Credit, Collections & Insolvency News
The cost of living increase has forced households to dip into their savings with rainy-day funds now depleted by over half since the start of the year, according to research by KPMG. The cost of essential goods such as food, energy and mortgage repayments has risen by £145.50 a month this year for the average…
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UK Finance has shared its latest credit and debit card data which has highlighted an increase in credit card usage when compared to 2021. The date showed that were 343 million credit card transactions in June, 10.7 per cent more than in June 2021. The total spend of £19 billion was 18.7 per cent higher…
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Corporate restructuring and insolvency specialist Leonard Curtis has announced the formal appointment of Dan Booth as Group Chief Executive Officer (CEO) As part of his role, Booth will be instrumental in the delivery of strategic direction for the Group – which recently announced its plans to double in size in the next three years –…
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Business Bank Redwood has announced that it will continue its relationship with Jaywing through the uptake of Echelon, the consultancy’s Commercial Real Estate Credit Scoring software. Echelon enables clients to process commercial credit risk applications faster, securely and with greater consistency, while gathering and storing data to enable a cycle of continuous learning and improvement.…
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The Financial Ombudsman Service (FOS) received the most complaints in the first half of this year regarding banking and credit concerns. In the first half of 2022, there were roughly 44,200 complaints regarding banking and credit, which was a small decrease from the 46,220 complaints in the second half of 2021. Credit cards and current…
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Energy regulator Ofgem has published its Market Compliance Review of how energy suppliers help customers in payment difficulties and has found issues ranging from minor through to severe weaknesses, or failings. The research found that, although good practice exists across the industry, with one supplier having no issues, most need to make improvements in processes…
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The Birmingham Inner Circle Community Credit Union has entered administration following regulatory breaches under the PRA/FCA prudential and conduct rules and solvency issues. Founded in July 2002, the credit union is based in Ladywood, Birmingham and acts as a financial cooperative, offering its members financial security through saving and borrowing. In 2020 it recorded a…
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Monevo has announced the launch of credit card products on its UK platform, to help improve access to credit for UK consumers. The personal credit platform and API – which is co-owned by Quint Group and TransUnion – empowers credit providers to deliver highly personalised credit offers to consumers via comparison websites and other third…
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IE Hub has announced that it has joined forces with StepChange and C&R Software in a partnership to support consumers in financial hardship This partnership will see IE Hub’s income and expenditure solution integrated with both C&R Software’s solution Debt Manager, and StepChange’s debt advice and support solutions service. StepChange Chief Executive, Phil Andrew…
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The Government has announed that around 114,000 people on Universal Credit will be supported to increase their pay while getting access to more one-on-one time with a Work Coach. The changes will bring tens of thousands of claimants of all ages across Great Britain into closer contact with a dedicated Work Coach focused on guiding…
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