Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Has the credit insurance scheme worked for you?

Drapers would like to hear from readers about their experiences accessing the government’s credit insurance guarantee scheme, which was introduced earlier this month to help business suffering from a reduction in cover.

Are you a supplier who has applied for the cover? How hard/easy has it been to access the credit insurance guarantee scheme? Has it made a difference to your business in real terms?

Are you a retailer that had had cover clipped by the insurers? Has the scheme done anything to ease pressure on your suppliers?

Drapers wants to keep on top of whether the government’s scheme, which was announced by Chancellor Alistair Darling at last month’s Budget, is actually easing lines of credit for the fashion industry or if the scheme, as several trade bodies have suggested, hasn’t gone far enough to address the issues the retail and supply sectors are facing.

The scheme was designed to provide up to £5 billion of extra insurance as part of the Working Capital Scheme to help mitigate cash flow problems for businesses with short term difficulties. The scheme is designed toenable businesses to buy six months “top up” insurance from the government from May 1 to December 31 but the scheme only applies to credit reductions suffered from April 1 this year. Retailers that had all their credit cover withdrawn were not eligible at all.

Email us with your views in confidence at

We will pass your information on to the British Clothing Industry Association (BCIA), which continues to campaign on behalf of the sector about the credit insurance issue.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.