Credit, Collections & Insolvency News
iSupply Energy is to pay a total of £1.5million in refunds and goodwill payments after more than 115,000 customers were impacted by historic failings. The energy supplier was found to have incorrectly charged customers and failed to adequately update the Priority Service Register for vulnerable users. These failings between 2013 and 2019 impacted more than…
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Nationwide Building Society has announced that it will only lend to mortgage borrowers with a deposit of at least a 15%, scrapping its deal for those with 10% of the property’s value amid concerns about falling house prices in the wake of the coronavirus crisis. Nationwide, which before the pandemic offered loans where a deposit…
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Loans Warehouse has announced that it has selected award-winning fintech Credit Kudos as its Open Banking provider, to enable lenders to safely and responsibly increase lending activity. Credit Kudos has developed a secure onward consent mechanism that allows Loans Warehouse to safely share credit risk and affordability insights with lenders to help better inform their…
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A new affordability checking service which uses Open Banking data to enable lenders to make more accurate real-time credit decisions on consumers has been launched. RealCheck, uses bank data to help consumers understand what they can truly afford to borrow, and then access accurate loan rates appropriate to the customers’ circumstances at that time. In…
Read moreNew research by the Joseph Roundtree Foundation (JRF) and Save the Children has revealed that nearly two thirds of hard-pressed families on Universal Credit are borrowing money to stay afloat during the Covid-19 emergency, as the organisations call for an urgent £20 a week increase to the Child Element of Universal Credit and Child Tax…
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Stephen Jones has stepped down as Chief Executive Officer (CEO) of UK Finance following alleged sexist, derogatory comments he made about financier Amanda Staveley during the last recession. Jones resigned after a court heard he made “deeply unpleasant personal comments” about Staveley in October 2008 when he was Managing Director of Barclays Bank, which was…
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New research by Coface has predicted that the number of insolvencies is expected to rise across Europe in the second half of 2020, and in 2021. Germany, the least affected country, is still on track for a 12% increase in insolvencies between end-2019 and end-2021. France (21%) and Spain (22%) will be more affected by…
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Trade credit insurer, Euler Hermes has appointed Andrew Hodson as Director of Risk, Information, Claims and Collections (RICC) of UK & Ireland. Hodson will be responsible for implementing the RICC strategy, managing risk underwriting, delivering operational targets and representing the function when engaging with key stakeholders. Hodson returns to Euler Hermes’ UK and Irish business…
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