A survey by Comparethemarket.com has revealed consumers attitudes towards credit and how debt is impacting their lives. The price comparison site wanted to discover the main reasons why people get into debt and how it affects their lives, in particular, their relationships and mental health. The survey found that 45% of consumers are in debt,…

Research carried out by financial advice website Moneycomms.co.uk and supported by credit experts TotallyMoney has revealed that credit card cash withdrawals cost UK consumers £219 million in fees and interest last year. In the 12-month period, there were more than 36 million credit card cash transactions. The average amount withdrawn or spent was £125. Every time a…

The Financial Conduct Authority (FCA) has reaffirmed the regulator’s focus on affordability, business models and culture in the consumer credit sector. Speaking in London this week, Jonathan Davidson, executive director of supervision – retail and authorisations at the FCA, noted that growth in the sector has slowed, increasing 6.5% over the last 12 months, according…

Cabot Credit Management has won the Employee Engagement Strategy of the Year Award at the Institute of Customer Service UK Satisfaction Awards. In the Awards category Cabot had to demonstrate an employee engagement strategy that has led to an improvement in performance and customer satisfaction. The judges were looking for improved staff retention, reduced sick…

The Credit Services Association (CSA), the voice of the UK debt collection and purchase industries, has announced that it has appointed Chris Gardner as its new Complaint and Compliance Administrator. Gardner will act as a first line complaint handler, providing a high level of customer service to consumers and members alike. He will ensure that…

A high number of consumers don’t know how to manage their finances in a responsible manner, according to research. A survey of 1,000 UK adults, carried out by personal insolvency practice Creditfix, found that only 34% of consumers admit they feel ‘in control’ of their finances. An overwhelming number (57%) said they couldn’t even confirm…

East Renfrewshire council has made moves to write off more than £1million of debt. Members of the authority’s cabinet are being asked to approve the move, which would cancel debts racked up in council tax, housing benefit overpayments, rents arrears and court expenses. Roughly £800,000 of uncollected non-domestic rates (NDR) could also be written off…

The Financial Conduct Authority (FCA) has published its second thematic review of the debt management sector, looking at commercial and not-for-profit firms that provide debt advice and administer debt management plans to help customers deal with their debts. The FCA’s first thematic review in 2015 found significant concerns with the quality of advice being given…

Brilliant Energy Supply, an energy supplier with about 17,000 domestic customers, has ceased to trade. Under Ofgem’s safety net, the energy supply of Brilliant Energy’s customers, including those supplied under a ‘white label’ arrangement with Northumbria Energy, will continue and the outstanding credit balances of domestic customers will be protected. Ofgem will choose a new…

Mortgage arrears would soar by 30% over the next three years in the event of a no-deal Brexit, according to data modelling by Kensington Mortgages, the specialist mortgage lender. Using its proprietary risk modelling tool, Vector, Kensington’s analysts tested a series of scenarios based on a representative data set of 750,000 loans (with an outstanding…

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