Small business owners have been venting their frustrations regarding an alleged lack of help from lenders. Those who are pursuing the money that they are owed are seeing blame shifted onto them by disgruntled borrowers who are appealing for more time to make repayments. Lenders such as Funding Circle are keen to offer their customers…
The UK economy has taken what looks to be the first, tentative step toward the worst recession of the last 300 years. First-quarter figures report a slump unseen since the financial crash of 2008. Despite experts confidently describing the collapse of Lehman Brothers as an event we would never witness again in our lifetimes, the…
Plans to give homeowners 12-month mortgage payment holidays are being reviewed by the Financial Conduct Authority (FCA) according to reports from various outlets. The plans are being tabled in a bid to assist homeowners who are in financial difficulty and prevent mass defaults, in turn reducing the repossession of homes. FCA officials have stated that…
Spain’s six largest banks have all reported a decrease in non-performing loans (NPLs) for 1Q20, but vast provisions have been set aside in anticipation of a COVID-fuelled spike in bad loans. Santander Group, BBVA Group, CaixaBank, Sabadell, Bankia, and Bankinter reported a combined €71.9bn in NPLs as of March. This figure is down substantially compared…
Overdraft interest rates are set to soar by up to 40%. Having been brought in on 6th April, the plan seeks to bring in a blended rate for both authorised and unauthorised overdrafts For some, this may makes for sombre reading – especially those relying heavily on a cycle of paying debts off every month…
Motor finance firms have been warned against repossession or cessation of contracts involving customers who have been adversely affected by Coronavirus. The Financial Conduct Authority (FCA) has stated its intention to enforce a payment freeze of up to three months in order to give the hardest hit consumers some leeway. PCP and PCH must also…
It was announced earlier this week that the government plan to offer Bounce Back loans of between £2,000 and £50,000 to micro businesses as a result of ongoing coronavirus fears amongst owners. The loan will be interest and fee-free for the first 12 months and can be taken out over a period of up to…
https://www.fca.org.uk/news/press-releases/fca-proposes-temporary-financial-relief-customers-impacted-coronavirus The Financial Conduct Authority (FCA) has today 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…
In response to the Covid-19 pandemic, the UK Government announced forbearance measures for homeowners and tenants. For homeowners, this would be a payment holiday of up to 3 months and for tenants, security of tenure as landlords would not be permitted to take eviction action for the next 3 months. UK Finance, on behalf of…
Another blow to UK property After nearly three years of uncertainty for the UK markets with Brexit deliberations and the modest increase in confidence once the final direction was set, residential and commercial property markets have now entered new unchartered waters. Lagging some 1 to 2 weeks behind the EU markets regarding reaction by Governments,…