Credit, Collections & Insolvency News
Latest data from the Bank of England has found that lenders expect default rates on home loans to climb in the coming months, The data showed that mortgage default rates rose in Quarter 2 (Q2) with banks and building societies believing that the rate will increase further in the next three months. Lenders reported a…
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Complaints about banks have reached a ten-year high according to the Financial Ombudsman Service (FOS) FOs received over 80,137 complaints in the year to 5th April, a 29% increase from the previous year with concerns about current accounts, credit cards, and scams being the main issues. The service forced banks to uphold 37% of cases…
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Water regulator Ofwat has announce that water bills in England and Wales are set to rise by an average £94 over the next five years. The average bill increase for water and wastewater companies will be £19 a year over five years (£94 in total), excluding inflation. Companies’ business plans proposed increases averaging £144 over…
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Latest data from the Office for National Statistics (ONS) has shown that the UK economy grew faster than expected in May, expanding by 0.4% after seeing zero growth in April. This came as the services sector, which covers businesses such as shops, bars and restaurants, grew by 0.3%, while the construction sector jumped by 1.9%.…
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Latest data from UK-leading fraud prevention service, Cifas has shown a sharp rise in criminals targeting the telecoms sector to carry out facility takeover fraud. More than 374,000 cases were filed to the National Fraud Database (NFD) in 2023, and of this, cases of facility takeover fraud – where a criminal utilises compromised personal data…
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