New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes fall by 80% in May 2020. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The severity…
The House of Lords Select Committee on the Social and Economic Impact of the Gambling Industry has warned that more needs to be done to prevent gambling-related harm. The committe says that the liberalisation of gambling by the Gambling Act 2005, the universal adoption of smart phones, and the exploitation of soft-touch regulation by gambling…
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…
Specialist recoveries company Phillips & Cohen Associates has announced plans to expand into the servicing of potentially vulnerable consumers. The business, which has been consistently recognised for its compassionate engagement model during its 23-year history, is reacting to client demand for this new service alongside increasing market demographic needs. As one of a number of…
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…
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…
A new business coalition that aims to provide emergency COVID-19 support for the digitally and financially excluded has launched. Good Things Foundation, The Joseph Rowntree Foundation, The APLE Collective, Clean Slate Training & Employment CIC and Mastercard have formed a coalition of partners to offer immediate support to digitally and financially excluded people in the UK,…
New research by Policy in Practice shows that people on low incomes could lose £100’s of pounds if they are asked to self isolate due to Test and Trace. Some households who are asked to self-isolate will struggle to bear the immediate financial costs of relying on Statutory Sick Pay. If their loss of earnings…