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.
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 for your financial stability even whilst the spread of the virus is gradually beginning to ease across 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 pandemic. Although restrictions have eased and many people have returned to work, the lockdown periods and unpaid leave have had long-term effects for many people. Others have had their incomes reduced and seen sharp declines in profit. Many businesses, particularly those in the restaurant and entertainment industries, have been hit hard. Other companies, including retailers, airlines, and others in the travel industry were hit hard as well, following lockdown periods 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 eviction ban that was put in place until 31 may 2021 has now lifted, so taking care of your rent payments is a top priority. If you are struggling with rent arrears you can reach out to Citizens Advice for professional finance help.
- All applications for mortgage deferrals (payment holidays) closed on 31 March 2021, and all payment deferrals ended on 31 July 2021. If you are still struggling, contact your lender as soon as you can. Your lender will offer you support regardless of having had a payment holiday. You may find up to date information on the lender’s website, regarding financial difficulty due to Covid19, and how they can help with mortgage payments if you are struggling.
- 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 May 2021 – September 2021, if you reasonably assume your earnings will be down by more than 30%. There are many eligibility criteria for this grant, so have a look at the gov.uk website for more information.
- 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. NS&I Income Bonds were among the highest at 1.16%, and have now dropped to 0.01%. A high interest rate option is now a 1 year fixed saver from Atom Bank app with 1.5% interest (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. 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
My employer has kept 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 30 September 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 ban on eviction is not in effect anymore, so paying your rent is an urgent priority. 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 May-September 2021 for the fifth grant. This scheme provides 80% of regular income up to £7,500 as a lump sum. You can check here if you are eligible for this.
I am still working 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, you 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 constantly changing COVID-19 situation is still 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 the end of September 2021. You don’t have to have been furloughed before, but you do need to have been on your employer’s PAYE payroll on 2 March 2021 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 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
- When necessary, 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.
- Although as of July 2021 there is no longer a legal requirement to wear a face covering in indoor settings and public transport (besides for Transport for London network), an employer has a right to ask employees to wear face coverings at work to prevent potential spread of Covid-19.
- If an employee comes to work with COVID-19 symptoms, they should immediately return home and self-isolate. The workplace should be thoroughly disinfected.
- 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, up until the end of June, and 70% from 1 July. This scheme has been extended through September 2021. 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 Covid-19.
- 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 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. This page will be updated frequently with information we feel could be useful to you. The Cashfloat team wish all of our customers good health, safety, and financial security in these uncertain times.