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Consumers who have been financially impacted by the Coronavirus pandemic could be given additional support to help cope with credit, loan and overdraft repayments.
Today, the Financial Conduct Authority (FCA), which regulates the finance industry, has announced proposals that would see credit lenders, including those who lend through credit cards, store cards and catalogue credit, as well as personal loan lenders, provide additional support for those struggling to meet credit repayments and who have already taken out payment holidays.
These proposals include:
Commenting on the proposals, Christopher Woolard, interim chief executive at the FCA, said: “We have been working closely with other authorities, lenders and debt charities to support consumers in the current emergency. The proposals we’ve announced today would provide an expected minimum level of financial support for consumers who remain in, or enter, temporary financial difficulty due to Coronavirus. Where consumers can afford to make payments, it is in their best long-term interest to do so, but for those who need help, it will be there.”
The FCA is accepting comments on these proposals until 5pm on 22 June 2020 and expects to finalise the guidance shortly after this date.
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Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
From 1 June, Buy Now Pay Later (BNPL) provider Klarna will start sharing its customers payments made on time, late payments, and unpaid purchases with credit reference agencies. This means that if a consumer falls behind on any repayments, their credit score will worsen. Equally, if a consumer repays their debts on time their credit rating will improve.
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