The number of tickets issued to drivers on parking on private land has surged by almost a million in just 12 months to a new high, the latest official data suggests. RAC Foundation analysis of DVLA data shows that in the last financial year (2017-18) 5.65 million sets of vehicle keeper records were released to…
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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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The Insolvency Service has released the latest numbers personal insolvency in Quarter 1 (January to March 2018). The figures show that individual insolvencies reached the highest quarterly level since Quarter 3 of 2012. This was driven primarily by an increase in individual voluntary arrangements, which reached a record high, while the number of bankruptcies and…
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Bradford & Bingley plc (B&B), part of UK Asset Resolution Limited (UKAR), has confirmed that it has agreed to sell two separate portfolios of buy to let and residential owner-occupied mortgages to an investor group led by Barclays Bank PLC for a total of £5.3bn. Financial completion is expected within the next few weeks and…
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Credit management firm Intrum UK has announced that it has this month deployed a collections ‘chatbot’ powered by artificial intelligence. The chatbot enables customers to receive answers to their questions 24 hours a day, seven days a week. The technology is being piloted in Intrum’s UK and Norwegian businesses before it is deployed globally. The intelligent…
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The Credit Services Association (CSA) has welcomed the support for fair treatment for people struggling with mental health but has expressed concern over the continued characterisation of their members as being ‘anti-consumer’. The CSA, which represents over 300-member firms dealing with more than 40 million cases, has called upon the debt charity sector to work more closely with…
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Accountant in Bankruptcy (AiB) has released official statistics reporting personal insolvencies in Scotland for the fourth quarter (January to March 2018) of 2017-18. Provisional estimates show that in 2017-18 personal insolvencies in Scotland increased by 4.7% to 10,503 from 10,032 in 2016-17. Estimates for 2017-18 are provisional until final figures are published in July 2018.…
Read moreLevels of arrears and repossessions are expected to grow this year, according to Jackie Bennett, Director of Mortgages at UK Finance, at the UK Finance Speaking at a UK Finance annual mortgage lunch, Bennett noted that arrears were at a historic low in 2017 with 89,000 people with arrears balances of 2.5% or more of their…
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More than four in 10 consumers have admited they struggle to make ends meet financially, a study has found. The findings, from a survey of 2,000 UK adults, revealed 43 per cent are short of the cash they need to pay the bills an average of seven months each year.But one quarter said money is…
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Excel Collections & Enquiry Services Limited has announced the appointment of Laurence Venn as Chief Executive Officer (CEO) following the retirement of David Thorpe. Venn is a highly experienced credit & collections professional. His career spans over 30 years and has held senior collections leadership positions at Lloyds Banking Group, Permanent TSB in Dublin and more…
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Latest data released by The Financial Conduct Authority (FCA) shows that there was 3.76 million complaints made against financial services companies during the second half of 2017, an increase of 427,032 on the first half of the year. Complaints about PPI rose by 40% to 1.55 million, the highest level of complaints about PPI for…
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Here is an overview of The Money Charity’s latest statistics for April 2018: Personal debt in the UK People in the UK owed £1.578 trillion at the end of February 2018. This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult. Per adult in the UK that’s an average debt of…
Read moreAccording to research by Callcredit Information Group, 30% of consumers see defaulting on a loan payment as being the fault of the lender rather than the borrower. The study also revealed that consumers are increasingly feeling financial pressure, with almost half (45%) saying the financial burden on their personal finances has increased and that they…
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