How to Sort Out Your Finances When You Are Ill or Disabled


If you have recently become disabled or have a long-term health problem, you may be struggling to get on top of your finances. In fact, such matters may be the very last thing on your mind. However, it makes sense to try to sort out your money worries as soon as is practical. In such circumstances, some people will decide to shop around for Bad Credit loans or debt consolidation loans, but there are other steps you can take too. To learn more about personal loans in the UK visit

If you are in employment but are currently not able to work, you could apply for Statutory Sick Pay for up to 28 weeks. Some companies offer sick pay on top of the your statutory allowance, and others will make decisions on a case-by-case basis, so do make sure you schedule some time to have a proper chat with your employer or the HR department.

If you don’t meet the criteria for Statutory Sick Pay, you may still qualify for ESA (Employment and Support Allowance). This may apply if you are registered self-employed, are out of work or are in employment but have been unwell for more than 28 weeks.

How much you will receive depends on a number of factors, including any other benefits you are claiming, your age, if you have any savings and your NI insurance contributions status. Do bear in mind that Universal Credit will ultimately supplant the current Income-Related Employment and Support Allowance system, but rest assured that this will be explained to you when you make any claim.

Don’t forget that you may already hold an insurance policy that will replace some of your income or cover your mortgage repayments. Such policies could include income protection insurance, payment protection insurance, critical illness cover or short-term income protection insurance. It is vital that you claim right away, as there is often a period of waiting before the policy is honoured, meaning that the quicker you submit the claim the better.

Other Types of Aid

In addition, ensure that you are claiming every state benefit that you are entitled to. If you are registered disabled or have a long-term health condition, you may be eligible to claim a number of benefits. These include the Personal Independence Payment, tax credits, Employment and Support Allowance, housing benefit and possibly the Carer’s Allowance.

You also have a right under the law to appeal to your employer to undertake ‘reasonable adjustments’ to your role in order for you to keep working. Such adjustments might include more flexible working hours, a change in your job description and the provision of adapted equipment.

As it is possible that you may be absent from work for a considerable period, or may not be able to return at all, you need to take a close look at your budget. Always try to ensure that you have more coming in than going out. Writing a list of all your financial obligations can help to clarify the areas where you could make savings. You could also consider applying for Bad Credit loans or debt consolidations loans to help tide you over.

How to Fix Finance the Real Way


Changing the way financial organizations run will require more than calculations and complicated regulation

We reside in an age of big data and cold and hot running metrics. Everywhere, at all times, we are counting things– our productivity, our buddies and followers on social media sites, how many steps we take per day. But is everything getting us closer to truth and genuine understanding? I have actually been considering this a lot in the wake of a great conference I attended this week on “finance and society” co-sponsored by the Institute for New Economic Thinking.

There was lots of new and creative thinking. On a panel I moderated where Margaret Heffernan, a company expert and author of the book Willful Loss of sight, made some actually essential points about why culture is just as essential as numbers, especially when it comes to problems like financial reform and business governance. As Heffernan amounts it up fairly appropriately in her new book on the subject of business culture, Beyond Measure, “numbers are reassuring … however when we’re confronted by amazing success or failure, everyone from the CEO to the janitor points in the same direction: the culture.”

That’s at the core of a huge dispute in Washington and on Wall Street today about ways to alter the financial system and guarantee that it’s a help, instead of a hindrance, to the genuine economy. Everybody from Fed chair Janet Yellen to IMF head Christine Lagarde to Senator Elizabeth Warren– all of whom spoke at the INET conference; other big wigs like Fed vice chair Stanley Fischer and FDIC vice-chair Tom Hoenig were in the audience– agree more have to be done to put banking back in service to society.

But a lot of the discussion about the best ways to do that hinges on complex and technocratic debates about incomprehensible (to lots of people anyway) things like “tier-1 capital” and “risk-weighted possession calculations.” Not just does that rapidly narrow the conversation to one where just “experts,” numerous of whom are beholden to fund or political interests, can take part, however it also leaves regulatory authorities and policy makers attempting to combat the last war. No matter how creative the metrics are that we apply to policy, the only tip we understand for sure is that the next financial crisis won’t look at all like the last one. And, it will probably originate from some unforeseen location of the industry, an increasing part of which falls into the unregulated “shadow banking” area.

That’s why changing the culture of finance and of business is basic is so vital. There’s a long way to go there: In one telling study by the whistle blower’s law firm Labaton Sucharow, which talked to 500 senior financial executives in the United States and the UK, 26 % of respondents said they had actually observed or had firsthand understanding of misdeed in the work environment, while 24 % stated they thought they may have to engage in unethical or illegal conduct to be successful. Sixteen percent of participants stated they would dedicate insider trading if they might get away with it, and 30 % stated their compensation plans developed pressure to compromise ethical standards or breach the law.

How to change this? For beginners, more collaboration– as Heffernan points out, economic research study shows that successful organizations are usually those that equip groups, instead of people. Yet in finance, as in much of corporate America, the folklore of the heroic individual sticks around. Star traders or CEOs get big incomes (and typically take huge dangers), while their success is unavoidably a team effort. Undoubtedly, the argument that people, rather than teams, should get all the magnificence or blame is frequently utilized perversely by the monetary market itself to obtain around guidelines and regulations. SEC Commissioner Kara Stein has actually been waging a one-woman war to attempt to prevent big banks that have currently been found guilty of numerous kinds of impropriety to obtain “waiver” exceptions from numerous filing rules by claiming that just a few individuals in the company were responsible for bad habits.

Getting more “outsiders” involved in the conversation will certainly assist change culture too. In fact, that’s one factor INET president Rob Johnson wanted to welcome all women to the Finance and Society panel. “When society is established around men’s power and control, females are cast as outsiders whether you like it or not,” he says. Research programs, obviously, that outsiders are far more likely to call attention to issues within companies, because not being welcomed to the power party implies they aren’t as prone to cognitive capture by powerful interests.

For more on the conference and the dispute over how to reform banking, look into the latest episode of WNYC’s Cash Talking, where I discussed the problem on the fifth anniversary of the “Flash Crash,” with Charlie Herman and Mashable business editor, Heidi Moore.

Greece Moves to Pay Debt, but European Finance Ministers Unsatisfied

Greek finance minister

The government of Greece, rapidly losing money, proceeded Monday to stop worries of an imminent default on its debts, licensing its treasury to make a huge loan payment to the International Monetary Fund.

While Athens once again managed to pull together sufficient cash to prevent a default, it is not clear how much longer Greece can continue to scrape by.

Unless creditors consent to more help, Greece will have trouble making a series of looming debt payments. The continuing standoff over the help– and the uncertainty it has actually produced– has darkened the outlook for the nation’s economy, which runs the risk of another slump.

In spite of word of payment, Greece and its lenders on Monday remained at an impasse over a deal to liberate fresh financial assistance for the embattled country. Before releasing the help, Greece’s lenders have actually been demanding that the government make economic overhauls in locations like pensions, labor rules and tax.

Eurozone finance ministers, who were signed up with by representatives of the I.M.F. and the European Reserve bank, showed that Greece had made some development on a suggested list of financial overhauls since an acrimonious conference two weeks earlier in Riga, Latvia.

But the finance ministers, called the Eurogroup, said that Athens would have to do more work before it might hope to get any further loan aid under the country’s present bailout program.

“We acknowledged that more effort and time are had to bridge the gaps on the remaining open concerns,” the Eurogroup stated in a statement. The group included that officials would “select the possible disbursements” of cash to Greece when an agreement had actually been reached.

The clocking is ticking for Greece.

The authorized payment to the I.M.F., which is due on Tuesday, is 757 million euros, about $848 million. By mid-July, Greece has to pay the I.M.F. almost EUR3 billion more and roll over EUR11 billion of short-term debt. From July through August, Athens must likewise pay the European Reserve bank about EUR6.7 billion on its Greek bond holdings.

Prime Minister Alexis Tsipras has actually been scrambling to come up with ways to continue satisfying Greece’s commitments. Despite a deal on Feb. 20 to extend Greece’s EUR240 billion bailout program by four months, creditors will not launch the EUR7.2 billion aid tranche until Greece sends sufficient reforms.

In recent meetings with other loan providers, I.M.F. authorities have actually highlighted that Greece has been backtracking on earlier promises to make its labor market more flexible and reduce the expenses of its pension system, according to people with direct knowledge of the matter who spoke on condition of anonymity. Without the overhauls, the fund authorities alerted that Greece would find it harder to pay off its debts in the longer term and make it more likely that lenders would take losses.

The Greek government has actually been pulling together cash anywhere it can be discovered. Last month, the government outraged mayors throughout the country by passing a decree obliging state entities to hand over their spare money. The move raised some cash, but it was unclear whether it was anywhere near sufficient to cover looming repayments.

Continue checking out the main story

Even if Greece does survive the summer without defaulting, the budgetary strains and required cuts add to the country’s incredible debt load, while doing little to restore its economy or reduce its towering unemployment rate in the short term. And many economists are concluding that Greece will need a brand-new set of bailout loans to prevent a monetary collapse.

International investments and company activity in the nation have also started to decline again, in the face of renewed unpredictability over whether Greece might default or leave the eurozone altogether. Pointing out such uncertainty, the European Commission this month dramatically cut its 2015 growth quote for Greece, to 0.5 percent. Last fall, it forecast the economy would increase by 2.5 percent.

A contract between Athens and its loan providers would need to be reached by the start of June due to the fact that otherwise “it starts getting very, very, very tight,” a eurozone authorities said, speaking on the condition of anonymity.

In a news conference after Monday’s conference, Yanis Varoufakis, Greece’s finance minister, stated Athens had actually made “excellent efforts and significant concessions” to reach an offer.

While a development had actually not been reached, he said, prospects were enhancing. “The mission for an arrangement that fixes the five- to six-year-old crisis of the Greek social economy is continuing,” he said. “Agreement is getting more detailed, and the institutions, our partners and reps of the Greek government are remaining to search for that solution in very good spirits.”

The atmosphere was more cordial than that seen at a conference in between Greece and its creditors in Riga last month. There, Mr. Varoufakis was rebuked by other eurozone ministers, weary of his confrontational negotiating design. Mr. Varoufakis responded certainly on his Twitter account the next day, estimating President Franklin Delano Roosevelt: “They are consentaneous in their hate for me; and I invite their hatred.”

Right after, Mr. Tsipras downgraded Mr. Varoufakis’s prominence in arrangements with worldwide lenders, putting other Greek authorities in charge of the everyday conversations.

Pierre Moscovici, the European Union’s economic and monetary affairs commissioner, stated Monday that compared with the conversations held in Riga, “there has actually clearly been progress.” Still, he said, Greece had not gone far enough on “substantial points.”

The European Commission vice president, Valdis Dombrovskis, was more blunt. “We still do not have an extensive reform strategy,” he stated. “It’s clear that time is restricted and we need to rush.”

Jeroen Dijsselbloem, the finance minister at the head of the Eurogroup, attempted to be upbeat prior to Monday’s meeting, informing reporters that there would be “no outcome on the table today.” Mr. Dijsselbloem stated that “in political terms, the due date is the end of June” to reach a handle Greece. “The Eurogroup stands prepared as soon as there is a positive result from that procedure” in order to “take political decisions,” he stated.

As the debt crisis continues without any resolution in sight, Mr. Tsipras has actually dealt with growing criticism of his government union. Last month, he stated he may resort to calling a public referendum on any handle the country’s international lenders if the package surpassed the no-austerity political required that brought his leftist government into power.

On Monday, Finance Minister Wolfgang Schäuble of Germany recommended that a referendum might not be a bad concept.

“It’s in the hands of the Greeks,” Mr. Schäuble told reporters. “If the Greek government feels it must hold a referendum, then it needs to hold a referendum. That may even be a best measure, to ask the Greek people to decide whether they are ready to accept exactly what is essential, or whether they desire the alternative.”