Credit, Collections & Insolvency News
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…
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The three major credit reference agencies (CRAs), Experian, Equifax and TransUnion have confirmed that consumer credit scores will be protected when people have agreed ‘payment holidays’ in place as a result of the COVID-19 pandemic. Payment holidays refer to a pause agreed between an individual and their lender on regular loan payments. Earlier this month…
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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…
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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…
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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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Joseph Rowntree Foundation (JRF) has urged the Government to go further to protect people on low incomes from the impact of coronavirus. The Government has rightly committed to several bold and compassionate measures that will offer security to many businesses and employees. But new data published today by the DWP shows that the country entered…
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Britain is facing an unprecedented time, with the Covid-19 pandemic threatening jobs; particularly freelancers, the workforce on ‘zero-hours’ contracts, leisure workers and small business owners. New research by TransUnion commissioned just before the outbreak, has found that that one in five consumers (21%) wouldn’t manage financially if they lost their job tomorrow, and this number…
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The UK’s three largest debt charities have called on the Government to instruct local authorities in England and Wales to suspend bailiff action for the duration of the Covid-19 outbreak. The move comes as Citizens Advice, Money Advice Trust and StepChange Debt Charity report that debt advisers have already begun to receive calls about bailiffs…
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The incomes of self-employed people are ‘falling like a stone’ amidst economic disruption caused by Covid-19, according to charity the Money Advice Trust, which runs the Business Debtline advice service. The warning comes after Chancellor Rishi Sunak told MPs that constructing a scheme to protect the self-employed who are losing work because of the Coronavirus…
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The TUC has called on the government to provide urgent aid to Britain’s five million self-employed workers. A new report published today says the current measures in place for self-employed workers are “inadequate” with many facing severe hardship over the coming months. The report calls on ministers to extend the wage subsidy scheme announced on…
Read moreThe spending limit for contactless card payments will be increased from £30 to £45, with a national roll-out beginning from 1st April 2020, UK Finance has announced. The decision to raise the limit was taken following consultation between the retail sector and the finance and payments industry and follows similar increases in several other European…
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The Financial Conduct Authority (FCA) has published new guidance for mortgage lenders and administrators and small business lenders. This supports the announcements made by the Chancellor earlier this week. The new mortgage guidance makes clear that firms should grant customers a payment holiday for an initial period of 3 months, where they may experience payment…
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The government has pledged to do “whatever it takes” to support a greater number of British businesses and individuals as the coronavirus outbreak causes major economic disruption. In an announcement Chancellor Rishi Sunak said government would “stand behind businesses small and large”, pledging government-backed and guaranteed loans “to get through this” as he announced the…
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