You may be very worried about how you will cope if your income drops a lot because of coronavirus. This article looks at what you can do if you think your bills and debt repayments will be unmanageable. Things are changing fast: every day more different sorts of help are being announced. This article has been updated on 2 April. More help may later be available but if you think your … [Read more...]
Coronavirus – a good excuse for slow complaint handling?
Some lenders are telling borrowers that it will take longer to respond to affordability complaints asking for refunds because of Coronavirus. You have a right to send a complaint to the Financial Ombudsman (FOS) after 8 weeks if the lender has not given you a Final Response. But should you let the lender have a few weeks extra? Most businesses are having some Coronavirus problems, so would … [Read more...]
Debt news – 5 April 2020
Sorry for anyone that got the previous incorrect link! My pick of last week's news has to be the FCA's proposals for temporary financial relief. You have until 9am Monday morning to respond to the FCA consultation if you want to comment on it. I hope a lot of debt advisers will! Well, you weren't planning to go out anywhere this afternoon or evening, were you? Debt Advice Handbook … [Read more...]
Coronavirus – more help for people with debts is coming
Today the FCA has proposed a set of measures that will offer help to many people whose income has been affected by Coronavirus. These include: firms will be expected to offer a 3 month payment holiday freeze on loans and credit cards; banks should not charge interest on the first £500 of any arranged overdrafts; banks must ensure no customers with overdrafts are worse off because of the … [Read more...]
Coronavirus – good news about protecting your credit score
Experian, Equifax and TransUnion, the three big UK credit reference agencies, have agreed that having a temporary "payment holiday" with a lender because of Coronavirus problems won't harm your credit score. James Jones from Experian says: “We’re really pleased to have reached an industry-wide agreement on this. Public awareness of credit scores and the role they play continues to grow, so we … [Read more...]
BrightHouse enters administration – how does this affect customers?
On 20 March 2020, BrightHouse went into administration. BrightHouse sold electrical appliances, furniture, computers and mobiles on hire purchase. Its customers made weekly payments, sometimes described as "rent-to-own". Coronavirus has meant that its 240 shops have had to shut and many customers are likely to be asking for payment holidays as their income has fallen and they can't manage … [Read more...]
Debt news – March 29
My pick of last week's news is BrightHouse going under. If you haven't read them, And so the appalling human consequences of the austerity experiment become clear and What debt advice tells us about supporting people affected by coronavirus are both very good. Hopefully, some actions from the FCA summons council of war (behind paywall, sorry) will turn out to be the pick of next week's … [Read more...]
Amigo stops most lending & so do some other high cost lenders
On 24 March 2020 Amigo announced that: given the ongoing uncertainty that the economic implications of Covid-19 could have for our customer base, Amigo has taken the decision to temporarily pause all new lending activity, except for lending to key workers in exceptional circumstances. This article looks at why Amigo decided to do this and why other lenders, particularly high cost lenders to … [Read more...]
Coronavirus – 4 steps to take if you lose your job
A reader asks: Help! I have just been made redundant and I don't know how I am going manage, especially as we have debts. I'm only getting a few weeks redundancy pay. What should I do? A lot of firms are closing or making some staff redundant because of Coronavirus. If your firm has just closed suddenly, you may be worried about getting the pay for the weeks you have already worked, the pay … [Read more...]
Debt news – March 22
All articles are Coronavirus-related this week. My pick of them is The UK’s self-employed are falling through the Covid-19 policy net. Tweet of the week “[Universal Credit] advances should be grants, not loans” People eligible for Universal Credit benefits can be given a cash advance, as a loan, within a day of applying. Richard Lane of debt advice charity @StepChange says the … [Read more...]
Coronavirus – lenders should be helpful & clear – like Zopa & Nationwide
Every lender in Britain has borrowers who have been badly hit financially by Coronavirus. I often criticise lenders and/or regulators. So it's great to be able to point to two lenders that ares providing the help its borrowers are most likely to need and is communicating this well. Zopa offers payments freeze on its loans Zopa, the peer-to-peer lender, has this page of information for its … [Read more...]
Coronavirus – how will mortgage payment holidays work?
All mortgage lenders are going to be introducing a three-month mortgage payment holiday for borrowers affected by coronavirus. That is the headline promise. But are you eligible, how can you claim and how will it work? I will keep this article updated as more information emerges. Who is eligible for a mortgage payment holiday? UK Finance, the trade body for banks and other mortgage … [Read more...]
Coronavirus – worried you can’t pay your IVA?
A reader has asked: My husband has an IVA which we pay every month. Now the kids are off school because of coronavirus and a friend will be looking after them for a charge. Will we be able to reduce our IVA payment? Many people with IVAs will be very worried about their finances. Their income may have fallen, possibly to nothing because of coronavirus. Or they may have extra expenses. Not … [Read more...]
Debt news – March 15
No prizes for guessing what the dominant news story is this week. But for a bit of good news, the School Uniform Private Members Bill was passed unopposed. In a normal year this would have a good chance of becoming law... Tweet of the week The million pound question... BBC Radio 5 Live: "Could you and your family live on £90+ a week?" Chancellor Rishi Sunak: "Uh, uh, thi- thi- thi- … [Read more...]
How to choose between cashback/rewards/ 0% on purchases credit cards
A reader asked: Should I get a cashback card or one that gives you rewards? Or is a 0% on purchase card better? I will be able to repay in full most months I hope. The answer depends on what you want to use the card for... and if you really would be able to pay it in full every month. When is a cashback card better? If you repay the credit card bill in full every month then a cashback card … [Read more...]
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