The language of statutory notices in the UK is set to become less threatening and more supportive. Letters which are used to chase consumers for debts have been described as ‘thuggish’ by experts and the change to the outdated rules are being universally welcomed. The Money and Mental Health Policy Institute have championed the cause,…
A new report suggests that up to 60% of emergency pandemic loans made under the Bounce Back scheme may never be repaid. The National Audit Office (NAO), the government’s spending watchdog, claimed that taxpayers could lose up to £26b thanks to fraud, organised crime or default. The Bounce Back loans scheme was aimed at small…
Prime Minister Boris Johnson sparked concern with lenders and mortgage experts when he revealed he wants to create a ‘Generation Buy’ with the help of 95% mortgages. His proposed plans are aimed at helping young people to buy homes and get themselves on the property ladder and came ahead of his hotly anticipated Conservative Party…
Regulators have confirmed the new rights for borrowers with credit cards, overdrafts or other loans. Since the coronavirus pandemic began back in March, borrowers have had the right to take a payment holiday on overdrafts, credit cards and other debts however that right is set to end next month. Now though, the FCA have confirmed…
Lenders have been warned to expect extra scrutiny on how they treat borrowers during the pandemic, with a particular focus on digital lending, according to Equifax. Equifax, a credit reference agency, warned that the shift towards digital lending and open banking that the coronavirus pandemic has caused will come with its own set of challenges. …
Leaked FinCEN documents have this week revealed how some of the world’s biggest banks have allowed criminals to move dirty money all over the world. The documents include around $2tn of transactions and also reveal how Russian oligarchs have used banks to avoid sanctions that were meant to prevent them from accessing their money in…
As of Monday, the eviction ban in England and Wales has ended, leaving up to 55,000 households vulnerable, according to campaigners. Although there has been mounting pressure from councils and charities alike, the legal eviction process can now be progressed fully through the courts. The government’s reasoning for this is that they already extended the…
Greece has reported some major progress with its non-performing loans after four of its biggest banks recorded a significant 22% reduction in their bad loan stock. The reduction is for the first half of the year in comparison to a year earlier and comes at a time when other industries are suffering huge financial losses.…
The UK government has revealed that tenants across the country affected by coronavirus will continue to be supported throughout the autumn and winter months. The new laws issued by the government are being put in place to help both renters and buy-to-let landlords who are impacted directly or indirectly by coronavirus. One of the major…
Peer-to-peer lending platform Lendable has been named in a list of the top 100 fastest growing tech companies in the UK. The annual Tech Track 100 league table is put together by research firm Fast Track and featured in The Sunday Times. The list assesses some of the countries leading and fastest growing private tech…