Cashfloat Publishes Guidance Urging Struggling Borrowers to Consider Professional Debt Support
Cashfloat, a direct lender under the Western Circle Group, has issued guidance for individuals facing increased borrowing dependency. The guidance encourages borrowers to seek assistance from organizations such as StepChange to access necessary support.
Cashfloat, a direct lender under the Western Circle Group, has issued guidance for individuals facing increased borrowing dependency. The guidance encourages borrowers to seek assistance from organizations such as StepChange to access necessary support.
Amid financial pressures, particularly during high-cost periods like the festive season, Cashfloat emphasizes the availability of free debt management advice. The short-term loan provider highlights the financial strain many experience due to prolonged living cost increases.
Debt Repayment Advice for UK Consumers
Individuals with existing loans or credit products who are concerned about meeting repayment obligations are advised to contact their lender promptly. Lenders may offer temporary repayment holidays or alternative solutions like loan term extensions, particularly in cases of unforeseen financial emergencies such as redundancy or ill health.
Peter Kimpton, Chief Operating Officer at Cashfloat, stresses the importance of improving education about support services available. He notes that customer service teams often encounter individuals unaware of charities and non-profit organizations that can provide assistance.
Cashfloat recommends contacting StepChange for advice on ways to manage debt and avoid further financial difficulties. For business-related debt, the Business Debtline in England, Wales, or Scotland, and Advice NI in Northern Ireland, are suggested resources.
Cashfloat, a direct lender under the Western Circle Group, has issued guidance for individuals facing increased borrowing dependency.
Lender Responsibility and Borrower Affordability
UK lenders regulated by the Financial Conduct Authority (FCA) must adhere to rules that ensure loan applicants can afford the debt. These regulations aim to direct individuals unable to afford further borrowing to appropriate support rather than extending additional credit.
Peter Kimpton highlights the importance of responsibility and fairness in lending practices. Cashfloat prioritizes recommending debt management support when affordability issues arise, preventing applicants from resorting to unregulated lenders.
Prospective short-term loan applicants are encouraged to use Cashfloat's online affordability calculator to estimate borrowing capacity and repayment feasibility, minimizing the impact on credit records.
Financial Literacy and Debt Management Resources
Cashfloat regularly publishes articles and guides to enhance financial literacy. These resources aim to assist individuals in comparing loan products, budgeting, managing household finances, and verifying the credibility and regulation of lenders.
The lender has developed a 2025 Guide to Debt Management, detailing when and how to seek debt assistance, the functioning of debt management plans, and a list of top UK debt charities.
Cashfloat is a leading UK direct lender offering online loans for individuals with diverse credit scores. The lender is fully authorized and regulated by the Financial Conduct Authority.
Based on reporting by TechBullion.