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People in debt to be given breathing space

Under new rules being drawn up by Government, people struggling with debt would be given six weeks of breathing space in which to seek advice about their situation.

The plan, which the Treasury is currently consulting on, would see anyone struggling to keep up with their debt repayments exempted from further interest, charges and creditor enforcement action for a period of six weeks so that they can seek advice.

The scheme would only apply to England, Wales and Northern Ireland as Scotland already operates a similar system.

FCA cap on payday loans saves consumers £150 million per year

The Financial Conduct Authority (FCA) has published a report that claims that its regulation of high-cost short-term credit providers has delivered substantial benefits to customers

The organisation assessed the effectiveness of the payday loan price cap which it introduced in 2015. The review found that as well as saving borrowers money, the new rules meant that payday firms were much less likely to lend to customers who cannot afford to repay the loan.

Fourteen unlicensed lending companies shut down by High Court

All the companies were involved in unauthorised money lending

Following investigations by the Insolvency service it was found that only one of the businesses had ever possessed a consumer credit licence permitting it to operate as a lender, which expired four years ago.

Financial Conduct Authority Chief to step down

John Griffith-Jones confirms plan to leave the FCA

Chairman of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), has confirmed that he will leave both organisations at the end of his term of office, on 31 March 2018. 

Only 20% of those at risk of crisis debt seek help

New research from the Money Advice Service has found one in six adults are at risk of crisis debt

With so many vulnerable to debt problems, there’s a good chance that you know someone struggling with debts. It’s not always easy to notice, but there are clues you can look out for.

Is car finance the next borrowing bubble?

A report from the Society of Motor Manufacturers and Traders (SMMT), about 80 per cent of new cars in the UK are sold on Personal Contract Purchases


How to protect yourself when shopping online

Stay safe when making online transactions

There have been a number of high-profile online security breaches and instances of  card fraud, and identity theft can be a great cause of stress.

Lead generators: Making money from debt

Are you struggling with debt? Why you should be wary of “introducers” 


Financial Conduct Authority clarifies its future interventions in financial market

The FCA has published its Mission and Business Plan for 2017/18 

The independent financial public body has announced that next year, amongst other things, it will focus on credit- specifically examining the issue of vulnerable consumers, high-cost credit and the difficulties around long term savings and retirement. 

Is this the end for long-term minimum credit card repayments?

New measures to encourage consumers to pay back credit card debt more quickly


The Financial Conduct Authority (FCA) is proposing new rules for consumers who are in “persistent” credit card debt. 

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