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Personal Finances And Banks.

Discussion in 'Personal' started by Jude Fawley, Apr 1, 2020.

  1. Jude Fawley

    Jude Fawley Star commenter

    Hi everyone.

    I thought I'd start this thread so we can help each other to navigate through the difficult financial times ahead.

    I do my banking with Tesco bank.

    I've been in touch with them via the phoneline and, after a wait of about twenty minutes, got connected.

    This is what they have offered me to help to keep my debt to a minimum.

    There is an online form for anyone with a Tesco Bank loan. You can fill out the form and have the loan payments stopped for two months. Interest may still accrue.

    If you speak to a member of staff on the phone they can stop your direct debit for the loan straight away. Then you go online and fill out the form for the two month suspension. In my case this will cover April and May payments.

    If you have an overdraft, it seems they are not too bothered if you go overdrawn into a previously arranged overdraft and will cancel any interest on the overdraft though this might at first show as being charged. This allowing that everyone at the bank is under great pressure and things take time to sort out.

    I've told them I will be drawing £200.00 out of a cash machine when I can get to one. This will take me into overdraft and that overdraft will be maxed once I pay my other bills this month.

    So I have some breathing space until 30th April 2020 by which time my claim for universal credit will hopefully be sorted and a up-front loan against the payment, made to me. I'll also be able to get started on the 80% calendar monthly payment from HMRC for the self employed to begin in June.

    So I think it will be month-by-month for now with the option to return to talk to the bank as the situation progresses.

    As I say, I'm with Tesco Bank. Other customers of Tesco Bank may find their situation with the bank different from mine, but I'm just outlining what may be available as it was to me.

    Everyone has their own financial situation and their banks may be operating along the same line or in very different ways.

    One thing I would say is this. Try to get some cash in the house. A few hundred pounds if possible.

    If this situation goes on for months ahead there may come a time when the banks freeze accounts or withdraw support.

    Again, that might be a blanket policy or subject to each individual and their accounts.

    I don't think this is a place where I can start answering other peoples questions. If you're chaotic with money, you'll be chaotic and no amount of help will suffice.

    But you might find parallels especially if other posters use the same bank and you might get information on what may be available.
    colpee and cmoore like this.
  2. florian gassmann

    florian gassmann Star commenter

    Do you literally mean cash? Supermarkets and others are trying to restrict the use of cash and encourage more people to use pay and wave bank cards for health safety reasons.
    towncryer, colpee and border_walker like this.
  3. Jude Fawley

    Jude Fawley Star commenter

    Yes I mean cash.

    Would you know why?

    I'll tell you. If a neighbour is going out and they get you some provisions you can settle up with them.

    When the supermarkets shut down or when you are on the great march, you might be able to use cash to get things to eat or to get people to do things. The electronic banking system will probably crash and it may crash for good. Banks may withdraw credit or freeze bank accounts.

    Always think ahead. Try to think a few months ahead. By June we'll all be tooled-up beating off those who wish us harm.
    cmoore likes this.
  4. Doitforfree

    Doitforfree Star commenter

    You've been predicting total shut down for weeks and it hasn't happened. And come the apocalypse I don't think your paper money will be any more use to you than a card . What you need is some gold, ideally in small bits. Or better still, some loo roll to barter with.
    Jamvic likes this.
  5. dumpty

    dumpty Star commenter

    Contactless payment is now the preferred option and the limit per transaction is upped to 45 quid.

    I am still not a fan of this method though but you cannot get around London anymore without it. (Well you can but it really can be cheap to use swipe,must be fair)
  6. Jude Fawley

    Jude Fawley Star commenter

    As a lapsed Catholic I like to take 3p.m. every Friday to check on where we are week-to-week.

    Thinking about April. I doubt there will be much change over April. All schools will definitely close. Vulnerable people who can't be cared for at home will be directed to residential critical hubs. Clearways i.e. dedicated transport corridors will be in place. The army will patrol the streets alongside the police. County vehicle checkpoints will be in place and all food will be delivered.

    Virtual ID cards will be issued linking NHS, Police, Army etc registration to a given ID number.

    No ID? delivered back home.

    Not until early August will people start eating their pets or their neighbours pets.

    By November people will eat other people.
    Lala24 likes this.
  7. dumpty

    dumpty Star commenter

    Or we build a wall around a city and throw anyone with the virus in there to live or die. Survival of the (un?)fittest.

    If you have not seen it, the film 'Escape from New York' covers this kind of thing (and in a very entertaining way, very good film I say).
    primarycat likes this.
  8. primarycat

    primarycat Star commenter

    I'll start stocking up on Chianti and fava beans.
  9. Jude Fawley

    Jude Fawley Star commenter

  10. magic surf bus

    magic surf bus Star commenter

    Or other people's fruit and vegetables if you're a Vegan.
    Jamvic and EmanuelShadrack like this.
  11. catbefriender

    catbefriender Lead commenter

    All the big banks and energy suppliers are supposed to be offering holidays from payments and setting up payment plans for those who need it. If for instance you can not recharge your prepayment meters they have a system in place to ensure you still have your utilities.

    Anyone facing financial difficulty is supposed to be being supported via the Universal Credit system and the 'kindness' of the banks and energy suppliers.

    I keep on getting letters from the supermarkets CEOs stating how they are prioritising the elderly and the vulnerable. Whilst putting up the costs of all the basic supplies, no doubt. I can not believe the GREED of these people. Many people have lost their jobs and have no income coming in and they put up prices because they are all so hellbent on making maximum profits.

    Like we have been told to stay at home, they have been told to prioritise the elderly and vulnerable. Once they have fulfilled that commitment, you can bet they will be back providing more online slots in order to take even more massive panic buyers' orders and making their next billion.
  12. HelenREMfan

    HelenREMfan Star commenter

  13. LondonCanary

    LondonCanary Star commenter

    I think there is some doubt. Do you have many examples?
  14. Jude Fawley

    Jude Fawley Star commenter

    Thanks. I've done that.
  15. Jamvic

    Jamvic Star commenter

    Anybody eats my Chiroptera and they’ll regret it.

  16. florian gassmann

    florian gassmann Star commenter

    Halloween will never be the same ...

  17. Jude Fawley

    Jude Fawley Star commenter

    Banks may freeze payments on loans and credit cards for up to three months.

    I assume we could still use our credit cards, but I suppose they'd keep a keen eye on us.

    Sounds good until they then freeze other areas of banking and finance.
  18. catbefriender

    catbefriender Lead commenter

    Unfortunately I do. After spending hours trying to get a slot, I got one for Tescos in 3 weeks time and a lot of the items were 20p to 50p more. Tescos also have abandoned a lot of the multipacks they had for things like Baked Beans, meaning that instead of buying 1 pack of 4, you have to buy 4 separate tins. Multipacks are always cheaper than buying 4 single packs. Also there is a limit of 80 items per delivery meaning that in order to get what you need, you have to do multiple deliveries, incurring multiple delivery charges.

    There are a lot of people with disabilities, whose disabilities are not on the list that has been given to the supermarkets to offer priority slots to and like me, can not easily get down to the stores. Added to that, my local cab firms, in the true spirit of the lockdown have put UP their cab fares as well. So what would have been a £6 journey is now £8.

    All this i.e. the 20p-50ps additions to some of the foods I regularly buy, plus the removal of multipacks, plus the increase in fares, all add up. Many people have lost their jobs, a lot of my friends have had their salaries reduced by 20% to 80%. Some are still waiting to find out how large a % their salaries will decrease.

    ISAs, personal pensions have taken a huge hit and people are generally with less money.

    But the supermarkets and all the independent food suppliers are ranking it in. I had to pay £12 for a box of fruit and veg which would have cost me around £4 in the supermarket, if I went down there. So should I have paid £16 to go to the supermarket to buy £4 worth of goods or pay £12 and sit at home?

    So yes, I have multiple examples, via my Tescos food bill before lockdown and the one produced yesterday to go by. As one newspaper report said, the real increase in shopping bills is the removal of the multi offers such as 'buy 3 Quorn products for £5,' now being replaced with the shopper having to buy all three items for £2 each.
    slingshotsally likes this.

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