LegalTech business ME Group, which solves complex legal disputes using technology, has called for the government to ensure that lenders do not use the recent Bank of England interest-rate cut to boost profits at the expense of borrowers on standard variable rate (SVR) mortgages. ME Group CEO Rob Cooper said that when the Bank took…

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…

Global information and insights provider TransUnion, has found that three out of five (59%) households are already being negatively financially impacted by the COVID-19 virus, according to a new study. The findings contrasts with research commissioned just before the outbreak for TransUnion’s Consumer Credit 2020 report, where 60% of consumers had stated they had the…

New figures from debt charity StepChange have revealed that thousands of households’ finances are at breaking point as a result of the Covid-19 crisis. The research reveals just how vulnerable people are to changes in personal circumstances with three out of four new clients identified a life event or income shock as the main reason for…

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 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…

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 announced a radical package of measures to protect renters and landlords affected by coronavirus. As a result, no renter in either social or private accommodation will be forced out of their home during this difficult time. Emergency legislation will be taken forward as an urgent priority so that landlords will not be…

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…

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