Credit, Collections & Insolvency News
With cost savings high on the agenda for risk professionals, and some bureaux announcing the withdrawal of products and services, it’s now even more important for our clients to bridge the gap between data pricing, quality and accuracy. But with so much variation in how data providers set prices, how can you gain complete transparency,…
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Consumers are more than twice as likely to feel anxious about their finances than they are to be content with them, leading to sleeping problems and distraction at work. A survey of 2,000 consumers revealed the average person loses almost 22 hours of sleep each year thinking about their money woes in the middle of…
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The amount spent by consumers on Black Friday has soared by 20% in three years according to the latest spending data from Lloyds Bank. Last year, when Black Friday fell on payday for many, customers spent in excess of £718m. Looking at the longer-term historical trend, and taking into account that 2020 Black Friday will…
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The Low Incomes Tax Reform Group (LITRG) has welcomed HMRC’s decision to allow late loan charge spreading elections, but has warned of other barriers stopping people from meeting their loan charge obligations. HMRC must address these barriers to break the impasse, says LITRG. HMRC has recently published a Statement of Practice that sets out how…
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FinTech startup Zilch has become one of the first Buy Now Pay Later (BNPL) to secure consumer lending authorisation from the Financial Conduct Authority (FCA). The company says that it aims to redefines the BNPL market by placing consumer financial wellness at the heart of its operations and recently announced an Open Banking data partnership…
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One in three people has got into debt since the start of the pandemic, according to a new report by national poverty charity, Turn2us. The findings also reveal how families with three or more children are twice as likely to run out of money as families with only one child. The report, which was co-designed…
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The Financial Wellness Group is calling for ‘Help To Save’ to be extended to enable all those on a debt solution to make use of the scheme, in conjunction with the savings element that they can already include as part of their Standard Financial Statement. At present ‘Help To Save’ is only available to those…
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Debt charity, StepChange has announced that it has launched a new Covid payment plan which means that people who have experienced a temporary reduced income due to the pandemic can enter into the new arrangement. The plan will enable them to make reduced payments on their borrowing for up to a year, providing time for…
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Debt recovery specialist Flexys and lender, Bamboo have announced that they have agreed multi-year partnership. Flexys CEO, Jon Hickman, said ”Flexys is proud to have been selected by Bamboo as its specialist partner. We look forward to working with Edward Lunn and his team, and to building a mutually rewarding relationship that will deliver a…
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