I wanted to share some insight on the financial support a lot of institutions have in place for times like this.
A lot of people have been laid off, loss of work, have been terminated all due to the world health crisis. It is scary… but communities are working together to help you, me and our families!
To alleviate your financial pressures, here are some things to consider.
LOANS, Auto LOANS & Credit Cards
These financial institutions have a term in their agreement that allows you to put one payment off to the end of your loan or for credit cards, you can deter one monthly payment, interest free.
RENT & Mortgage
If you are renting, there are mandates in place in my state (NV) where evictions will be postponed for a month, late payments will be forgiven due to the crisis.
Mortgages are being handled like LOANS, where you can deter one monthly payment and place that payment to the end of your loan.
I am not a financial adviser, these are things that I am looking into and my emails are being flooded with information on this. So, if you are concerned with making ends meet during this time.
Call the different companies and organizations you owe money to. They are more likely to help you in these moments. Usually large organizations have insurance for these kind of matters.
In fact, during my time of Contract Management and Negotiation. There is a term in all of the vendor contracts that I have seen that helps relieve parties involved of rendering service or making payments in the event that world crisis or world event taking place. A lot of legal entities, businesses are categorizing these moments in time to fall under this clause.
A Force Majeure Clause is a contract provision present in most contracts that excuses a party’s performance of its obligations under the contract when certain circumstances arise beyond the party’s control making performance inadvisable, commercially impracticable, illegal, or impossible.
A typical list of force majeure events might include war, riots, fire, flood, hurricane, typhoon, earthquake, lightning, explosion, strikes, lockouts, slowdowns, prolonged shortage of energy supplies, and acts of state or governmental action prohibiting or impeding any party from performing its respective obligations under the contract.
Again, I am not a financial adviser, I am here to share with you the things that I am looking into that help me and my family in this time.
Let me know if you know more about this, reply and I will share this with the community!
I hope you guys are well, sending you my love!