Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has proposed banning debt packager firms from being paid to refer customers to other firms. Debt packagers are regulated providers of debt advice, who refer customers to other providers of debt solutions. They rely on income from referral fees paid by these other firms. These fees can be many times…
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Missed credit card payment rates have continued to drop year on year according to new analysis by FICO. The analysis of UK card trends for September 2021 and the contrasting conditions that have been seen throughout 2021 continue. The month saw average spend fall, growth in payment levels and falling missed payment rates, all suggesting…
Read moreThe cost of living surged by 4.2% in October, the highest rate in almost 10 years, due to rising fuel and energy costs, according to ONS data. Commenting on the figures, Shachar Bialick, CEO and founder of Curve, a financial super-app, said “If Andrew Bailey is uneasy about rising inflation then Brits have every right…
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Fintech Monevo has appointed Kelli Fielding, TransUnion’s Managing Director of Consumer Interactive, to its board, helping to leverage TransUnion’s global relationships and market-leading decisioning and analytic capabilities. The appointment comes in the wake of TransUnion announcing its investment in Monevo, a personal credit platform empowering lenders to deliver highly personalised credit offers to consumers via…
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Aryza Lending Solutions has announced a new partnership with Hastings Direct. Hastings Direct chose to partner with Aryza for its customer origination platform, following a robust request for proposal, given the cutting-edge platform Aryza had developed and their agile approach to delivery. Commenting on the partnership, Colin Brown, Aryza CEO said “We are delighted to…
Read moreHMRC has ramped up efforts to recoup £1 billion from fraudulent or incorrect furlough pay-outs, with more than 26,500 investigations into potentially fraudulent pandemic support claims launched over the past eight months. The level of fraud and error in the benefit system almost doubled during the pandemic from what was already the highest rate since…
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Energy companies, Neon Reef and Social Energy Suppl, have announced they are ceasing to trade, meaning that 21 energy suppliers have collapsed since the start of September. Neon Reef supplies around 30,000 domestic electricity customers, and Social Energy Supply supplies around 5,500 domestic customers. Under Ofgem’s safety net, customers’ energy supply will continue and funds…
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A study by the Institute for Fiscal Studies (IFS) suggests there is unlikely to be a Christmas spending spree despite consumers having around £150 billion of savings, with much of the money people have saved during the pandemic likely to remain in bank accounts until there is an upturn in the economic outlook. A survey…
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