UK car loans and pawnbroker payments freeze extended

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 […]Read More

Watchdog warns UK high-cost lenders about exploitation

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 […]Read More

Salary advance schemes: lockdown lifesavers or a trap into debt?

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 […]Read More

Debt crisis warning as UK reports steep rise in emergency borrowing

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 […]Read More

Car finance firms urged to halt repossessions during Covid-19 crisis

FCA to bring in measures to help customers over vehicle payments and payday loans Coronavirus – latest updates See all our coronavirus coverage The financial regulator has said car finance companies must offer a three-month payment freeze and should not repossess vehicles if customers are facing financial difficulties because of the coronavirus. The Financial Conduct […]Read More

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