With just a week to spare before the Brexit transition period between the UK and European Union (EU) comes to an end, the UK government has agreed a trade deal with the EU. While much has been made of the repercussions of Brexit, how will it really impact your finances? It’s too early to predict…
The UK government launched its Alternative Lending Scheme back in 2016 and they have credited it with raising over £23 million for 889 businesses in between July 2019 to July 2020. The alternative lending scheme matches businesses who have been turned down by banks for loans, with an alternative source of finance including revolving credit…
With more and more lenders turning to Artificial Intelligence (AI) software, lenders and customers alike are discovering that technology and humans both come with their own unique sets of pros and cons. Using AI software as a way of deciding how lenders can borrow money and who is approved for a loan can help to…
It may be the season of goodwill, but for some, the festive season isn’t all about glad tidings of comfort and joy. The Christmas period is a notoriously dangerous time for innocent people falling victim to financial fraud. It’s important to stay vigilant and if anything seems suspicious, flag it with your bank before proceeding.…
Retirement interest-only (RIO) mortgages have grown this year, despite the global pandemic, according to Moneyfacts. The comparison site collected data which highlighted how 21 providers are currently offering RIO mortgages, the highest the number has ever been. An RIO mortgage is an interest-only mortgage aimed at those aged 55 and above. It can be used…
Crown Preference has officially been implemented as of 1st December causing lenders to fear the aftermath. Crown Preference, a process where taxes collected by bust companies on behalf of third parties such as VAT, national insurance and employee PAYE must be paid off before any funds can be given to banks that had provided loans…
Subprime lender Amigo has announced that they will not be offering new loans until at least next year as they deal with an avalanche of customer complaints. The lender had originally paused lending after the Coronavirus crisis and has been struggling to deal with the volume of complaints they’ve been receiving. Amigo received 25,571 complaints…