Many of you will no doubt be concerned that being at home and trying to manage your money is going to prove extremely difficult over the next few weeks.

There have been 1.4 million applications to universal credit since the 'lockdown' was announced, the decisions of which will be made in the next few weeks.

With furlough impacting many businesses and other traditional sources of income drying up, many people will be worrying about finances.

For those of you who are currently on benefits, there have been some changes which may mean you might see an increase your money during the outbreak.

The government have increased both the working tax credits and universal credit basic rates by £20 per week over and above the standard April up-lift.

They have also said that many deductions from benefits that you may have been paying have been paused for the next three months.

This does not include paying back any advances taken out whilst waiting for UC payments to start.

Many local homeowners have mortgages and are worrying how to pay them.

All mortgage lenders in the UK have been told that they must provide a three month 'mortgage holiday' for anyone affected by the virus.

However, you can only apply for one of these breaks if you are up-to-date on your mortgage payments.

Only one in nine homeowners have so far applied, and not all lenders have made the process clear.

It is not automatic, so you do need to contact your lender to look at the options.

If have a buy to let policy and your tenants have lost income because of the virus, you can also ask for the holiday. It is a good idea to have a talk to your mortgage provider as they will be able to help you choose the option that is best for you.

Check your lenders website who will tell you how to apply – but please don't stop making payments from your mortgage until they have agreed.

Not making payments will not stop interest being charged on your mortgage and at the end of the holiday you will need to make arrangements on how to repay the payments you have missed and the interest that will have been charged.

You might want to extend your mortgage or spread the missed payments over the rest of the term of your mortgage.

Talk to your lender to see if there is a choice about which of these options you choose.

UK finance have said that taking these breaks should not negatively impact your credit rating.

If you have a mortgage with these holidays built in you can still apply for this one.

If you are already in arrears, help will still be available, but it is important that you contact your lender sooner than later.

If you don't have a plan in place then talk to your lender and get debt

advice.

People with car finance agreements may also be able to take advantage of short-term breaks in the repayments.

The Financial Conduct Authority is working with lenders to put in

place a three-month freeze on payments for customers impacted due to the coronavirus pandemic.

This is similar to the three-month freeze on loan and credit card payments announced last week. As with all these schemes, they are not automatic and there are eligibility requirements. You will still have to pay back the money when the freeze ends and you must make arrangements for this with the lender.

The Citizens Advice is still open for people who need clear, independent, and free advice at this time.

You should never have to pay to have your advice needs discussed and to get the help you need. Our service is, and always will be, completely free and our advisors are trained to the highest level.

We can offer debt solutions, plus lots of hints and tips on how to maximise your income during these worrying times.

You are not alone; we are here for you.

You can contact us through our website –www.citizensadviceeastdevon.org – or via email at

[email protected].

We also have a telephone call-back system – if you leave your details at 01404 42227 or 01395 265070 then one of our advisors will call you back.