The Financial Conduct Authority (FCA) has announced proposals that would provide continued support for users of motor finance and high-cost credit products, who continue to face payment difficulties due to the pandemic. The proposals outline the options firms will provide motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking customers who are coming to the…

The Finance & Leasing Association (FLA)  continues to call for the Government and the Bank of England to take immediate action to support the non-bank lending market, as new FLA figures released today show that the number of Covid-19 related requests for forbearance reached 1,623,000 (over 1.6 million) in the twelve weeks to 29th May…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in April 2020 by 64% compared with the same month in 2019, and decreased by 19% in the first four months of 2020. Credit card and personal loan new business together fell in April 2020 by 48% compared…

New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in April 2020 by 94% compared with the same month in 2019, and by 33% in the first four months of 2020. The consumer new car finance market reported new business volumes 97%…

Families with children at home during the coronavirus lockdown are turning to payment holidays to help them through the crisis. According to comparethemarket.com’s Household Financial Confidence Tracker, fewer than one in ten (9%) households without children at home say they have taken a payment holiday, but this figure leaps to over a fifth (21%) among…

Fiat has become the first car firm in the UK to launch a ‘Pay As You Go’ finance deal. Research by Fiat has revealed that 35 per cent of motorists are considering driving more to avoid using public transport. The car manufacturer has responded with what it calls ‘a groundbreaking deal’ on the Fiat 500,…

Consumers repaid £7.4 billion debt in April, the largest net repayment since the series began according to the latest figures from the Bank of England’s monthly Money & Credit statistical release data. This is the largest net repayment since records began in 1993 and double that of March, which was the previous record. The figures…

Customers facing temporary financial difficulties due to the coronavirus have been granted almost 1.5 million payment holidays by lenders on their credit cards and personal loans according to latest figures from UK Finance. As of 21st May, 877,800 customer accounts had been given a payment freeze on their credit card. This is an increase of…

Specialist subprime lender, Provident Financial has announced its latest financial results. The company has tightened its lending standards in the wake of the pandemic crisis, leading to a fall in customer numbers. New customer business via the Vanquis Bank division in the four months through April has fallen by about 75%, while a credit line…

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