Unprecedented demand for debt help predicted when Coronavirus crisis-relief ends
One of the UK’s free debt advice providers, PayPlan, has said it expects to see a huge surge in demand for debt advice when the current temporary relief being offered by lenders in response to the Coronavirus crisis comes to an end. The FCA called for interest and charges to be frozen on all loans […]
Read MoreMoney Advice Trust calls for FCA to ‘close the gaps’ in its Covid-19 consumer credit measures
The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has called on the Financial Conduct Authority 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 calling […]
Read MoreFCA proposes temporary financial relief for customers impacted by coronavirus
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. This package is intended to complement measures already announced by the government to support mortgage […]
Read MoreCredit Services Association provides online hub for COVID-19 updates for the debt collection and debt purchase sectors
The Credit Services Association (CSA), the UK trade body for the debt collection and debt purchases sectors, has created an online hub for its members to keep abreast of the latest official relevant information relating to the Coronavirus pandemic. It includes key considerations for member firms along with regulatory updates and links to ‘virtual’ members’ […]
Read MoreCross-CRA guidance for lenders reporting forbearance during Coronavirus outbreak
New guidance has been published by credit reference agencies (CRAs) to advise lenders on how to report credit data when they grant consumers forbearance as a result of COVID-19. The guidance aims to deliver the objective set out in the joint letter from the Chancellor, the Governor of the Bank of England, the CEO of the FCA […]
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