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What cash flow support is available for businesses impacted by Coronavirus?
HMRC coronavirus helpline If you are concerned about cashflow or tax, HMRC have set up a helpline for businesses worried about not being able to pay their tax due to coronavirus. HMRC will discuss your specific circumstances to explore: agreeing an instalment arrangement suspending debt collection proceedings cancelling penalties and interest where you…
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FCA says credit card companies are not doing enough to aid those in persistent debt
The FCA has told credit card companies that they must do more to help customers who are in persistent debt. In 2018 the Financial Conduct Authority (FCA) introduced new rules aimed to help those customers who had been in persistent credit card debt for the last 36 months. Their recent research though has…
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3.4% increase in funeral costs sees more people pushed into funeral debt
During 2019, the cost of dying increased by 3.4%, pushing more people than ever before into funeral debt. Last year saw funeral costs and funeral debt both rise to record highs, a trend that looks set to worsen in 2020. The ‘Cost of Dying’ report by SunLife found that during 2019 funeral costs…
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‘Buy now, pay later’ credit options pushing consumers into high-cost debt
Buy now, pay later loans have been around for many years, but recent deals have been accused of pushing young consumers into unaffordable debt. Buy now, pay later credit allows consumers to acquire items without paying for them upfront, instead they spread the cost over a set period of time. Sometimes referred to…
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How and why your business should consider tightening up its credit terms
Tightening up your business’ credit terms could help to save you time and money on chasing up late and non-paying customers. Businesses across the UK are facing serious financial consequences due to the late payment culture that is leaving them waiting months for the money owed to them. If you’re struggling to get…
