17 Apr 2020 / Back to latest updates

Business Update in these strange times but still opportunities to collect debts

As you will be all aware the government has announced that the UK is going to be in lockdown for a further three weeks. Here is our round up of the latest news this week.

Finance and Loan repayments

The Financial Conduct Authority (FCA) is announcing that it plans to make a deal with Car Finance Companies and other rent-to-own, buy-now-pay-later and pawnbrokering loans to delay repayments as commented by the BBC News today 17 April 2020 https://www.bbc.co.uk/news/business-52321723.

Those people with a payday loan will be given a one-month ‘payment holiday’ and last week the FCA announced a three-month freeze on loan and credit card repayments.

These are all positive moves for debtors and also in the long run for loan companies as it makes it more likely that the debtors will be able to pay the loans in the future.

Coronavirus Job Retention Scheme

The London Chamber of Commerce announced by email today that if you’re eligible for the scheme, which becomes live on Monday 20 April. You’ll need to provide the following information:

• The bank account number and sort code for when the claim is paid
• The name and phone number of the person in your business who will respond to any questions
• The Self-Assessment UTR (Unique Tax Reference), Company UTR or CRN (Company Registration Number)
• The name, employee number and National Insurance number for furloughed employees
• The total amount being claimed for all employees and the total furlough period

Contact us to be put through to one of our employment solicitors who can advise on the above in further detail. 

Recovering Debts – contact us for further information

• We remain open and operating as business as usual.
• The way we work has changed but the nature of the work remains the same.
• Should you have any unpaid debts that need to be collected and would like our expert and experienced advice please contact us today.
• In most scenarios we can agree to work on a fixed commission basis on the basis of recoveries recovered if the matter is straightforward.
• But we also offer reasonable fixed rates or hourly rates if the matter is complex or disputed.