Credit, Collections & Insolvency News
Consumers have been warned that the housing affordability option offered by 40-year mortgages isn’t a solution and could actually create more problems. High (and rising) house prices have recently prompted plenty of potential home affordability solutions, among them, a 40-year fixed mortgage launched by lender Habito. Jinesh Vohra from Sprive.com says that given where prices currently…
Read more
The Chartered Institute of Credit Management (CICM) has partnered with Court Enforcement Services (CES) in a campaign calling for a change in enforcement practice. The campaigns calling for regulatory change which will allow cases to be transferred to High Court Enforcement for debts under £600. The current system means debts below the threshold can only…
Read more
The IVA Standing Committee has published a new version of the IVA protocol, providing updated regulatory standards to insolvency practitioners, creditors and debt advice sector. A significant proportion of individual voluntary arrangements (IVAs) in the UK are drafted in accordance with the principles from the IVA protocol. The IVA standing committee, chaired by the Insolvency…
Read more
A man has been sentenced for fraud after taking £26,000 in credit whilst bankrupt. Neil Maloney ( from Oswaldtwistle, Lancashire, was sentenced to 21 months, suspended for 2 years, for fraud offences after taking more than £26,000 in credit from a car parts distributor. Maloney was made bankrupt in December 2015 and his discharge from…
Read more
New research by the Financial Conduct Authority (FCA) has highlighted the borrowing patterns of consumers during the pandemic, with men have borrowed more during the crisis (9% of men and 6% of women). The research looked at the impact on the finances of men and women during the pandemic and showed that before the pandemic,…
Read more
New research has found that men have more debt than women. The research by personal insolvency, lending and debt solutions software provider Aryza, indicated that currently, men have an average debt of £17,323 and women have an average debt of £14,712. Those aged 60-69 have the highest level of average debt per person across the…
Read more
HM Revenue & Customs (HMRC) has spent £262,251 on cyber security training for its staff over the two most recent financial years, according to official figures. This data was obtained and analysed under the Freedom of Information (FOI) act by the Parliament Street think tank. The FOI response from HMRC revealed that £150,456 was spent…
Read more
LendingMetrics has announced that it is partnering with Experian to help facilitate the growth of its LMX data platform. LendingMetrics says that the partnership means that lenders can now access multi-bureau credit reference data, affordability, AML and bank account verification services via the company’s ‘white glove’ service. Additionally, by aggregating transaction volume across its broad…
Read more