News Formal

UK finance watchdog flags concerns about repeat lending, affordable credit

  • 📰 Reuters
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 97%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

Britain's financial watchdog is stepping up its vigilance of credit providers who encourage customers to take on more loans than they can afford, putting them at risk of a personal debt spiral that could ramp up their financial difficulties.

LONDON - Britain’s financial watchdog is stepping up its vigilance of credit providers who encourage customers to take on more loans than they can afford, putting them at risk of a personal debt spiral that could ramp up their financial difficulties.

The study, which was completed prior to the coronavirus pandemic, also showed that nearly half of consumers regretted borrowing more money while some had missed payments and were forced to prioritise repayment of debt over other expenses. Before the pandemic, it saw increasing numbers of complaints about high-cost lenders’ relending practices and affordability assessment failures, which suggested some were not relending in a way that was sustainable for customers, Davidson said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Borrowing to pay off borrowing debts. UK economic recovery is well underway then.

The Bank of England has raised capital requirements for Monzo, a banking unicorn, over the life of its capital raisings.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in UK

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK clears Amazon deal to buy 16% stake in Deliveroo after US antitrust hearing - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. rather_unique91 they bout to go up again as the UK is not related to EU, there are no questions Grilling is always the solution for buying a steak of a food platform.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Pizza Express could close up to 67 restaurants and cut 1,100 UK jobs - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Now why would Federal Reserve jump in? Only bankers deserve relief.
Source: BusinessInsider - 🏆 729. / 51 Read more »