Credit, Collections & Insolvency News
Results from the third British Chambers of Commerce (BCC) Coronavirus Business Impact Tracker have revealed that the majority of businesses responding to the survey have now furloughed a proportion of their workforce, and are awaiting funds from the government’s Job Retention Scheme to enable them to pay staff. 66% of survey respondents have furloughed staff in anticipation of scheme going live with more than half of firms (59%) have three…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in February 2020 by 6% compared with the same month in 2019. Credit card and personal loan new business together grew in February 2020 by 9% compared with the same month in 2019, while retail store and online…
Read more
New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in February 2020 by 1% compared with the same month in 2019. The consumer new car finance market reported new business volumes 8% lower in February 2020 compared with the same month in…
Read more
New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes up by 13% in February 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 second…
Read more
Over 1.2 million mortgage payment holidays have been offered by lenders to customers impacted by Covid-19 according to the latest figures from UK Finance. Action by lenders means one in nine mortgages in the UK are now subject to a payment holiday. The number of payment holidays in place more than tripled in the two…
Read more
The latest CBI financial services survey shows that Britain’s financial services sector suffered a drop in profits and increase in bad debts before the coronavirus crisis-prompted lockdown. The report, based on a poll of 103 firms, saw 27% report a drop in profits versus 24% which reported a rise. Some 12% of firms said they…
Read more
The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…
Read more
The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…
Read more
Which? is calling on the financial regulator to urgently provide greater clarity on temporary measures to help people struggling financially because of coronavirus, as new research reveals the huge toll the outbreak is expected to take on people’s finances. A survey by the consumer champion carried out between 20-22 March, just before the government asked…
Read more
The Financial Conduct Authority (FCA) has set out its business priorities for the year ahead – with specific focus on the challenges presented by the coronavirus (Covid-19) pandemic. In responding to the challenge of coronavirus the FCA will focus on ensuring that financial services businesses give people the support they need, that people avoid scams,…
Read moreThe 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…
Read more
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…
Read more
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…
Read more