The number of families with children at home who are struggling to pay their bills during lockdown has leapt to its highest level. According to comparethemarket.com’s Household Financial Confidence Tracker, 30% of parents with children at home found it difficult to meet their financial obligations over the past seven days. This represents a seven percentage point rise…

The Payment Systems Regulator (PSR) has confirmed that it’s new fraud-prevention tool – referred to as Confirmation of Payee (CoP) has now reached widespread usage providing additional protection to consumers and businesses. Confirmation of Payee allows users the opportunity to check the name of the person they wish to pay against the account number they…

Spending on non-essential items improved in May relative to the record fall seen in April, data from Lloyds Bank shows. Following April’s 42% year on year fall, the biggest on record, spending in May was down 32% giving hope to businesses that demand is still there. Whilst the lockdown was eased slightly in the month…

The Financial Conduct Authority (FCA) has confirmed that the credit card payments freeze could be extended for another three months for customers still suffering from the economic impact of coronavirus. After imposing a three-month pause on repayments for those struggling amid the fallout of the pandemic on the economy, the Financial Conduct Authority (FCA) has…

A survey of over 4,000 customers by Virgin Money found one in eight had called on their bank for help in the form of overdrafts and payment holidays on mortgages, personal loans and credit cards, the equivalent of about 8 million people. Virgin Money’s Financial Happiness report found that 1 in 4 (24%) of those…

The Bank of England’s latest money statistics reports that households repaid more loans from banks than they took out. A £4.6 billion net repayment of consumer credit more than offset a small increase in mortgage borrowing. Approvals for mortgages for house purchases fell further in May to 9,300. The repayments on consumer credit dropped to…

Households are increasingly struggling to make ends meet as the covid-19 pandemic crisis continues, with research suggesting a worrying increase in family debt. Research by the Institute for Fiscal Studies (IFS) shows that one in seven households are falling behind on repaying their mortgages due to the coronavirus pandemic. The study found that 1.4 million…

Three-quarters of people will struggle to pay off their debt after lockdown according to new research bey free debt advice company, PayPlan. The company conducted a survey to find out how people in debt have been affected during the Coronavirus outbreak. The FCA have extended payment holidays for mortgages and other debts, and although the…

Samsung has announced a new partnership between Samsung Pay, the digital banking platform Curve, one of Europe’s leading fintechs, and Mastercard to launch the Samsung Pay Card. The all-new digital payment solution will offer Samsung customers greater flexibility and control when managing their finances by offering a single view of spend, whilst also enabling a simple…

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