Ofgem has chosen Octopus Energy Limited to take on supplying the customers of Iresa, which went out of business last week. The appointment follows a competitive process run by Ofgem to get the best deal possible for Iresa’s customers. Octopus Energy is offering Iresa’s customers its “Flexible Octopus” tariff, which is one of the most competitive…

The Insolvency has published the latest personal insolvency figures for England and Wales which indicate that total individual insolvencies continued to increase in Q2 2018, reaching the highest quarterly level since Q1 2012.  The Insolvency Service says that this was driven by increases in individual voluntary arrangements (IVAs), which reached a record high, and debt…

New research on the UK car finance market has found that payments have now hit over £1 billion a month according to Kwik Fit. Kwik Fit has found, the average payment is now £226.12 per month. The North West was the region with the most drivers paying finance, 867,000, while Wales had the smallest finance…

UK Finance has published mortgage product transfer figures for the first time. The figure highlights indicate that: 390,200 homeowners switched product with their existing provider (product transfers) in the first quarter of 2018. By value, this represents £53.7bn of mortgage debt refinanced internally. These figures do not feature in any market data on remortgaging, or other…

A new report by The Treasury Select Committee says debts and overpayments are often pursued “over-zealously and uncompromisingly” by councils. In its report, it calls for public sector bodies to change the way they recoup debts. A summary overview of the report says that people become over-indebted not just through conventional credit, but through arrears on…

Arrow Global has announced that it is poised to acquire Norfin Investimentos S.A (“Norfin”), a manager of real estate investments in Portugal. The acquisition further strengthens Arrow Global’s asset management and investment capabilities, is highly complementary to Arrow’s existing Whitestar platform, and will allow the Group to offer a comprehensive set of servicing solutions to…

Encore Capital Group has announced that it has completed its acquisition of the remaining interest in Cabot Credit Management (Cabot) meaning that Cabot is now a wholly owned subsidiary of Encore. The transaction is expected to be accretive to Encore earnings in 2018 and beyond, and Encore’s earnings per share growth are expected to accelerate to…

Here is an overview of The Money Charity’s latest statistics for July 2018: Personal debt in the UK People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. Per adult in the UK that’s an average debt of £30,670 in…

New data published by the Financial Conduct Authority (FCA) as part of its annual report has revealed that 0.3 per cent of borrowers has failed to make their mortgage payments within six months of taking out their loan. This figure compares to 0.25 per cent of households falling behind on their payments after six months…

The Credit Services Association (CSA) has been shortlisted within The Association Excellence Awards 2018 for its work in promoting the quality and professionalism of its members in supporting customers in debt and returning monies to the UK economy. A panel of 20 senior figures from UK-wide trade associations have identified the CSA as one of…