Credit, Collections & Insolvency News
New figures released today by the Finance & Leasing Association (FLA) show growth of 9% in consumer finance new business in November, compared with the same month in 2015. Credit card and personal loan new business together grew by 10% compared with November 2015, while retail store and online credit new business increased by 3%…
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New research from SunLife has found that people living alone are hit the hardest, both financially and emotionally. SunLife’s Cash Happy report (studied the day to day finances of 3,000 UK households, mapping income – and how it is used – against happiness) has found that while there is a strong link between happiness* and…
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Callcredit Information Group today announces it has extended its partnership contract to provide credit risk, affordability and fraud prevention solutions to specialist lender Cashfloat. As part of the extended partnership Cashfloat will be trialling a number of additional fraud solutions focused on digital channels such as email, phone and device identification. Callcredit has worked with Cashfloat,…
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For the majority of consumers in the UK, bills aren’t getting any clearer or easier to understand, which is confusing customers and wasting an important customer touch point, according to new research from Echo Managed Services. This is despite up to a third of people stating that clarity is the number one billing improvement businesses need…
Read moreThe government’s plans for a fresh round of welfare cuts, dubbed ‘Bedroom Tax 2’, threatens to undermine housebuilding projects, increase homelessness, and weaken public sector finances across Scotland, it has been claimed. According to The Herald, payments to help tenants meet their social housing costs will be capped by the UK government for the first time with…
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Household bills rose by almost £200 in 2016 according to new findings from comparethemarket.com. An analysis of costs across energy, motor and home insurance found that, after a £180 drop in 2015, bills rose by 9.7% in the past year from £2,032 in 2015 to £2,223 in 2016. Key finings in the report included: The…
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Ofgem has confirms it has asked energy providers to return £670million of customer money owed since 2014. In 2014, Ofgem challenged large suppliers to do more to return money to former customers who had credit on their account after their account was closed, typically after switching supplier. The regulator says that today, most customers are…
Read moreLiving beyond means, relationship breakdowns, and reduced levels of income were the leading causes of bankruptcy in 2015, according to new government statistics. R3 says the statistics also reveal significant differences between the reasons why men and women enter bankruptcy. One-third (34%) of men’s bankruptcies in 2015 were caused by the bankrupt’s own company running…
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Three and a half million young Brits say that they have borrowed money to pay for food according to research conducted by Debt Advisory Centre. In total seven million adults have borrowed money to pay for food, another four and half million have borrowed money to pay their rent or mortgage, highlighting the financial squeeze that…
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The Financial Conduct Authority (FCA) has found that many firms are improving the way they deal with customers in early arrears. However, there are a number of areas where consumer credit firms still need to improve their practices. Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, said “Firms must treat customers in default…
Read moreThe latest Money Stats indicate that consumer credit has risen above £190 billion, the highest level seen since 2008. The report by the Money Charity says that’s £7,042 for every household in the UK in credit cards, personal loans and other borrowing not secured against property. Day-to-day, people have more control over how much they borrow…
Read moreNew figures released by the Finance & Leasing Association (FLA) show growth of 6% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 7% compared with October 2015, while retail store and online credit new business fell by 4%. Second charge…
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Irish bank Permanent tsb has announced their intentions to focus on new controls within their contact centre and provide enhanced customer service with Noble System’s Composer Real-Time Speech Analytics. Alan Murphy, Head of Collections at permanent tsb, said “At permanent tsb, we take customer service very seriously and we have invested heavily in technology that will support…
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