Credit, Collections & Insolvency News
Latest Government figures have shown that the banking and finance industry has provided more than £75 billion in finance to over 1.6 million UK businesses through government-backed coronavirus lending schemes according to newly published HM Treasury data. Lenders have provided finance to over 30,600 businesses through Bounce Back Loans over the past month, bringing the…
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UK consumers lost a record £479 million last year to scammers according to new figures from UK Finance. The report showed that criminals turned to online and technology-enabled scams to exploit people’s fears about the Covid-19 pandemic. Impersonation scam cases, in which criminals impersonate trusted organisations to trick victims into handing over their money, almost…
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Irish regulator, The Central Bank of Ireland, has fined Ulster Bank €37.8 million (€37,774,520) for its role in Ireland’s tracker mortgage scandal. The Central Bank of Ireland issued the penalty after finding that 5,940 people were denied tracker mortgages, resulting in “significant and widespread overcharging”. The Central Bank’s investigation found that the Bank had breached…
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As the deadline to apply for a payment deferral ends on 31st March 2021, the Financial Conduct Authority has reiterated its message to reassure consumers in financial difficulty that support will continue to be available under the Tailored Support Guidance (TSG). The FCA says payment deferrals allowed firms to deal with unprecedented demand for short-term…
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Nearly a third (31%) of credit cardholders have been unable to repay their balance in full each month since the pandemic began, which can lead to further interest and debt accruing due to high APR rates, according to new research from comparethemarket.com. Among 25-34-year-olds, this figure increases to more than two-fifths (41%). Millennials are the hardest…
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The divide between rich and poor is widening, as many consumers have grown their savings during the COVID-19 pandemic, while others are struggling to make ends meet according to new research by TransUnion. The research reveals the pandemic has given over a third (35%) of UK adults the chance to increase their savings and 16%…
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The Government and the Money Advice and Pension Service (MaPS) are being urged to promote early engagement between customers and creditors as the most effective route to resolving problem debt. In a letter sent by Chris Leslie, the Chief Executive of the Credit Services Association (CSA), to Guy Opperman at the Department for Work and…
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Flexible financial software specialist Aryza has announced the launch of the Aryza Lending Division. The new division will comprise of Aryza Sentinel, Aryza Journeyman and Aryza Loan Origination. The company says that the new division has been developed to meet the varied needs of the instalment credit industry. Aryza Sentinel platform boasts a modular design…
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Equifax has announced that it has signed an exclusive agreement with consumer fintech and payment card app Curve to deliver comprehensive verification and ID solutions to its new personal finance product, Curve Credit. Powered by Open Banking, Curve Credit allows consumers to ‘Go Back in Time’ and pay later via instalments on transactions made with…
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UK Finance has released a new guide to help SMEs who will need to face to change in benchmark interest rate. LIBOR (London Interbank Offered Rate ) is the most common interest rate benchmark in the UK, the transition to alternative rates will impact a significant proportion of UK businesses. It can be found in…
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