Young people are relying on non-traditional forms of credit, such as Buy Now Pay Later schemes (BNPL), to cover their finances during lockdown as a result of COVID-19. New research from comparethemarket.com reveals that nearly a quarter (23%) of 18-24 year-olds are more likely to use BNPL to fund purchases since the government lockdown. While…

Latest figures from UK Finance show 1.82 million mortgage payment holidays have been issued as of 20th May 2020 – equivalent to one in six mortgages issued by lenders. UK Finance says Lenders have welcome the FCA’s draft guidance consultation published today, and the PRA’s related publication, on the next steps for those borrowers already on…

Homeowners struggling to pay their mortgage due to Coronavirus will be able to extend their mortgage payment holiday for a further three months, or start making reduced payments, in proposals published by the Financial Conduct Authority (FCA). The FCA has published new draft guidance today for lenders which will set out the expectations for firms…

UK cardholders spent £52.9 billion on debit cards in February 2020, up 4.1 per cent on the same month the previous year, UK Finance’s latest Card Spending Update has revealed. Total spending on credit cards amounted to £15.7 billion, 4.4 per cent more than in the same period a year earlier. The annual growth rate…

Mortgage breaks taken by 1.6 million homeowners could cost them at least £821 million in extra interest according to new analysis. Research by mortgage broker L&C Mortgages has shown that the mortgage breaks taken by 1.6 million homeowners due to the COVID-19 pandemic could cost them at least £821 million in extra interest. Figures calculated…

The Financial Conduct Authority (FCA) has confirmed a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus (Covid-19). Following a short consultation, the targeted measures being implemented require firms to consider what options they can provide to customers including: Reassessing…

Young people are finding it increasingly difficult to pay their bills, as the economic impact of COVID-19 continues to hit household finances and the wider economy. According to the third week of comparethemarket.com’s Household Financial Confidence Tracker, a quarter (25%) of those aged 18 to 24 struggled to make ends meet over the last week…

High-cost short term lender Nextcredit has entered administration. The company had around 9,000 customers. Based in Tewkesbury in Gloucestershire, the company was incorporated in 2011 with the aim of providing high cost short term credit to individuals. In 2017, the business model was realigned, with a revised focus on an alternative consumer retail lending market.…

The government’s Coronavirus Job Retention Scheme will remain open until the end of October, the Chancellor has announced. In a boost to millions of jobs and businesses, Rishi Sunak said the furlough scheme would be extended by a further four months with workers continuing to receive 80% of their current salary. Chancellor Rishi Sunak said…

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