Credit, Collections & Insolvency News
A group of cross-party MPs and Peers has joined a coalition of debt advice campaigners in urging the Government to break its silence on bailiff industry reform. Today marks a year since the Ministry of Justice (MOJ) closed its call for evidence on the bailiff industry, but despite overwhelming evidence of the need for wide-ranging…
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The Financial Conduct Authority (FCA) has today imposed a fine of £2.77 million on car finance provider, Moneybarn for not treating customers fairly when they fell behind with loan repayments while in financial difficulties, between 1 April 2014 and 4 October 2017. The FCA says Moneybarn also did not communicate the likely financial consequences of…
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A new investigation from Admiral Car Finance has revealed a range of hidden and unexpected costs consumers could unwittingly be hit with when purchasing their next car on finance, which could see them spending almost £1,200 more than they need to. With 2.4 million people spending a total of £37.6 billion on car finance last year, consumers…
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Communities are being encouraged to take part in a new initiative to help improve access to cash. The new Community Access to Cash Pilots, being funded by the financial services industry, will help to work out ways to meet local access to cash needs. ATM and bank branch closures have fuelled fears that “cash deserts”…
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Following appeals from water companies, the Competition and Markets Authority (CMA )will consider Ofwat’s proposed 2020-25 price control. Every 5 years Ofwat must decide how much money people should pay for their water and the level of service they should receive. As part of this, Ofwat considers a range of issues to ensure that water…
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Bridging Finance Solutions (BFS) have announced that a customer experience partnership, Nivo. The partnership will give BFS digital and remote access the application process. Steve Barber, Managing Director of Bridging Finance Solutions said “We are constantly exploring new ways where technology can improve our business processes, opening and enhancing channels of communication.” “The introduction of…
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UK Finance has published its latest Card Spending Update, outlining the data for spending on card transactions by UK cardholders in November 2019. The update shows there were 1.6 billion transactions on debit cards in November 2019, 8.8 per cent more than on the same month in 2018. This reflected a total spend of £51.2…
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Four in ten (37%) small businesses that made successful finance applications last quarter used the sums raised to manage cashflow rather than invest in their firms, according to new figures from Federation of Small Businesses (FSB’s) full Q4 2019 SBI latest report. Fewer than one in four (23%) used finance to update equipment, while even…
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