Covid-19 Financial Support

Here are five ways you can manage your finances during the coronavirus pandemic.

• Mortgage Payment Holidays – if you are struggling to keep up with your mortgage you may be eligible for a rest period of three months. This is a voluntary break offered by a few banks. Contact your bank to find out if they offer it. The cost of the 3 months will result in a small uplift on your remaining payments, and you will still be charged interest for this period
• Access your Fixed-term Savings Account – if you want to withdraw from a fixed-rate savings account before your term is up, you will usually incur penalties for early withdrawal. However, several banks have pledged to waive penalties because of COVID-19. Your interest may be affected, so if you can manage without, do so. Instead, look at cutting down your outgoings and creating an emergency budget plan on the free tool on our website policecu.co.uk/loans/budget-planner
• Help for Renters and Landlords – if you are struggling to meet your pay your rent contact your landlord in the first instance to work out a realistic repayment plan. New legislation set to be imposed by the government means that no evictions can take place lawfully within the next three months. Existing protocols in place for social landlords dealing with rent arrears will also be extended to help private landlords manage the deficit
• Avoid high cost lenders – in tough times it can be tempting to turn to high cost lenders or high-interest credit cards. Whilst this might solve the problem to begin with, it can often leave you in a worse position. There are ethical alternatives out there that can help you, like the credit union
• Speak to someone – too often, when we face financial worries, we are too afraid to talk to someone. Instead, we suffer in silence. If you are already feeling the impact and are having difficulty paying your debts, reach out to your creditors as soon as you can

Contact our Member Services team by calling 0121 700 1222 or emailing info@serveandprotectcu.co.uk


No1 CopperPot – Helping the Police Family Financially

No1 CopperPot Credit Union are a not-for-profit organisation, offering savings, loans and mortgages to the Police Family.

We encourage members to save small amounts on a monthly basis via payroll deduction. The idea is that if an unexpected bill arises or you find yourself short of cash, you can withdraw your savings, rather than relying on a loan or credit card and having to pay interest. Your savings are safe and available for withdrawal at no cost. Our deposits are not linked to stock market performance, so your savings will not be affected by current events.

A reminder to our current members: Your savings are easily accessible and you can make a withdrawal either via our website or over the phone.

We 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 we base decisions on affordability, not just your credit score.

Additional benefits:

• Life Protection included with membership free of charge
• Manage your account online
• Personal service – contact us if you need to talk about your current financial situation
• We are a not for profit organisation – surplus profits are given to members every year

PayPlan

Coronavirus could mean you’ll soon need to start living on less money than you’re used to. Especially if you or a family member starts to rely on Statutory Sick Pay (SSP) or are completely unable to work.

Financial help steps you can take right now:

• Look at your budget. Work out how much money you need to live on a day to day basis by downloading and completing our handy budget sheet
• Priority debts should be dealt with before your non-priority debts. Make sure you understand the difference and act accordingly
• Speak to your bank, lender or credit provider if you think you’ll miss payments – most companies will give you at least 30 - 60 days breathing space
• Get debt help as early as possible – PayPlan offers free and confidential debt help for police officers, police staff and their families

PayPlan advisers offer free and confidential Financial Conduct Authority regulated support, advising on a range of debt-free solutions that are tailored to each individual’s circumstances. Call 0800 009 4146 or get debt advice or visit the PayPlan website.

Metfriendly

Operating as normal Metfriendly are coordinating their response to COVID-19 to ensure we can continue to deliver for their members, look after the health of their employees and maintain the continuity of the business. In terms of the recent stock market volatility, Metfriendly are regularly monitoring movements in values of the assets held in the With-Profits Fund. It is important to remember that their With-Profits Fund is made up of a mix of different assets designed to balance stability with growth over time. As at the end of February 2020, equities (stocks & shares) accounted for around 20% of Metfriendly's With-Profits Fund.

Please also remember the following:

• Your policies are protected by the Financial Services Compensation Scheme (FSCS) for Insurance products. This means that there is no upper limit on the amount protected, unlike the FSCS Deposit and Investment schemes which are limited to £85,000 per person per company.
• This also means it could be a smart decision to bring more of your investments together with Metfriendly - decluttering your finances will make it easier for you to get a clear view of your savings and investments. For more details on how you can transfer to or invest more with Metfriendly, please call the Member Services Team on 01689 891454.

During these testing times Metfriendly are here to support you and your family so please free to contact them if you have any questions. You can contact the member services team directly on 01689 891454 or by email at: info@metfriendly.org.uk.