Barclays, HSBC and Lloyds have become the first major banks to review overdraft charges, as it aims to help customers struggling financially through the coronavirus crisis. Barclays will waive overdraft charges for a fixed period while Lloyds Banking Group and HSBC are increasing fee-free overdraft buffers to £300. Barclays account holders will have any interest…

The UK’s three largest debt charities have called on the Government to instruct local authorities in England and Wales to suspend bailiff action for the duration of the Covid-19 outbreak.  The move comes as Citizens Advice, Money Advice Trust and StepChange Debt Charity report that debt advisers have already begun to receive calls about bailiffs…

The incomes of self-employed people are ‘falling like a stone’ amidst economic disruption caused by Covid-19, according to charity the Money Advice Trust, which runs the Business Debtline advice service.  The warning comes after Chancellor Rishi Sunak told MPs that constructing a scheme to protect the self-employed who are losing work because of the Coronavirus…

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 Financial Conduct Authority (FCA) has published new guidance for mortgage lenders and administrators and small business lenders. This supports the announcements made by the Chancellor earlier this week. The new mortgage guidance makes clear that firms should grant customers a payment holiday for an initial period of 3 months, where they may experience payment…

Data On Demand has announced the appointment of Mark Davison as its new Non-Executive Chair. Davison was a Board Level Director at Callcredit for over 20 years and was part of the Executive Team that oversaw three major transactions – for values of £100 million, £400 million and £1 billion. Davison exited his role as…

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…

Further to the Chancellor’s announcement regarding the mortgage industry’s support for homeowners who are experiencing financial issues due to COVID-19, lenders representing banks, building societies and other specialist lenders have come together to announce additional support for homeowners and residential landlords. In a joint announcement UK Finance and the Building Society Association (BSA) said that…

The government has pledged to do “whatever it takes” to support a greater number of British businesses and individuals as the coronavirus outbreak causes major economic disruption. In an announcement Chancellor Rishi Sunak said government would “stand behind businesses small and large”, pledging government-backed and guaranteed loans “to get through this” as he announced the…

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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