Credit, Collections & Insolvency News
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 Finance Leasing Association (FLA) has called on the Government and the Bank of England to take urgent action to support the non-bank lending market. New figures to be released next week by the FLA will show that FLA members provided almost £141 billion of new business in the twelve months to February 2020, 2%…
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 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
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…
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
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,…
Read more
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…
Read more
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…
Read more