General Steps for Managing Your Finances During the COVID-19 Shutdown

REMAIN CALM: Local government and the U.S. Government are working to put together
several programs to assist individuals with financial hardships associated with the COVID-19
situation.
KEEP A LEVEL HEAD: Limit unnecessary purchases, don’t pursue any payday loans, auto-
title loans, or online installment loans or max your credit card(s). Be mindful of SCAMS. If it is
too good to be true, it probably is. Report SCAMS to North Carolina Attorney General’s office
877-5-NO-SCAM.
Payments like rent, mortgage, car, utilities, loan or credit card payments will be waived
temporarily, but eventually you will have to make the payment. There are options in place to
assist you in your current situation and give you time to breathe.
MORTGAGE
The Supreme Court of the State of North Carolina and the U.S. Government has issued a delay
of any new mortgage foreclosures until April 30 at the earliest. So far, local government has put
a hold on foreclosures. Always communicate with your mortgage company. Work with your
mortgage company to make arrangements.
Q. What if I cannot make my mortgage payment?
A. 1. Call your mortgage company. Use the phone number on your mortgage statement.

1. Explain the reason for your hardship clearly and concisely.
2. Ask what options are available to you. Ask lots of questions.
3. Be specific about what remedy you are seeking and are offered.
4. Ask for the proposed option in writing.
5. Don’t promise to send more money than you can reasonably afford.
6. Make sure you document the contact information of the representative you are working
   with.
7. Do not give access to your bank account unless it is necessary.
   RENT
   The Supreme Court of the State of North Carolina has issued a delay of any new eviction
   proceedings until April 13 at the earliest. So far, local courts have put pending evictions on hold.
   Work towards a resolution. After this crisis, you will have to make a payment or move.
   Q. What if I cannot pay my rent?
   A. Call your landlord and explain that you have been impacted by the COVID-19 shutdowns and
   cannot pay your rent. The earlier you communicate with your landlord, the better. Your landlord
   will likely work with you but not required to work with you.
   Crisis Assistance Ministries is helping via telephone. Call 704-371-3001 ext 123.

Q. Is there help for me if I live in a hotel/motel?
A. Yes. Call Crisis Assistance Ministries at 704-371-3001 ext 123. In most cases, they will help
with one week. Assistance is on a case-by-case basis.
Car and Car Insurance Payments
There are no governmental protections put in place to assist with car or car insurance payments.
If you are unable to make your payment, contact the company directly.
Q. What if I cannot make my car payment?
A. 1. Call your finance company.

2. Explain your hardship clearly and concisely.
3. Ask what options are available to you. Ask lots of questions.
4. Be specific about what remedy you are seeking.
5. Don’t promise to send more money than you can reasonably afford.
6. Ask for the proposed option in writing.
7. Make sure you document the contact information of the representative you are working
   with.
8. Do not give access to your bank account unless it is necessary.

Credit Card Payments
Avoid using credit cards if you can. At some point, the payment will have to be made.
There are no governmental protections put in place to assist you with credit card payments. If
you are unable to make the payment, contact the company directly.
Q. What if I cannot pay my credit card?
A. Call your credit card company and explain that you have been impacted by the COVID-19
shutdowns and cannot make your payment. Don’t assume the company is required to assist you.
You owe the debt; you are expected to repay the debt.
Q. What options are available through credit companies?
A. Company is likely to waive the current payment.
Company is likely to reduce the interest rate for a specified period.

Unemployment
The State of North Carolina has made several changes to its unemployment filing process. If
you have lost your job, been laid off or had significant reduction of hours, you can file a claim
immediately. The usual wait period has been removed.
Q. How do I file for Unemployment Insurance?
A. All claims must be filed online at des.nc.gov, if you have access to a computer.
If you do not have access to a computer, call 888-737-0259.

Federal Income Taxes
If you have received your refund, please save your money. Limit your spending.
The Internal Revenue Service (IRS) has delayed the date income tax payments are due July 15,

2020. You are expected to file your taxes by the original deadline of April 15, 2020.
      Q. What should I do about filing and paying my federal income taxes?
      A. 1. File your taxes by April 15, 2020. Consider filing an extension if you need more time.
2021. If you owe taxes, delay making your payment until the extended deadline of July 15, 2020
      when you tax payment is due.
2022. If you are due a tax refund, wait for your refund to get the maximum amount. Do not take
      a Refund Anticipation Loan with your tax preparer.

North Carolina State Income Taxes
If you have received your refund, please save your money. Limit your spending.
The North Carolina Department of Revenue (NCDOR) deadline to file is April 15, 2020.
Q. What should I do about filing and paying my state income taxes?
A. 1. File your taxes by April 15, 2020. Consider filing an extension if you need more time.

2. If you owe taxes, send your payment if you can.
3. If you are due a tax refund, please be wise with your spending.

CONTACT US:
Educational Opportunity Centers
Academic Institute of Central Carolina
www.academicinstitute.education
eoc@academicinstitute.education