Credit, Collections & Insolvency News
“The Turk, also known as the Mechanical Turk or Automaton Chess Player, was a fake chess-playing machine constructed and unveiled by Wolfgang von Kempelen in the late 18th century. While it was advertised as an automation, The Turk was in fact a mechanical illusion that allowed a human chess master hiding inside it to operate…
Read more
Responsible customer communications are of key importance as we enter what could be a fragile economic climate. Debt advice remains hard to get, not because it isn’t available or creditors are unwilling to provide schemes, it’s hard to get because of the stigma that remains on the topic. In fact, according to the Money Advice…
Read more
MPs on the All-Party Parliamentary Group (APPG) on Fair Business Banking have voiced concern over the insolvency profession after an inquiry found evidence of alleged widespread misconduct, saying it has received ‘startling’ evidence about the sector. Kevin Hollinrake, Co-Chairman of the Parliamentary Group, said that sections of the insolvency industry were “operating in a manner…
Read more
Guarantor lender Buddy Loans (Advancis) has entered administration. Shane Crooks, Antony Nygate and Kiri Holland have been appointed as joint administrators of the company. Buddy Loans is a high cost and guarantor lender, which lends money to customers for up to 60 months All existing loan agreements remain in place and will not be affected…
Read more
Ofgem has confirmed two more energy companies are to exit the market impacting more than half a million customers People’s Energy, a social enterprise formed in 2017, supplied 350,000 consumers and 1,000 non-domestic customers, while Utility Point had 220,000 billpayers. Under Ofgem’s safety net, the energy supply of Utility Point and People’s Energy customers will continue and outstanding credit balances…
Read more
Latest Bank of England (BOE) figures have indicated that the value of gross mortgage advances in 2021 Q2 was £89 billion, over double the amount seen in 2020 Q2, and the highest level since 2007. The value of new mortgage commitments (lending agreed to be advanced in the coming months) was almost 2.5 times greater…
Read more
New figures published by the Office for National Statistics (ONS) has revealed that households reduced their spending during the coronavirus pandemic by an average of £109.10 (or 19%) a week. The figures also showed that during the year to March 2021, households spent less on goods and services that were restricted at various times to…
Read more