Credit, Collections & Insolvency News
Essential spend in April fell by 6% compared to last year, as the country spent its first full month in lockdown, data from Lloyds Bank has shown. Heeding the Government’s ‘Stay at Home’ message, the overall dip in essential spend in April was driven by a drop in money spent on travel. The amount usually…
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Nationwide Building Society has pledged to suspend repossessions of borrower’s homes for the next 12 months as part of a packet of measures to support customers. Nationwide says it will offer borrowers flexibility around repayments, which may include temporarily moving onto interest-only. The lender has announced a five-point support package designed to help protect the homes…
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The Financial Conduct Authority (FCA) has launched a consultation on additional guidance for payments firms to strengthen the way in which they look after customers’ money. The payments sector is a priority area for the FCA and the consultation follows ongoing work to ensure payments firms are adequately protecting customer funds. The guidance is part…
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British retail sales plummeted by a record amount in April as many stores closed amid the coronavirus outbreak. The latest Office for National Statistics (ONS) showed that the number of goods sold fell by 18.1% last month. Clothing sales also halved as many High Street shops were shut under the lockdown measures introduced by the…
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Travel agencies and tour operators are the worst hit of all major industries by the coronavirus crisis, with turnover of the sector in the UK falling 56% from £2.6 billion in March 2019 to just £1.2 billion in March 2020. Research by UHY Hacker Young has shown that the lockdown has already hit the prime…
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