Credit, Collections & Insolvency News
The Covid-19 pandemic will cause firms to borrow over five times the amount in 2020 than in 2019, with many unlikely to start repaying until 2022 with total stock of bank lending to businesses forecast to close 2020 at £493bn, an 11% year on year increase, due to firms borrowing heavily through the pandemic. EY…
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The Consumer Finance Association (CFA) has expressed concerns as information about Woolard Review panel emerges. In September 2020, the FCA Board asked Christopher Woolard to review change and innovation in the unsecured credit market and to report to them in early 2021. The Review will concentrate on how regulation can better support a healthy unsecured…
Read moreA new report has found ‘widespread unfairness’ in the way in that central and local government collects debts including council tax, benefit and tax credit overpayments. The Money Advice Trust is calling for the government to ‘level up’ its debt collection practices to those of other sectors or risk pushing people further into difficulty in…
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The government has announced that it is increasing its support to the self-employed over the coming months. Chancellor of the Exchequer Rishi Sunak said “So far we’ve provided £13.7 billion of support to self-employed people through the crisis – and I’ve always said we will continue to do everything we can to support livelihoods across…
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A new study by global analytics software provider FICO has highlighted the biggest barriers to digital interaction between bank and customer at a time when digital has become ‘king’ According to the data, based on a survey of decision-makers by independent research firm OMDIA of 172 banks across 8 countries, including 27 UK banks, the…
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The Treasury has announced that applications for the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme will now be open until the end of January. The extension, which carries support before the previous end point of 30th November, also applies to the Future Fund, an initiative…
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The Finance Leasing Association (FLA) says that the new Financial Conduct Authority (FCA) measures for a six-month payment deferral period for consumer credit poses a risk to customers. Stephen Haddrill, Director General of the FLA, said: “Lenders are committed to supporting customers in financial difficulty and it is vital that this support is provided in…
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With England entering a second coronavirus lockdown on Thursday (5th November), the Financial Conduct Authority (FCA) has told mortgage, loan and credit card providers to offer borrowers extended repayment holidays. Consumers who have not yet had a credit payment deferral for a mortgage can request one that lasts for up to six months, while those…
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