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Meeting Financial Committments  


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If I have financial commitments that I must fulfill, e.g., mortgage payments, loans, etc., what happens to them during the strike/lockout?

 
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You will still be responsible for paying your bills, but you can often negotiate a hold on payment in the short term in the event of a strike.

Tips for budgeting during a strike or lockout:

  • Mortgages/rent: Talk to your bank, credit union, or landlord and negotiate a plan for the duration before the next payment is due.
  • Taxes: Ask if an accommodation can be arranged to defer property taxes.
  • Utilities: Make a request to spread your payments.
  • Loans: If your lender won’t allow a deferral, perhaps consider refinancing to reduce the payments if possible.
  • Credit cards: Charging purchases while on strike is not recommended. You may need to pay the minimum charge, or if possible use a line of credit with a lower interest rate.
  • Insurance: Investigate ways to spread out the premiums.
  • Child support: Contact your ex-spouse and try to work something out, if at all possible.
Edited: 6 months  ago
 
  
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