The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has called on the Financial Conduct Authority (FCA) to ‘close the gaps’ in its package of support for consumer credit customers affected by the Covid-19 outbreak.  The charity has welcomed the FCA’s proposals on credit cards, loans and overdrafts – but is…

The TUC has today called for an ’emergency’ boost to Universal Credit to help people get through the coronavirus outbreak. The union body says that without an urgent increase unemployment support will be lower in real terms during the coronavirus outbreak than during the mass unemployment peaks of the 1980s and 1990s.A new report published…

Consumers are struggling to open up about their finances according to research from TopCashback.co.uk; finding a third (33 per cent) still find it awkward or difficult to talk about money. More than two-thirds (68 per cent) believe that as a nation, we are not open to talking about our finances without fear or embarrassment. Shame…

A group of nearly 80 academics, policy experts and leaders of charities, trade unions and community groups have written to Chancellor of the Exchequer, Rishi Sunak, calling on him to provide an urgent, interest-free freeze on personal debt payments for people affected by Covid-19. The letter also calls for a write-off of existing council tax and social…

The Financial Conduct Authority (FCA) has proposed a range of targeted temporary measures designed as a stop-gap to quickly support users of certain consumer credit products who are facing a financial impact because of the exceptional circumstances arising from coronavirus. The package is intended to complement measures already announced by the government to support mortgage…

Millions of people across Britain risk falling through gaps in the coronavirus wage subsidy plan and benefits system, according to The Resolution Foundation think tank. The think tank says Government must get Universal Credit (UC) ‘battle ready’ for the UK’s growing unemployment crisis by encouraging more people to claim, extending eligibility to more middle-income households,…

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…

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…

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