Trusted Xperts COVID-19 Help.
Many people in the Financial, Legal and Accountancy sectors are able to continue to provide a service during these difficult times, as they are able to work remotely. This also applies to our Trusted Xperts Partners. Although the use of technology and remote working may change their style of work, it is generally business as usual.
So, if you need guidance through these difficult times, please contact Trusted Xperts who can position you with an expert adviser wherever you are in the UK.
Personal & Business Insurance
Many of the larger Insurers confirm that existing policies will pay out for Covid related death and illnesses. For new applications it is still a standard process, and there is no additional cost YET – so if you are thinking of reviewing your policies or cover, then now may be the time to do this.
This applies to:
- Life, Critical Illness & Income Protection Policies
- Business Protection including shareholder & director’s loan insurance, Relevant Life/Death in Service and Business Continuity policies such as Key Person Insurance.
Financial Advice
The Financial markets have reacted to the Covid-19 situation dramatically, and this has affected investments and pensions in the short term. Now, more than ever, people need to review their Financial Planning to ensure their plans stay on track. Investing is for the long term, so speak to a Trusted Xperts Partner to ensure that your strategy is correct, and that your plans and investments are appropriate to your needs going forward. With the help of a Trusted Xperts Partner Financial Adviser you can seek out opportunities as the economy and markets recover, maximising your investments over the long term.
Mortgage and Protection Guidance
You may be aware that the Chancellor announced that anyone struggling financially as a result of the Corona Virus outbreak, will be able to take a three month mortgage repayment holiday. This includes home owners, landlords and Help to Buy purchasers. This means that ALL lenders will now have to honour the three-month time frame.
A mortgage repayment holiday is an agreement with your lender allowing you to temporarily stop or reduce your monthly mortgage repayments. The repayment holiday will be available to borrowers who are up- to-date on their mortgage payments and not already in arrears.
If you believe you will struggle to make repayments in the coming months, we would recommend you engage directly with your lender as soon as practical to agree the best way forward - which may or may not include a payment holiday.
Interest will accrue for the period of the holiday, and payments missed will be added to the loan and repaid in the future - potentially over the remaining term of the loan.
Credit reference agencies are engaged with the lenders, and it is anticipated that borrowers’ credit reports will not be negatively affected as a result of the three-month payment suspension.
Lenders have been under extreme pressures over the last few days to answer the enormous uplift in queries, at a time when they have significant operational challenges, so please do not be surprised if there is a delay in responding to your call/correspondence.
If you are concerned we would urge you to keep trying. There also may be an online form, or a link to request a payment holiday on the lenders website.... so please check.
Mortgage Product Availability
Whilst there is no doubt that many lenders are struggling to manage the operational implications caused by the Corona Virus, the availability of mortgages has to date not been impacted significantly. As such, if you are looking for a new mortgage or will require a re-mortgage in the next 6 months then please do Contact us and we will connect you to a Trusted Xperts Partner Mortgage Adviser.
In particular, if you are looking to re-mortgage in the next 6 months, but will require a payment holiday, please first speak to your mortgage adviser before engaging your lender, as it may influence the mortgage products available to you.
Whilst none of us know what the coming months will bring, there is a possibility that mortgage funding may become restricted. This is particularly true if you have specialist borrowing requirements such as being self-employed, have multiple income sources or have missed any payments. Exploring options sooner rather than later, may prove sensible.
Protection Insurance - Existing Policy Holders
For those with life, critical illness or income protection policies already in place, you can be assured that the insurers are all responding positively and will pay all valid claims. Please check your existing policies, particularly Income Protection or Accident & Sickness policies for details of your deferred or waiting periods.
The insurers connected to Trusted Xperts are amongst the best in the market, and we know they will always do their utmost to support their clients.Equally, Trusted Xperts Partner Financial Advisers are able to provide friendly and expert assistance.
Insurers are continually reviewing their policy terms and conditions in this market, and your policy may contain valuable benefits as they were taken out before the Corona Virus pandemic. If you have any concerns or queries about your current policy, please contact your Trusted Xperts Partner Financial Adviser. Whatever you do, keep your cover in place!
If you have missed any payments, give your adviser a call, and they will do whatever they can to get you protected again.
You may have concerns or symptoms unrelated to Corona Virus, and may also be struggling to see your GP. Or perhaps you’d just prefer not to visit them at this time. Please don’t forget that most protection policies offer some great support services which could be valuable in the coming days and weeks. In particular, many offer remote or online GP services, including access via apps on your mobile phone, as a safe and convenient alternative.
Many also provide advice lines on broader health and wellbeing issues. If you think these services may be valuable, we recommend checking your policies for more details of the services offered.
Please do contact the provider direct (go to their website) if you have any queries. But remember, if you have any concerns or are experiencing any symptoms related to Corona Virus, refer to the latest NHS Guidance. This is important, as the situation is changing daily and the NHS or Government advice should be the first port of call.
Looking to Purchase a New Protection Policy?
Protection policies are designed to provide a critical safety net for you and your family, if you are unable to work due to illness or accidents, or if the very worst happened and you were to die.
Whilst there have been some changes to insurer policy conditions and a tightening of medical underwriting in recent days, products remain available and are often far more affordable than people think.
If you have any questions around either engaging your lender or more broadly around your mortgage, protection policies or the wider impacts of the Corona Virus on your financial position please Contact us and we will connect you with a Trusted Xperts Partner.
We hope that you'll find this information useful in light of current developments. We shall continue to keep you informed and supported wherever possible regarding changes in the Financial Services sector caused by Corona Virus.
Legal
Many businesses and individuals need access to legal advice at this time of uncertainty. The role of a quality lawyer is to provide clear advice and support to reduce stress and make things run as smoothly as possible at this difficult time. Although things are changing rapidly, many lawyers are working hard to keep up to date and provide you with the best possible advice at the time.
This can be through advising on:
Wills/Lasting Powers of Attorney/Estate Planning: People have started to think more about what happens in the event of their incapacity or death. People don’t want to think about this but it can mean that your loved ones know what your wishes are, and makes the chance of disputes less likely.
Employment: Employers have required advice on their options; ranging from redundancies, lay-offs to the “F-word” (Furlough!). It’s important for employers to understand their options, take appropriate advice and reduce the risk of litigation in the Employment Tribunal.
Sole Traders/Partnerships: For those who are self-employed (including partners in a partnership), this is an uncertain time. You may require up to date advice on your rights, access to support and information about how the Government is considering supporting the self-employed. It’s also sensible to ensure that if you’re a partner, that there is a Partnership Agreement in place setting out the obligations and responsibilities of all partners. This can include simple measures including how they are to be paid, what happens in the event of sickness/illness, and what happens if the business is forced to close down.
Company Law: Businesses are now considering how best to manage the relationships between parties in the business. It’s a good time to ensure that you consider if:
- An appropriate Shareholders’ Agreement is in place (what happens in the event of death or critical illness for instance)
- If you have a suitable Shareholder Policy, do you have a proper cross-option agreement in place?
- You have adequate contracts in place for directors (and consultants).
It’s important to try and cover all the bases when dealing with these matters. Although these can be tough conversations, it can significantly reduce the stress and uncertainty for all concerned. Our Trusted Xperts Law Firm Partners are committed to providing quality advice and support, whilst working closely with our other TX Partners to provide a 360 holistic service provision for you and your business.
Accounting
For businesses, cash flow is now more important than ever. Close contact with an accountant will ensure that any Government support can be incorporated effectively into the business plan.
Please see the UK Government's support page for businesses in England.
Please see the Welsh Government's support page for businesses in Wales.
Please see the Scottish Government's page for businesses in Scotland.
Please see the Northern Ireland Direct page for businesses in Northern Ireland.
Conclusion
These are difficult times for all of us, which is why it's more important than ever before to consider your circumstances and financial, legal and accounting planning. Trusted Xperts thank's you for viewing our website and we hope that you remain safe and healthy during this national emergency.
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