Loans and Venture Capital
Household borrowing and arrears linked to pandemic have soared to £10.3bn Britain is “sleepwalking into a debt crisis” after a steep rise in emergency borrowing by low- and middle-income households to cope with the Covid-19 jobs crisis. Research by the debt charity Stepchange found that household borrowing and arrears linked to the coronavirus pandemic have […]
Continue Reading Debt crisis warning as UK reports steep rise in emergency borrowing
The FCA raises the red flag over these ‘wellbeing packages’ that allow employees to take part of their earnings before payday Lockdown has been a trying time for millions of workers. Suddenly having to work from home, coupled with worries about future security and finances, have weighed heavily for many. For an increasing number of […]
Continue Reading Salary advance schemes: lockdown lifesavers or a trap into debt?
Financial Conduct Authority demands improved practices as companies restart lending The UK’s financial watchdog has warned high-cost lenders about irresponsible repeat lending and exploitative marketing that risks pushing vulnerable borrowers into a cycle of debt. The Financial Conduct Authority warnings follow a review of the high-cost, short-term credit industry that involved the borrowing history of […]
Continue Reading Watchdog warns UK high-cost lenders about exploitation
FCA also gives further support to buy-now-pay-later and rent-to-own customers Coronavirus – latest updates See all our coronavirus coverage The UK’s financial regulator has car loan borrowers and users of other forms of high-cost credit the option of freezing payments and repossessions for three more months, amid concerns about a mounting economic toll from the […]
Continue Reading UK car loans and pawnbroker payments freeze extended
Debt fuelled by pandemic and job losses will stifle nation’s recovery, StepChange claims Coronavirus – latest updates See all our coronavirus coverage British households are expected to rack up debts worth a combined £6bn because of the coronavirus crisis, as millions of people fall behind on credit card payments, council tax and utility bills. Sounding […]
Continue Reading UK households face £6bn debts because of Covid-19, says charity
Financial ombudsman has upheld 70% of complaints against payday loan firms over past year Companies offering short-term loans to consumers have been urged by the financial ombudsman to prioritise the needs of their customers and warned that borrowers were already struggling with unmanageable levels of debt before the coronavirus crisis began. In recent years the […]
Continue Reading UK lenders warned about high levels of debt