A quieter week this week news-wise, with the main highlight being revised guidelines on payment holiday continuation for customers with mortgages. Those in need can continue to get relief, but at this point, it will start to be reflected on a consumer’s credit file… and with the court and enforcement process starting up again too gradually it feels as if we are returning to what feels a little more normal.
However, with so many changes coming together at the same time, a crunch is coming… and I suspect one that will be significant for some. A look at what is ahead….
- The end of extended payment holiday support
- Winding down of furlough
- An economic downturn and business closures
- Business restructuring (I mentioned STA last week, Pret A Manger this week)
… and although arrears levels are currently fine, it is likely they will spike once this flow through. (we have as an example the US where they are now starting to spike – again sectorally driven). It is going to be a ‘interesting’ time, and challenging for many.
Elsewhere there is still plenty of discussion around returning to the office. Many businesses are saying no, yet the government is saying yes… but what about the employees, well 9 out of 10 of us like having some time WFH at least…. most people I know have actually found it more productive too…. hopefully we will reach some sort of new balance.
Have a good weekend everyone… @chris_w_tweet