Money Saving Tips During Covid-19

Money Saving Tips During Covid-19

Some money saving tips courtesy of Martin Lewis!

Authorised overdrafts can be interest-free – from Thursday 9th April. The first £500 of authorised overdrafts can be interest-free for 3mths (for overdrafts under £500, the entire balance will be interest-free).

Those with accounts that have an overdraft facility, who are struggling due to coronavirus, should be able to request one of these 0% overdrafts, subject to a credit score.

For the next 3mths, no one should be charged more, about 40% interest rates, than they were under the old system.

Credit cards, store cards, personal loans and catalogues – from Thursday 9th April All credit cards, store cards, personal loans and catalogues must offer payment holidays.

All lenders will be expected to move towards offering payment holidays of up to 3mths on personal loans, credit cards and catalogue debts.

Agreement needs put in place with them first though – you can’t just stop payments.

Payments aren’t allowed to hurt your creditworthiness, nor can there be any penalties or charges if you do it

 

– Is it worth taking a payment holiday? 

Yes if you have an emergency cash flow need, no if not. That’s especially true if the interest rate is high, as it’ll still rack up during the payment holiday, and as you’re not making repayments it can be hefty. So only do this if you need it.

Free School meals Children who usually qualify for free school meals should continue to get them while schools are closed.

 

Schools and Councils are making their own plans to provide free school meals or alternatives during lockdown.

If you haven’t heard anything, but you think your child’s eligible, contact your local council to find out what the provisions are in your area.

Refund for nearly ALL train tickets You can get a refund for nearly all types of train tickets.

 

Season tickets – you should be able to get a partial refund for the bit you haven’t used, so long as you have at least three days left on a seven-day ticket, or at least seven days on a monthly or longer season ticket. Many firms have waived the usual £10 admin fee for this – although contrary to what was initially announced, some have said they will still charge it, so check.

 

To get a refund, you should contact whoever you bought your ticket from, usually the train firm. You may be able to do this online – for instance, at booking website Trainline.

 

Advance tickets purchased after 7am on Monday 23 March – when this was announced – won’t be eligible for a fee-free refund.