Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published new data on insights and trends in the high-cost short-term credit (HCSTC). The data indicates that lending volumes in the market remain well below the levels seen in 2013, but have risen since 2016. Over 5.4 million loans were made in the year to 30 June 2018, with 10…
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In the past two decades, the lending landscape has changed beyond recognition. With technological advancements influencing the way businesses operate and consumer expectations, the lending industry needs to increasingly adapt to changing demands. As we enter 2019, it is clear that political and economic uncertainty will continue to have an impact on consumer decisions. The…
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Complaints about payday lenders in have increased as concerns about the solvency of firms and lax lending practices in the sector persist according to the Financial Ombudsman Services (FOS) Caroline Wayman, Chief Executive of the Financial Ombudsman Service (FOS) said the state watchdog typically deals annually with around 100,000 complaints that financial firms have not…
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A new Tenant Fees bill has passed its final stage in Parliament before royal assent, the new bill will stop renters being forced to pay £160 million a year in unfair and uncompetitive fees according to Citizens Advice. Citizens Advice says it has called for a ban on fees for the past decade and worked…
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British households spent around £900 more on average than they received in income during 2017. As a result, household finances were pushed into deficit for the first time since the 1980s. Such figures pose a major challenge for debt collection agencies, many of whom are struggling to adapt their processes to help today’s borrowers resolve…
Read moreLast year, we built a feature to allow our customers to self-exclude from gambling. We listened to our community’s ideas and feedback for this, and consulted with a range of charities that support people with gambling addictions. While we spent some time planning and gathering feedback, the actual block was mostly put together in a…
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It’s that time of year again when we make plans for the upcoming 12 months while hanging on to our well-intentioned, but ever so difficult to keep, new year’s resolutions. Those ambitions to critically review what we have done in the past apply equally to the workplace and now is as good a time as…
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Accountant in Bankruptcy (AiB) today released official statistics reporting personal and company insolvencies in Scotland for the third quarter (October to December 2018) of 2018-19. Scottish corporate insolvencies were up slightly on the same period a year ago with 209 recorded for the third quarter this year, eight more than the same quarter in 2017-18.…
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The latest statistics from Accountant in Bankruptcy (AiB) have highlighted a 10% rise in bankruptcies with an overall increase in Scottish personal insolvencies continuing to be driven by growth in the protected trust deed (PTD) market. In the third quarter of 2018-19 covering the period 1st October to 31st December, there were 1,981 PTDs in…
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