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Money Box: Wage support changes and debt help

18/04/2020

Wage support changes and debt help

BBC Radio 4 - Money Box, Wage support changes and debt help

What the coronavirus furlough scheme date change means for you.

Job retention scheme false hope concerns, banks slammed for transfer fraud response, support for motor finance and payday customers and credit card payment holiday lowdown.

Action to protect workers who would otherwise face redundancy due to the coronavirus outbreak was brought in by the government last month. Known as the Job Retention Scheme it pays 80 per cent of wages for people kept on by their employer up to a maximum of £2,500 a month. At the time there was disappointment from those who missed out because they didn’t start their job before the scheme’s cut-off date of February 28th. This week that  date was extended to the 19th of March. The Treasury says the date change is  “expected  to benefit over 200,000 employees” - but will it?  Guest: Heather Self, Tax Partner, Blick Rothenberg.

Plans to refund the victims of fraud isn’t "working as well as hoped" according to financial watchdog the Payment Systems Regulator. Data gathered by the PSR shows that two high street banks who promised to refund victims refused to do so in 96% of cases. Money Box hears from the PSR  Managing Director Chris Hemsley to find out what his organisation is doing about it, what action it wants to see from the banks… and why it isn’t taking tougher action already. Money Box also hears from the son of one victim whose bank initially refused to refund him after criminals used his bank details to steal his life savings of £90k. 

The FCA announced more plans to support households struggling to pay bills due to the impact of coronavirus on incomes. They include a three month payment freeze for car loans and a one month interest-free halt on high-cost short-term credit payments like payday loans. The FCA hopes to finalise the proposals by Friday 24 April and expect them to happen shortly afterwards. A three month credit card payment holiday for people with cash problems caused by coronavirus came into force this week.

Guests: Sara Williams debt campaigner and founder of the Debt Camel blog and Stuart Masson Editor for thecarexpert.co.uk

Presenter: Paul Lewis
Editor: Emma Rippon
Producer: Charmaine Cozier

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