As the coronavirus lockdown took hold across the country, many buildings were repurposed to aid the fight of the virus. From London’s Excel Centre transforming into the first Nightingale Hospital to hotels turning into accommodation for key workers and car parks becoming testing centres, the world adapted fast. Now, new government guidance has offered the…
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Mortgage holidays came into place in March to help borrowers who were impacted by the Coronavirus crisis. They offered a three month break from mortgage repayments without having an impact on personal credit ratings. Whilst the break from payments is due to end in June, the Treasury announced that those who needed to, would be…
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Mortgage payment holiday application deadlines have been extended for those who continue to struggle with repayments. The City regulator took the action as reports of a sharp decline in house prices emerged during the Covid-19 pandemic. The report, conducted by Nationwide, has shown a monthly fall in prices more severe than any from the previous…
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Banks in Italy and Greece had been hoping that securitisation – the pooling together of loans, which are then sold as securities to investors – would help them to write off billions of Euros worth of debt that had been accrued over the last billing cycle. It has now transpired that both countries will be…
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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…
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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…
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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…
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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…
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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…
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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…
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