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Coronavirus: Financial support and guidance

19 March, 2020

British Transport
Police Federation
March 19, 2020

Coronavirus: Financial support and guidance

We're collating sources of support, guidance and advice for those of you who may be concerned about the impact the coronavirus pandemic could have on your household income. If you see any other useful guidance do share it with us so we can keep this page updated.

Mortgage - Some providers are offering three-month payment breaks. The terms vary from company to company and you can expect to pay interest during the break. Contact your mortgage provider to find out how they can help you.

Rent - The three month mortgage break will also apply to landlords whose tenants are experiencing financial difficulties so speak to your landlord at the earliest opportunity if this applies to you. Additionally, emergency legislation will be taken forward so that landlords will not be able to start proceedings to evict tenants for at least a 3 month period. This applies to private and social renters.

Personal Loans and Credit Cards - The Financial Conduct Authority (FCA) has called on lenders to use flexibility built into their rules to support consumers, taking into account customers' individual circumstances. If you are experiencing difficulties paying back loans or credit card bills because of COVID19, you should talk to your lender. If you agree a payment holiday with your lender, they should record these in such a way that will not impact on your credit score.

The support available depends on your circumstances:

BTP Federation Welfare Fund - The welfare fund was set up to help officers who are suffering hardship. Officers can apply for a grant (that does not have to be paid back) or an interest-free loan. Applicants are asked to complete a form so their request can be considered by the Welfare Committee. Each case is considered individually on its merits.

No1 Copperpot Credit Union - This is a not-for-profit organisation, offering savings, loans and mortgages to the Police Family. They offer clear and fair loans for a range of purposes and help thousands of members of the Police Family every year. Each loan application is personally assessed, and decisions are based on affordability, not just your credit score.

Police Credit Union - Police CU is part of the Serve and Protect family and was set up by the police, for the whole of the police family - serving and retired police officers/police staff and members of their households. A not-for-profit organisation, they provide affordable loans which can be repaid straight from your police pay. Serve and protect have also put together a guide to Managing Your Financial Resilience which links to a handy budget calculator.

Uniform Mortgages - Independent mortgage advisers Uniform Mortgages Ltd has set up a dedicated advice telephone number for all police personnel and their families in light of the economic changes ahead and the recent Bank of England interest rate reduction. You can ask questions about your existing mortgages, new purchases or re-mortgaging. Their free of charge mortgage advice service will be available over the telephone or via video conferencing and they aim to provide this service to fit around shift rotas. The dedicated mortgage advice telephone number - 0203 475 0049 - will be available seven days a week until further notice.

Stepchange - If you're at all worried about your personal finances during this period of uncertainty, the charity Stepchange can help. They provide free debt advice to help you deal with your debt and set up a solution.