On April 17, the Insolvency Service published Coronavirus (COVID-19) Guidance for the Straightforward Consumer IVA Protocol. This guidance allows for greater flexibility to be applied to Protocol IVAs where the borrower has problems because of Coronavirus. Protocol IVAs use a standard set of terms and conditions. An IVA firm can always go back to your creditors and ask them to approve … [Read more...]
3 month car finance payment breaks because of Coronavirus
On 17 April the FCA published its proposed guidance for car finance lenders on how they should respond to customers who are affected by coronavirus. Earlier this week FCA guidance for unsecured loans came into force. Car finance wasn't included with that as the FCA said it wanted to look at it separately. Now we have the details of what the FCA is proposing for car finance. It broadly … [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...]
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...]
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...]