SSE has announced that it will increase electricity prices by 14.9% at the end of the month. In response to the news Ben Wilson, energy spokesperson at Gocompare.com Energy, said: “We said last week when E.ON increased its energy prices for 2.5m standard variable tariff customers that SSE wouldn’t be far behind. Lo and behold,…
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Changes to the law covering bailiffs in England and Wales introduced in April 20141 are failing to protect people in financial difficulty from unfair treatment, according to a landmark new report, ‘Taking Control’, released today by a coalition of debt advice and other charities. The report finds evidence that bailiffs are: regularly using intimidating behaviour failing…
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The Chartered Institute of Housing in Scotland (CIH Scotland) has added its voice to growing concerns about the negative social impact and spiralling costs of implementing Universal Credit. CIH Scotland, the professional body for Scotland’s housing sector, has highlighted a number of issues with the implementation of the new single payment as a Scottish Government consultation…
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HSBC Holdings plc announces the appointment of Mark Tucker as a director and Group Chairman Designate from 1 September 2017. Tucker will take over as non-executive Group Chairman on 1 October. He is currently Group Chief Executive and President of AIA Group Limited (AIA). He joined AIA in July 2010, and led its successful IPO in October…
Read moreNew figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in January, compared with the same month in 2016. Credit card and personal loan new business together grew by 11% compared with January 2016, while retail store and online credit new business increased by 1%.…
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Following the announcement of today’s Budget the Money Advice Trust has suggested that a year of pressure lies ahead for UK households. Joanna Elson OBE, Chief Executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: “While the economy is performing better than expected, the OBR’s forecasts point to a year…
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The Solicitors Regulation Authority (SRA) has published independent research exploring the experiences of potentially vulnerable people using family law services. The report has found that consumers are commonly using loans, credit cards, and payment plans to access legal advice as the cuts to legal aid continue to affect the most vulnerable. While 84% consumers seeking…
Read moreArrow Global has announced its preliminary results for the year ending 31st December 2016. The results showed a record year for organic portfolio purchases of £223.0 million (2015: £176.3 million). Purchased loan portfolio asset base and loan notes increased by 37.2% to £804.1 million (2015: £586.3 million*), which is reflected in the increased value of the…
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Today sees the launch of the new Standard Financial Statement (SFS), an initiative designed to bring greater consistency to the way organisations assess people’s finances when they are in debt. The SFS, the launch of which has been co-ordinated by the Money Advice Service, will be adopted by all major debt advice providers across commercial and…
Read moreMore than half a million (590,000) Brits holding at least one kind of interest-bearing debt are paying more than they need to by not moving to a better deal, according to new research by TSB. Almost 5 million British adults owe between £7,500 and £25,000, and TSB calculates that more than half a million of these…
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Government calculations have forecast an additional 18,000 people will go insolvent by 2020 should interest rates rise just 1%, according to figures released exclusively to Moore Stephens. Moore Stephens says that the Bank of England has come under recent scrutiny from the Treasury Select Committee and senior government figures, with record-low interest rates accused of…
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European debt collections specialist Lindorff Group has announced it’s 2016 full year net revenue and adjusted EBITDA excluding non-recurring items (NRIs) were EUR 647million and EUR 433 million, representing an increase compared to last year of 21% and 24% respectively. Lindorff‘s full year collection performance on its own portfolios was at 106 percent of active forecast. In…
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A new Public Accounts Committee (PAC) report into the use of benefit sanctions has revealed jobcentres and providers use them “inconsistently”, with some Work Programme providers referring twice as many people for sanctions as others in the same area. It also found the “severity” of sanctions – a reduction or suspension of payments because a claimant…
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