Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. The changes mean that people renewing their home or motor insurance will pay no more than they would as a new customer from January. The FCA says that these measures address the…
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The Financial Ombudsman Service (FOS) has published its annual complaints data for the 2020/21 financial year (April 2020-March 2021) with commentary and insight. The overall number of new complaints received increased by 2% to 278,033, compared to the 271,468 complaints received in the 2019/20 financial year. Excluding the number of PPI complaints, the figures reveal a…
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UK Finance and the Building Societies Association (BSA) are calling for further help for those struggling to pay their mortgage due to the financial effects of the Covid-19 pandemic. The organisations are calling for changes to Support for Mortgage Interest (SMI) which is currently offered to help homeowners to avoid their financial situation deteriorating by…
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A decade of hotel expansion across London and the South of England is set to be reversed as one in ten (10%) of hotel businesses struggling with unsustainable debts, losses and staffing problems could decide to close permanently according to new analysis by Azets. Citing industry reports indicating the scale of the financial and resourcing…
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Global debt recovery and credit management service provider, Barratt Smith Brown (BSB) and 4D Contact have announced that they will open a new London head office. Mark Smith, CEO of 4D Contact ssaid “As we continue to expand both businesses, it makes increasing sense to establish ourselves a central London base. The accessibility of London…
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Panel and asset management software and analytics specialist, Qualco has announced the appointment of Paul Ellicott as its new Lead Public Sector Manager. Ellicott to develop the public sector side of the Qualco business, having spent 30 years working in the public sector in various roles. In his new position, Ellicott will focus on the…
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The Student Loans Company (SLC) has appointed Chris Larmer as Executive Director, Operations. The Operations Directorate manages the payment of student loans and grants to around 2 million students annually and tuition fee payments to more than 600 Higher Education institutions in England and Wales. During academic year 20/21, SLC made payments of £8.6bn in…
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Latest figures published by the Student Loans Company have revealed that graduates have overpaid £23 million on their student loans. The figures for 2019/20, showed that 54,516 graduates overpaid their student loans, because their payments didn’t stop once the debt was settled. The average overpayment was £424. In total £23.1 million was overpaid. The average…
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