More than 2.6 million mortgage holidays have been approved to date as a result of the Covid-19 pandemic of which 140.000 remained in place at the end of October. The figures were revealed in a UK Finance Mortgage Arrears and Possessions report, but do not take into account any new applications or extensions made since …
Amigo Loans has announced it has an uncertain future following the announcement of a £58.1 million half year loss. The sub-prime lender warned of ‘material uncertainty’ after its income was hit by pandemic payment holidays and a pause in new lending. Loss The loss compared to a £35.8 million profit for the same period in …
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Experts claim households across the country are facing an increase in their council tax after Chancellor Rishi Sunak cut financial support for councils in his Spending Review. Following an analysis of the review the Institute for Fiscal Studies (IFS) said bills may increase by £70 per household on average. Raise IFS director Paul Johnson said …
Notifications of possible redundancies from UK companies doubled in October as 842 more employers notified the government they are planning job cuts in the coming months. The rise is more than any other month since the pandemic began and almost two and a half times the number notified in October last year. Rapid rise There …
A new report says almost 700,000 Britons have been forced into poverty by the Covid pandemic, including 120,000 children. The report from the Legatum Institute think tank added that a further 700,000 people have been saved from poverty by the measures taken by the Chancellor’s £20 a week boost to Universal Credit introduced in April …
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A former pensions minister says less than 10% of savers are taking advantage of the free advice available on safely investing their money. Ministers have admitted the take-up rate for the Pension Wise service is inadequate and say they want to increase engagement but according to Baroness Ros Altmann have only considered giving ‘a stronger …
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As the number of pension mis-selling claims hitting the Financial Ombudsman Service (FOS) rises there is some advice available on how to spot if you’re being mis-sold. The pension freedoms of 2015 gave savers the opportunity the chance to make their own decisions about what would happen to their retirement pots by using a SIPP …
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Delivering his Spending Review to the House of Commons, Chancellor Rishi Sunak warned that Britain’s economic emergency ‘has only just begun’. In his speech he also warned that with the pandemic creating the largest fall in output for 300 years it is going to cause lasting damage to growth and jobs. Economy The economy is …
A new report from the Resolution Foundation think tank claims the Covid pandemic could cut average wages by £1,200 by 2025. The report follows Chancellor Rishi Sunak’s announcement that unemployment could hit 2.6 million by the middle of next year. Living standards The foundation’s report claimed that the effects of the virus will continue to …
The sharp eyes of a junior civil servant spotted a fraud being worked on Universal Credit applications, but not before an estimated £1 billon had been stolen. Organised crime is believed to be behind the scam which involved thousands of stolen identities. Spotted It was spotted by the civil servant who was working closely with …
You do not need to use the services of a Claims Management Company like Money Management Team. You can contact the lender directly for free and if they are no longer trading, you can contact the Financial Services Compensation Scheme providing it falls within their remit. The Financial Ombudsman Service can be contacted free of charge, if you have approached your lender first and wish for them to review your case. You also have the right to seek further advice from other legal firms or consumer organisations, subject to any time limits within which a claim must be made