# What financial steps should someone impacted by the Coronavirus take?



## Brendan Burgess (11 Mar 2020)

I had a general chat with someone about this today.

1) Prioritise your health and the health of those around you.  Don't worry about money- your health is more important. Isolate yourself.

2) If your income falls and you face difficulty paying your mortgage or your rent,  notify your bank or your landlord.  

3) Don't reschedule your mortgage unless you need to do so.  It will appear on your credit record for some years and may stop you from accessing other credit.

4) Prioritise your payments e.g. Food, electricity, rent .

5) Identify the low priority payments - for example, if you have an unsecured loan such as a credit card or a credit union loan, it's a low priority.

6) Some people have odd notions about their "children's education fund". If you need to dip into something like that to tide you over, that is better than damaging your credit record.

7) While you should always try to pay your credit card balance in full every month, in emergencies, it's ok to pay the minimum amount. 

8) Ask your credit card provider to increase your limit.


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## Brendan Burgess (11 Mar 2020)

Does anyone know how long someone with Covid-19 is out of work? 

For most people who are working, they should be healthy and so the impact would be mild. 

They would need to isolate themselves for a while. 

They would probably need a negative blood test before being deemed fit for work. 

Brendan


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## RedOnion (11 Mar 2020)

Brendan Burgess said:


> 3) Don't reschedule your mortgage unless you need to do so. It will appear on your credit record for some years and may stop you from accessing other credit.


This is incorrect. A contractual change, or moratorium under normal business terms, does not impact credit rating.



Brendan Burgess said:


> 5) Identify the low priority payments - for example, if you have an unsecured loan such as a credit card or a credit union loan, it's a low priority.


Again, missing a repayment on an unsecured loan will impact your credit rating.


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## Brendan Burgess (11 Mar 2020)

RedOnion said:


> A contractual change, or natatorium under normal business terms, does not impact credit rating.



Hi Red

I thought that it would be noted on the credit record but not affect the actual credit rating? 

Brendan


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## EmmDee (11 Mar 2020)

Brendan Burgess said:


> Does anyone know how long someone with Covid-19 is out of work?
> 
> For most people who are working, they should be healthy and so the impact would be mild.
> 
> ...



Not sure if there is a general rule - but in this place (and most I know about), you are asked to remain out of the office for 14 days even if not confirmed with the virus.

For those who don't get medical complications, it seems the major symptoms ease off after 3-4 days. But I would think the 14 day rule of thumb may still apply (though logically it shouldn't if you recover)


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## odyssey06 (11 Mar 2020)

If you have booked an expensive holiday and pre-paid a deposit by card and are now unsure about whether to go-> watch out for auto-deduction of the balance. It may be better to cancel the booking or pre-emptively try to reschedule now.


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## Brendan Burgess (12 Mar 2020)

On reflection, I think that the impact will be much bigger on people who lose their jobs as a result of any economic slowdown resulting from the virus. 

If you get the virus but keep your job, you will probably be paid and will be ok. 

Brendan


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