Credit, Collections & Insolvency News
The National Audit Office (NAO) has said that the government has lost more than £600m in revenue from selling student loans “too cheaply.” According to the NAO report, the government’s sale of its first batch of student loans was carried out efficiently, but its method for determining whether the sale would secure value for money…
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The HM Courts & Tribunals Service (HMCTS) has announced the results of the tender process for Approved Enforcement Agency Services. The provider companies appointed are Capita Business Services, Excel Civil Enforcement, Jacobs Enforcement and Outsourcing UK. In 2017 HMCTS commenced a procurement exercise to re-tender the Approved Enforcement Agencies contracts. Approved Enforcement Agencies act on behalf of…
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The National Housing Federation, the Scottish Federation of Housing Associations, Community Housing Cymru and the Northern Irish Federation of Housing Associations, are joining together to warn that the Universal Credit system is “flawed” and causing debt, suffering and hardship for the families they house. Together these organisations represent more than 1,000 housing associations housing over…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in May grew by 11%, compared with the same month last year. Credit card and personal loan new business together grew by 11% in May, while retail store and online credit new business increased by 8%. Second charge mortgage…
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Low market interest rates for a long time could have implications for financial stability as well as for the health of individual financial institutions, a report by the Committee on the Global Financial System finds. Financial stability implications of a prolonged period of low-interest rates identifies channels through which a “low-for-long” interest rate scenario might affect the health…
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New research from Direct Line Life Insurance reveals consumers are hiding over £69bn of debt from their partners. People are completely in the dark over their loved ones’ finances, with 8.3 million (16 per cent) of consumers having debts their partner knows nothing about. The average debt hidden from a partner in the UK is £8,293,…
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Here is an overview of The Money Charity’s latest statistics for June 2018: Personal debt in the UK People in the UK owed £1.539 trillion at the end of April 2018. This is up from £1.535 trillion at the end of April 2017– an extra £949.30 per UK adult. Per adult in the UK that’s an average debt of…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in April grew by 22%, compared with the same month last year. Credit card and personal loan new business together grew by 21% compared with April 2017, while retail store and online credit new business increased by 11%. Second…
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The total number of defaults and small claims judgments issued in Northern Ireland during the first quarter of the year rose to the highest levels since Q1 2012, according to figures released by Registry Trust. There were 2,242 small claims judgments in Q1 2018, 16 per cent more than during the same quarter last year…
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Here is an overview of The Money Charity’s latest statistics for May 2018: Personal debt in the UK People in the UK owed £1.584 trillion at the end of April 2018. This is up from £1.53 trillion at the end of April 2017– an extra £1,026.74 per UK adult. Per adult in the UK that’s an average debt of £30,601 in…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in March was at a similar level to that reported in March 2017, and grew 6% in Q1 2018 as a whole. Credit card and personal loan new business together grew in March by 7%, compared with the same…
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The Bank of England has announced that it has made a decision to keep interest rates at 0.5%. The news will provide respite to debtors as latest figures from Stepchange reveal that Outstanding lending to individuals is £1,584 billion as at end March 2018. With £209.2 billion is outstanding consumer credit (£70.7 billion on credit cards).…
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The Shadow Chancellor has announced Labour’s plans to place a cap on the total amount that can be paid in overdraft fees or interest payments. The move is supported by campaigners, such as actor Michael Sheen, Labour’s says it plans will help an estimated 2.7 million people who according to the Financial Conduct Authority are…
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