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…

The TUC has called on the government to provide urgent aid to Britain’s five million self-employed workers. A new report published today says the current measures in place for self-employed workers are “inadequate” with many facing severe hardship over the coming months. The report calls on ministers to extend the wage subsidy scheme announced on…

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 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…

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…

People living in the Eastern Central London postcode (EC) have the highest average credit scores in the UK, according to price comparison site MoneySuperMarket. Analysis of over 200,000 credit reports from MoneySuperMarket’s Credit Monitor has revealed that those in the EC area have the highest average credit score at 583 out of a possible 710…

The Spring Budget, and the Bank of England interest rate cut and liquidity support, will provide some direct and indirect support during the uncertain period ahead according to StepChange. The debt charity says that it is almost inevitable that demand for debt advice is set to increase – and that the structural problems exposed by…

Consumer spending grew 2.2 per cent year-on-year in February, propped up by digital subscriptions and takeaways, as consumers stayed home to avoid bad weather according to new data from Barclaycard. The date, which sees nearly half of the nation’s credit and debit card transactions, revealed that spending on essential items rose by 1.6 per cent.…

Non-financial behaviours such as social media use and transactional behaviour may be used in future credit risk assessment with implications for access to consumer finance, according to a report released by Registry Trust. The ‘Futures of Credit Risk Assessment in the UK’ report written by Senior Lecturer Joe Deville of Lancaster University and published by…

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