumers, businesses, and the economy at large will be able to weather this storm.
Protect your Personal Finances
from COVID-19
- First and foremost, Cashfloat urges all of our customers to follow all recommendations and directives from the NHS closely. These guidelines are for your safety and the safety of the public. You can keep up to date on the NHS website. Help stop the spread of the coronavirus and keep yourself and loved ones healthy.
- The government is offering additional financial assistance to citizens financially affected by the virus. If you are experiencing financial difficulty as a result of COVID-19, we urge you to check your eligibility now for government financial support and benefits.
- If you are struggling to pay your rent or utility bills due to coronavirus, speak to your landlord or service provider as soon as possible. The government has temporarily banned evictions so even if you do fall behind on rent payments, your landlord cannot take legal action for at least 3 months. Try to work out a payment plan with your provider to ease your financial burden.
- If you took a 3 month payment holiday on your mortgage and are still struggling, you can now extend the holiday for an additional 3 months. Be aware that this is a deferment, and you will have to make up the missed payments, plus accumulated interest. Nevertheless, the payment holiday will not affect your credit score.
- If you are self-employed, you can apply for support through the Self-Employment Income Support Scheme (SEISS). This scheme provides 80% of regular income up to £7,500 in a lump sum for the months November 2020 – January 2021, but you can only claim from 30 November. The scheme has been extended by a fourth grant from February 2021 to April 2021, this will also be paid in a lump sum covering the 3 month period.
- If you are working from home, you likely have extra expenses, such as increased heating and water bills. You can get £6 per week towards these expenses without documentation (receipts or other proof) either in tax-free cash from your employer or as a tax relief from the government. You can claim more money >using these steps, but you will need proof.
- National saving interest rates have plummeted due to COVID-19. Currently, the highest available rates are 1.16% from NS&I Income Bonds (terms state they need to give customers at least 2 months notice before cutting rates) and 1.4% from Atom Bank app (you cannot withdraw money for 1 year). Consider opening an account to increase your savings returns.
- If you had planned and paid for a holiday abroad, don’t cancel it without checking the cancellation policy. Canceling now could be deemed a ‘disinclination to travel’ and you may not get a refund. It’s better to wait for the company to cancel on you, in which case you are entitled to a refund. If you booked your holiday before mid-March and you paid for travel insurance, your policy may cover coronavirus-related cancellations, but always check first. Most airlines should refund your money within 7 working days of requesting a refund.
- If you have been impacted financially by COVID-19 and think this may affect your ability to make your loan repayments, please don’t hesitate to contact Cashfloat. We are here to help, and we are confident that we can find a workable solution for you.
FAQ’s about Coronavirus
I think I might have coronavirus. What should I do?
If you think you may have coronavirus, you should immediately return home and self-isolate for 7 days. Visit the NHS 111 website for detailed instructions on self-isolation, to check on your symptoms and get help. To protect others, do not go to your general practitioner, pharmacy or the hospital. If you cannot get the help you need online, call 111. If you are in a high-risk category, the NHS will contact you. You should let your employer know about your condition as soon as possible.
My employer put me on furlough because of coronavirus. What are my rights?
If you have been placed on furlough due to the coronavirus pandemic, you should speak to your employer about receiving 80% of your regular income up to £2,500, through the Coronavirus Job Retention Scheme. The government has recently extended this scheme until the end of March 2021. Under the new parameters of the scheme, you can work for your employer while on furlough. You will be paid your regular rate for the hours you work, while the remaining hours will be covered by the furlough scheme.
I was laid off from my job due to COVID-19 and now I can’t pay my rent. What can I do?
If you have been laid off from your job because of COVID-19 and you do not qualify for statutory guarantee pay, you should apply for Jobseeker’s Allowance from Jobcentre Plus. This will provide you with income until you are able to go back to work or find a new job. You should speak to your landlord about an alternate arrangement for paying your rent in the meantime. The government has temporarily banned evictions so they would have to wait at least 3 months before taking any legal action against you. If you are behind on your rent payments, you should deal with rent arrears.
I am self-employed and my business has been impacted by coronavirus. What help can I claim?
If your business has been impacted by coronavirus, you can apply for the Self-Employment Support Scheme from 30 November for the third grant. This scheme provides 80% of regular income up to £7,500 as a lump sum for November 2020 – January 2021, extending with a fourth grant for February – April 2021. Eligibility is generally based on your 2018–2019 tax return. However, if you were on parental leave and therfore did not meet the income requirements for eligibility, you can rely on the 2 previous years’ tax forms. If you’ve already collected SEISS and need further income support, you should apply for universal credit as well as employment support allowance.
If your business needs more support to stay afloat, you can apply for a coronavirus bounce back loan and borrow between £2000 – £50,000 at 0% interest for the first year and 2.5% interest afterwards.
I have to work from home now because of coronavirus. Can I get compensation for my expenses?
Yes. If you normally work outside your home, but due to the pandemic, you were forced to set up a home office, your employer must reimburse you for purchasing office equipment. Normally, this reimbursement would be taxed, but if you are setting up a home office soley due to coronavirus, do don’t need to pay tax or NI contributions on that sum. Your employer should take care of adjusting the taxes for you, but it’s a good idea to double check your payslip to ensure you aren’t paying taxes for your home office equipment.
Additionally, you can claim back tax-free money for your working-from-home expenses either from your employer or HMRC. You won’t need any proof (receipts, bills, etc) if you’re claiming up to £6 per week. Claim your reimbursement now.
I don’t think I’ll be able to make my loan repayment this month. What do I do?
If you think you won’t be able to make your scheduled loan repayment, please contact us as soon as possible. We understand you are experiencing a challenging time financially, and we are happy to work out an alternate payment plan with you.
Coronavirus Rights for Employees
The unfolding COVID-19 situation is impacting UK businesses of all sizes across every industry. Cashfloat brings you a summary of your rights in the workplace during the coronavirus crisis. As always, public health and safety is the top priority, and we urge customers to listen to government directives.
If you are considered extremely vulnerable and have been instructed to stay home and shield, please do so.
- Employees who must quarantine due to either confirmed infection or possible infection of coronavirus (as directed by the UK Test and Trace Scheme) are entitled to statutory sick pay from the first day of missing work rather than from the fourth day.
- If your employer offers you the option to work from home, you are entitled to your regular salary.
- If you have been placed on furlough, you are entitled to 80% of your regular salary upto £2,500 per month from your employer. This scheme has been extended through to March 2021. You don’t have to have been furloughed before, but you do need to have been on your employer’s PAYE payroll on 30 October to be eligible. You can find out more eligibility details here.
- Your employer can place you on part-time furlough. You are entitled to your regular wages for the hours that you work. The remaining time will be covered by the furlough scheme. There is no set amount of hours you must work/not work for this scheme.
- If you are laid off from your job, speak to your employer about the terms of your contract. You may be entitled to statutory guarantee payment. If you are not eligible for SGP, you can apply for Jobseeker’s Allowance from Jobcentre Plus.
- If you are afraid to go to work because of coronavirus, speak to your employer. You may be able to work out working conditions that decrease your risk of exposure. Alternatively, you can discuss taking a holiday or unpaid leave. Your employer does not have to agree to this.
- If you need to take time off from work to care for a dependent who lives with you in your home, you are entitled to statutory sick pay. If you need to care for a dependent who does not live with you, speak to your employer about your contract terms. You are not entitled to SSP, but your employer may work out some form of compensation with you.
- If you are deemed an “essential worker”, you can continue sending your children to school if you cannot make alternative arrangements for childcare.
- If you start experiencing coronavirus symptoms at work, let your employer know and return home immediately. You will have to self-isolate for 7 days and others living with you will need to self-isolate for 14 days. Use the NHS 111 coronavirus website for further guidance.
Coronavirus Guidelines for Employers
- Employers should offer employees flexible working options, if possible, such as working from home using work laptops or mobile phones.
- If working from home is not possible, employers should ensure that their work environment complies with the NHS’s guidelines for proper social distancing.
- If an employee comes to work with COVID-19 symptoms, they should immediately return home and self-isolate. The workplace should be thoroughly disinfected.
- The government has ordered all non-essential businesses close temporarily. Through the Coronavirus Job Retention Scheme, employers can claim back up to 80% of employee wage costs, up to £2,500 per month from HMRC. This scheme has been extended through March 2021. However, since August, employers have had to make an increasing monthly contribution towards paying furloughed employees. You can be placed on furlough even if you haven’t been on it before. The same applies to an employee returning from parental leave or active duty as an armed forces reservist, they may be placed on furlough upon their return to work.
- Employers can place furloughed employees on part-time furlough. Employers are required to pay regular wages for the hours that the employees work. The remaining time will be covered by the furlough scheme. There is no set amount of hours the employee must work for this scheme.
- Employers with less than 250 employees will be able to reclaim up to 2 weeks of Statutory Sick Pay for each employee unable to work because of coronavirus.
- Employers can allow their employees to carry over unused annual leave days for up to 2 years. This is to ensure that essential businesses like hospitals and supermarkets will not be short-staffed because employees must take their 28 annual leave days.
- If an employer needs to lay off workers, they need to discuss it with their employees as soon as possible. Depending on the terms of the contract, employers may be obligated to pay employees regular wages or statutory guarantee payment.
LEARN MORE
Cashfloat is here to help during the Coronavirus outbreak
We will continue to monitor the situation and remain available to answer any questions or concerns you may have. We are committed to keeping our customers well informed. We will update this page frequently with information we feel could be useful to you. We wish all of our customers good health, safety, and financial security in these uncertain times.