The coronavirus crisis will leave millions of families facing a collective personal debt tsunami of £6.1 billion, one of the UK’s most notorious debt charities warns today. The government should provide £5bn in grants to those most financially affected so they can pay their debts, put in place payment schemes for those who are behind … Read more
Buy now, pay later on Square Checkout in recent years allowing shoppers to buy items without paying for them right away has technically dumped many. New research shows that nearly a third of people say they don’t consider late payments a debt. “The emergence of new forms of credit, such as buy now and pay … Read more
The banks revealed in their results today that hundreds of thousands of Barclays and Santander customers have taken paid holidays on credit cards, personal loans and mortgages. Meanwhile, official figures from the Bank of England show that households have cleared billions of pounds of debt over the past few months. Santander, Britain’s third-biggest mortgage lender, … Read more
Borrowers have taken advantage of Britain’s three-month lockdown to get over their debts and pay off nearly £2,000 in credit card and other borrowing, new figures suggest. Data from credit reference agency Experian found that customers’ amount for the Credit Expert subscription service of £14.99 per month outstanding in non-property borrowing fell from £11,615 to … Read more
New data suggests borrowers with better credit scores have found it easier to open a credit card since July as banks began turning their lending taps back on. And figures from credit rating agency Experian found that half of those looking for a credit card in the past month showed at least one card they … Read more
Official figures revealed today that Britons borrowed more on credit cards, loans and overdrafts last month than in July and saved less, amid fears that household finances are under increasing pressure. About £21.3bn was borrowed by consumers in August, up from £20.9bn in the previous month, although repayments increased slightly, as borrowing and spending continued … Read more
After years of failed New Year’s resolutions, the global pandemic appears to have helped Britons collectively pay down personal debts such as credit cards and loans. Between March and October, the latest figures available from the Bank of England, Britons paid out £15.6 billion of their plastic and other loans. When the pandemic swept the … Read more
Insurers are pulling unemployment insurance because of the coronavirus outbreak — and some are looking for ways not to pay if you get sick Insurance companies are withdrawing from the unemployment insurance market as the coronavirus spreads Income protection insurers plan to introduce coronavirus exclusions This means that new policyholders will not receive compensation if … Read more
I have a life and serious illness cap but I’ve heard these could be affected by the pandemic. I’m also concerned that my cover providers will include exceptions to my policies, especially now that there’s been an uptick in Covid-19 cases again and yet another lockdown. I am also worried that I will have to … Read more