Credit, Collections & Insolvency News
The Government has announced that it will extend. the Mortgage Guarantee Scheme by a year to the end of December 2023, helping people with 5% deposits on to the property ladder The Mortgage Guarantee Scheme has already helped over 24,000 households get onto the property ladder. Launched in April 2021, the scheme supports first-time buyers,…
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The average spend on credit cards dropped by £70 in the space of two months, according to research by FICO for October. The data also showed that average total sales were 5 percent lower than September at £740. The average active balance on credit card accounts also dropped in October to £1,570 – 1.5 percent…
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Criminal gangs will continue to launder money in the UK as long as regulated firms insist on trusting manual verification checks, an anti-money laundering specialist SmartSearch has warned. A cross-sector survey of 500 UK-based decision-makers revealed that regulated firms in the North West, North East, and East of England rely most on manual checks to…
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Global information and insights company TransUnion has announced that it is supporting Fiinu Bank to help enable its overdraft solution using Open Banking capabilities and credit reference data. This information will provide an in-depth understanding of a consumer’s financial situation and help Fiinu, which is a registered bank, to deliver robust Open Banking-driven eligibility checks…
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A new non-profit company has been launched to protect cash in the UK communities. The company named Cash Access UK is made up of nine of the largest high street banks. The incorporation of the company, which has been supported by UK Finance from the beginning, is a major milestone in delivering the industry’s commitment…
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Households across the country could be heading for even more financial pressures in January – as 1.9 million households missed payments in the lead up to Christmas according to new analysis by Which? An estimated 1.9 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill payment in the…
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Phillips & Cohen Associates has announced their first UK client launch of the online deceased notification platform, NotifyNOW. NotifyNOW makes it easier for bereaved individuals to notify multiple companies of their loved ones passing by offering a fully digital deceased notification service. The new solution offers a free, secure, online service that allows bereaved individuals…
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