|MALG Friday Forum insight: Coronavirus and money advice sector capacity – the calm before the storm?
The most recent MALG ‘Members Friday Forum’ highlighted that advice organisations are not yet being flooded with new enquiries as was originally predicted. Much like many areas of the NHS where the capacity is there to treat patients with ailments other than Covid-19, those facing increased financial difficulty are holding back in coming forward for help until the peak of the pandemic is over. This has prompted many to raise concerns that there is pent up demand and that these vital services will be inundated when the ‘aftershocks’ of the current crisis begin to emerge.
When coming together as MALG members to look at the whole picture of temporary Government support packages, regulatory changes and forbearance; the wider economic impact; and the short and long term implications for individual households, some fear that this is the ‘calm before the storm’ for the money advice sector.
Read our blog about this here and let us know your thoughts.
We are also still developing our list of creditor email addresses for advisers to use during the Coronavirus crisis. We have had several specific requests and are still looking for specific addresses for MBNA and Lending Stream/Gain Credit.
The next MALG Members Friday Forum will be held on 15 May 2020. Find out how to join here. or contact us on firstname.lastname@example.org for more info.