The three major credit reference agencies (CRAs), Experian, Equifax and TransUnion have confirmed that consumer credit scores will be protected when people have agreed ‘payment holidays’ in place as a result of the COVID-19 pandemic. Payment holidays refer to a pause agreed between an individual and their lender on regular loan payments. Earlier this month…

Here is an overview of The Money Charity’s latest statistics for March 2020 Personal debt in the UK People in the UK owed £1,680 billion at the end of January 2020. The average total debt per household, including mortgages, was £60,363 and per adult was £31,845, around 112% of average earnings. Net mortgage lending rose…

New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided £11.1 billion of new business in January 2020, 2% higher than in the same month in 2019. Growth was driven by the consumer finance sector which reported new business up by 4% compared with January 2019.  It was a…

The spending limit for contactless card payments will be increased from £30 to £45, with a national roll-out beginning from 1st April 2020, UK Finance has announced. The decision to raise the limit was taken following consultation between the retail sector and the finance and payments industry and follows similar increases in several other European…

The latest quarterly Moneyfacts UK Credit Card Trends Treasury Report, which studies the UK personal finance market (unsecured personal loans, credit cards and overdrafts), highlights that average unsecured personal loan rates have increased, with the lower tiers particularly impacted over the last quarter. In the past quarter, tiers to have seen average rates rise include…

The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic. It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%. Interest rates are now at the lowest…

Fraud victims were able to reclaim £41.3 million from banks in the second half of last year, even as bank transfer and impersonation scams were up 29% in 2019 to £455.8 million. This followed the introduction of a new code in May last year which was intended to provide greater protection from fraud for account…

New research reveals which industries in the UK submit the most Suspicious Activity Reports, with banks and building societies leading the way. Suspicious Activity Reports (SARs) are submitted to the National Crime Agency by individuals or institutions such as banks, estate agents, solicitors and accountancy firms. The reports are submitted when a person or organisation…

An in-depth investigation by the Competition and Markets Authority (CMA )has found that payments company Bottomline’s purchase of Experian Payments Gateway does not raise competition concerns. Bottomline and EPG provide payments software used by businesses to submit direct debits, make payroll payments and pay suppliers. This software allows customers of both companies to make payments…

The Financial Conduct Authority (FCA) has published information for firms on Coronavirus (Covid-19) In a statement, The FCA said that it stands ready to take any steps necessary to ensure customers are protected and markets continue to function well. We are working closely with the Government, the Bank of England, the Payment Systems Regulator and…

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