Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk

The Furlough Scheme is Ending

The Furlough Scheme is Ending

Here are United Kingdom Loans we have posted lots of information in relation to the coronavirus and the impact on finances within the UK economy over recent months. One of the key components of the support offered by the British government towards both employed and self-employed has been the furlough scheme implemented early on in the coronavirus pandemic. The furlough scheme is, however, closing to new entrants from 30th June 2020, and we, therefore, look at the scheme’s details and the specifics of the reduction in support available.

There have been some important updates regarding the furlough scheme, and it is important to recognise that the furlough scheme will soon be closing to new entrants within the United Kingdom, albeit at a reduced percentage rate, on a month-by-month basis from 30th June 2020. The furlough scheme closes to new entrants on 30th June; therefore, the last three weeks of furloughs must start on or before 10th June 2020. If employers have not furloughed an employee for three weeks by this stage, they will not be able to access the furlough scheme or put their employees on the scheme later. Employers must make claims for the period to 30th June by 31st July 2020.

Timeline of Changes

Regarding the details of the percentage support available, in June and July 2020, the Government will pay 80% of wages up to a maximum of £2500. The Government will also pay employers National Insurance and pension contributions, and it is reported that employers are not required to pay anything during June and July 2020. A positive glimmer of hope for furloughed employees is that From 1st July 2020, businesses will be given the flexibility to bring previously furloughed employees back part-time. To be eligible for the coronavirus job retention scheme (CJRS) under part-time working, employers must agree with their employees on any new flexible furloughing arrangement and confirm the agreement in writing. Employers will have to pay in full for any hours worked, including the payment of tax and national insurance contributions on those payments. There have therefore been some significant changes to the furlough scheme, which will ultimately end and reduce 70% of wages up to £2187.50 from 1st September 2020. The reduction in furlough will decrease from 1st October 2020 to 60% of wages up to £1875.

It won’t last forever!

The furlough scheme has greatly relieved many United Kingdom employers, employees and self-employed. It has enabled people to continue to access financial support through what has been a challenging time. It is hoped that once Covid-19 has reduced, the wheels of the economy will begin to turn again, albeit on a slower basis. For those employed and relying on the furloughing scheme, it is important to remain in contact with your employer to ensure you are up-to-date with any of your employee financial entitlements and that you are aware of the percentage reduction that will be implemented over subsequent months.

 

Representative Example: Amount of credit: £1000 for 12 months at £116.52 per month. Total amount repayable of £1392.63 Interest: £392.63. Interest rate: 79.5% pa (variable). 79.5% APR (variable). Representative Rates from 9.0% APR to 1721% APR – we provide a no obligation quote; your APR will be based on your personal circumstances. Loans between £100 and £5000 over a 3 month to 36-month term.

 
United Kingdom Loans is not a lender, we provide access to a loan matching service. This site will submit the information you
provide to Nouveau Finance’s panel of lenders

Representative Example: Amount of credit: £1000 for 12 months at £116.52 per month. Total amount repayable of £1392.63 Interest: £392.63. Interest rate: 79.5% pa (variable). 79.5% APR (variable). Representative Rates from 9.0% APR to 1721% APR – we provide a no obligation quote; your APR will be based on your personal circumstances. Loans between £100 and £5000 over a 3 month to 36-month term.

United Kingdom Loans is not a lender, we provide access to a loan matching service. This site will submit the information you provide to Nouveau Finance’s panel of lenders

United Kingdom Loans is a registered trading name of Rhumsaa Finance Limited, which is an Introducer Appointed Representative of
Nouveau Finance Limited, registered with the Financial Conduct Authority  under FRN 843158. Nouveau Finance are authorised and regulated by the Financial Conduct Authority
under reference number 727348. Nouveau Finance Limited are a credit broker, not a lender.

United Kingdom Loans will not charge you a fee for the introduction to a potential lender however may receive a commission
or fee from Nouveau Finance Limited following an introduction through this website.

We provide access to a loan matching service. This site will submit the information you provide to Nouveau Finance’s panel
of lenders. We  do not retain applicant data.  All applicants will be subject to credit checks and affordability assessments.
United Kingdom Loans and Nouveau finance will not perform a credit check, lenders to whom you may be referred to will complete a soft search when
assessing your eligibility for a loan. If you accept a lender’s offer, they may subsequently perform a hard credit search to register the loan to your credit file.

Please note that United Kingdom Loans are unable to influence any lending decisions or deal with any dispute that you may have directly with any particular lender with whom you may have entered into an agreement with and in the unlikely event that this may occur you should contact the lender directly in respect of any concerns.

United Kingdom Loans is registered in England and Wales Company number 11508489  with a registered office located at
128 City Road, London EC1V 2NX Company. 

If you are struggling with debt then you may want to contact Step Change National Debt Line or Citizens Advice for help and support:
Step Change , National Debt Line and Citizens Advice

United Kingdom Loans is a registered trading name of Rhumsaa Finance Limited, which is an Introducer Appointed Representative of Nouveau Finance Limited, registered with the Financial Conduct Authority under FRN 843158. Nouveau Finance are authorised and regulated by the Financial Conduct Authority under reference number 727348. Nouveau Finance Limited are a credit broker, not a lender.

United Kingdom Loans will not charge you a fee for the introduction to a potential lender however may receive a commission or fee from Nouveau Finance Limited following an introduction through this website.

We provide access to a loan matching service. This site will submit the information you provide to Nouveau Finance’s panel of lenders.  We do not retain applicant data.  All applicants will be subject to credit checks and affordability assessments. United Kingdom Loans and Nouveau finance will not perform a credit check, lenders to whom you may be referred to will complete a soft search when assessing your eligibility for a loan. If you accept a lender’s offer, they may subsequently perform a hard credit search to register the loan to your credit file.

United Kingdom Loans is registered in England and Wales Company number 11508489  with a registered office located at 128 City Road, London EC1V 2NX Company. 

If you are struggling with debt then you may want to contact Step Change National Debt Line or Citizens Advice for help and support:
Step Change , National Debt Line and Citizens Advice

Footnotes

United Kingdom Loans does not make credit decisions and is not a lender. This website does not directly endorse a particular product or service. Information on our website should be taken as opinion only.

Footnotes

United Kingdom Loans does not make credit decisions and is not a lender. This website does not directly endorse a particular product or service. Information on our website

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk