Credit, Collections & Insolvency News
The Advertising Standards Authority (ASA) has published a new Enforcement Notice about Debt Management (IVA/PTD) adverts (ads) by Insolvency Practitioners and Lead Generation Companies. The ASA has published several rulings about ads which offered consumers a way to write off debt in government-approved schemes. These ads were not placed by FCA-authorised debt advisers but by lead generation…
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Customers will need to pay an estimated £2.7 billion to cover the costs of 28 energy suppliers failing since June 2021, in addition to the cost of running Bulb Energy. While the supplier failures were caused by substantial increases in wholesale prices, Ofgem’s approach to licensing and monitoring suppliers over previous years increased the risk…
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Inflation increased slightly in May, but soaring petrol prices will drive a bigger rise in June, while low-income households continue to face the greatest cost-of-living pressures according to the Resolution Foundation. CPI inflation increased from 9 to 9.1 per cent, while CPIH rose from 7.8 to 7.9 per cent, driven primarily by household services (such…
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The average credit card holder in the UK believes they will continue to use a physical card for just nine and a half more years, according to new report by finder.com. The figure is quite consistent across all age groups, ranging from millennials who expect to keep using them for under 9 years, all the…
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Business recovery group Begbies Traynor has warned that the number of zombie companies is set to reach a record high. Zombie firms are usually defined as low-growth or heavily-indebted firms barely able to cover interest payments on company debt. Companies are also grappling with soaring energy bills, diminishing consumer confidence and supply chain shocks caused…
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Global information services company, Experian, has announced that it is expanding its automated employment and income verification services to broaden UK employees’ access to better financial products and services. The digital service will automate the time-consuming process of sharing payroll and employment information with lenders, provide an instant and secure alternative for verifying such information…
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Shakespeare Martineau has announced that it has launched a new insolvency litigation service called ‘InSolvLit’. The new service will offering support from initial investigations stage through to identifying the claims and pursuing them to trial, the firm’s new service takes the burden off insolvency practitioners and drives forward claims quickly and efficiently. Claims are reviewed…
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