Credit, Collections & Insolvency News
Sub-prime lender Morses Club has warned that it will enter insolvency unless it agrees on a Scheme of Arrangement. The company has said it has suspended processing claims made against its ‘unaffordable’ loans while it pursues the potential use of a such a Scheme. In a company statement, Morses Club said it is racking up…
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Secure Trust Bank has announced the appointment of Stuart Ayres as Regional Portfolio and Structuring Director in its London office. Bringing more than 17 years of finance experience, Ayres has worked with businesses of all sizes, from SMEs to large corporates, helping to structure and manage bespoke finance packages and leading multi-bank funding syndications. He…
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New research from StepChange and Amplified Global has shown that two in three StepChange clients surveyed felt they could have been referred to debt advice sooner by their creditors, underlining the need for earlier intervention, constructive communication, and proactive signposting to debt advice The report assesses the extent to which communications from creditors help people…
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Parents are having to find another £1,300 to meet rising childcare costs this year. This comes ahead of new energy tariffs to be introduced in October, as parents already feel that childcare has become unaffordable in the context of rising household bills according to research by Credit Karma. The research found that a quarter (24%)…
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New research from mutual life, pensions and investment provider, Royal London has revealed that millions of workers have had to turn to second or multiple jobs in the face of soaring living costs, while others are working extremely long hours. The findings reveal that 5.2 million workers have taken on an additional job to help…
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Bank of Ireland has been fined a record €100.5m by Ireland’s Central Bank for overcharging customers denied mortgages that track base rates. The Central Bank determined the appropriate fine to be €143.6 million,1which was reduced by 30% to €100.5 million in accordance with the settlement discount scheme provided for in the Central Bank’s ASP.2 The…
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The Financial Conduct Authority (FCA) has urged insurers to treat customers fairly amid concerns that the cost of living crisis may prompt households and businesses to cut back on insurance, leaving them without adequate protection – or with none at all. In a letter to Chief Executives in the insurance industry, the FCA has called…
Read moreHere is an overview of The Money Charity’s latest statistics for September 2022 Personal debt in the UK People in the UK owed £1,810.7 billion at the end of July 2022. The average total debt per household, including mortgages, was £65,151 and per adult was £34,235, around 107.5% of average earnings. Net mortgage lending rose by…
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Urgent reform of Universal Credit (UC) is needed to provide support to vulnerable households, according to responsible lender Creditspring, with nearly a third (29%) of low earners now reliant on savings to pay bills – compared to 21% average for the rest of the UK. The research also indicates that almost a quarter (22%) of…
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Over half (56%) of UK households are not confident that measures outlined in the Government’s ‘mini-budget’ will help them cope better with rising living costs, according to Comparethemarket’s latest Household Financial Confidence Tracker. The findings come at a time when two in five (42%) households say they already struggled to pay bills in the last…
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