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 number of families with children at home who are struggling to pay their bills during lockdown has leapt to its highest level. According to comparethemarket.com’s Household Financial Confidence Tracker, 30% of parents with children at home found it difficult to meet their financial obligations over the past seven days. This represents a seven percentage point rise…

Which? is calling for action to help the most vulnerable after it found that more than a quarter could be at risk of going hungry because they have faced difficulty accessing basic food and essential groceries. With shielding measures due to end soon in some parts of the UK, the consumer champion is calling on…

The Money and Pensions Service (MaPS) is launching a new online tool to help people navigate their finances in the wake of Covid-19 and avoid financial issues worsening in future, as the organisation reveals over 1 million people have already looked to MaPS for help dealing with the financial impact of the pandemic. The Money…

The Financial Conduct Authority (FCA) has confirmed that the credit card payments freeze could be extended for another three months for customers still suffering from the economic impact of coronavirus. After imposing a three-month pause on repayments for those struggling amid the fallout of the pandemic on the economy, the Financial Conduct Authority (FCA) has…

A survey of over 4,000 customers by Virgin Money found one in eight had called on their bank for help in the form of overdrafts and payment holidays on mortgages, personal loans and credit cards, the equivalent of about 8 million people. Virgin Money’s Financial Happiness report found that 1 in 4 (24%) of those…

The Bank of England’s latest money statistics reports that households repaid more loans from banks than they took out. A £4.6 billion net repayment of consumer credit more than offset a small increase in mortgage borrowing. Approvals for mortgages for house purchases fell further in May to 9,300. The repayments on consumer credit dropped to…

Households are increasingly struggling to make ends meet as the covid-19 pandemic crisis continues, with research suggesting a worrying increase in family debt. Research by the Institute for Fiscal Studies (IFS) shows that one in seven households are falling behind on repaying their mortgages due to the coronavirus pandemic. The study found that 1.4 million…

Energy regulator, Ofgem is consulting on plans to standardise and strengthen support for prepayment customers and for all customers who are struggling to pay their energy bills. In March this year, suppliers voluntarily agreed to support vulnerable customers through COVID-19, including those on prepayment meters facing difficulties in topping up while self-isolating or in financial…

Three-quarters of people will struggle to pay off their debt after lockdown according to new research bey free debt advice company, PayPlan. The company conducted a survey to find out how people in debt have been affected during the Coronavirus outbreak. The FCA have extended payment holidays for mortgages and other debts, and although the…

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