Credit, Collections & Insolvency News
The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has welcomed a new Cabinet Office call for evidence on fairness in government debt collection, calling the move an opportunity to bring about ‘real and lasting improvements’ to protect people in financial difficulty. The call for evidence comes at a time when…
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Outsourcing collections specialist, The Sigma Financial Group has announced plans to double in size over the next five years following a record period of growth in the UK and abroad. The Group, which offers white label customer contact centre services across the utilities, retail, financial services and telecommunications sectors, plans to double its 1,500 workforce…
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Global banking platform. Trade Ledger and Equifax, the consumer and business insights specialist, have announced an extended partnership for the UK market which will bid for the BCR Capability and Innovation fund. The fund is part of the RBS Alternative Remedies Package, designed to improve the financial products and services available to small and medium…
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Households are increasingly struggling to make ends meet as the covid-19 pandemic crisis continues, with research suggesting a worrying increase in family debt. Research by the Institute for Fiscal Studies (IFS) shows that one in seven households are falling behind on repaying their mortgages due to the coronavirus pandemic. The study found that 1.4 million…
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Parents are spending hundreds of pounds extra a month to take care of their children during lockdown. New data from comparethemarket.com’s Household Financial Confidence Tracker shows that 40% of families with children at home have spent more on their children during lockdown than they would normally. Of these, parents are spending an average of £52…
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Shopping centre owner, Intu Group has entered administration. The company has announced that it has appointed James Tucker, Michael Pink and David Pike of KPMG LLP as joint administrators. Underlying group operating companies remain unaffected and all shopping centres are continuing to trade. The intu Group’s relationships with its tenants are with these operating companies,…
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The Federation of Small Business (FSB) is calling on policymakers and big corporations to bring a debilitating late payment crisis to an end as the business community looks to emerge from the current recession. The research indicates that the majority of small businesses (62%) have been subject to late or frozen payments in the wake…
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Energy regulator, Ofgem is consulting on plans to standardise and strengthen support for prepayment customers and for all customers who are struggling to pay their energy bills. In March this year, suppliers voluntarily agreed to support vulnerable customers through COVID-19, including those on prepayment meters facing difficulties in topping up while self-isolating or in financial…
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Just the digital marketplace and AccountScore have agreed an exclusive partnership to leverage Open Banking in the enforcement sector. Open Banking data and services will be used by Just, to validate affordability for repayment arrangements; allowing them to build affordable, sustainable repayment solutions based on accurate assessment of customer circumstances. AccountScore uses intelligent algorithms to…
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