Credit, Collections & Insolvency News
More and more people are struggling with debts for guarantor loans and rent to own credit products, Citizens Advice reveals today. The charity says there has been a shift in the high cost credit market as the number of people seeking help for problems with these sub-prime products has risen by 16% over the last year…
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A research report by Callcredit Information Group has found that three quarters of consumers attach a financial value to their personal data. The survey of 3,000 UK-based consumers has revealed that 73% attach a financial value to the personal data they share online, which they believe businesses and organisations must recognise if they wish to use…
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Equifax has been appointed by non-profit lender Street UK to support the launch of its online lending platform, offering affordable and responsible short-term personal loans with clear and transparent fees. Street UK provides loans to people underserved by traditional lenders. Its new online platform will offer personal loans of between £100 and £500 up to six…
Read moreCallcredit Information Group, backed by private equity firm, GTCR, has acquired Recipero. Recipero has built one of the world’s largest proprietary databases containing detailed information of the history and ownership of mobile devices, in a deal designed to accelerate the growth of the company’s fraud and identity protection strategy. Mike Gordon, CEO, Callcredit Information Group,…
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Customers who make a complaint are less satisfied with how their supplier handles it compared to two years ago, according to Ofgem’s biennial complaints survey. Ofgem commissions a survey every two years which compares how suppliers deal with their domestic and micro-business customers’ complaints. Since complainants were last surveyed in 2014, the total number of…
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A new report from Citizens Advice Wales “Fairness for all – Improving council tax debt collection in Wales” highlights the findings of research undertaken to better understand the recent increase in council tax arrears seen over the last few years. Council tax arrears is now the largest debt issue representing 13%t of all debt issues. Council…
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More than 1 million incidents of financial fraud occurred in the first six months of 2016, according to official figures released by Financial Fraud Action UK (FFA UK). Representing a 53 per cent increase compared to the same period last year, this means an incident happened in the UK every 15 seconds between January and June…
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Ofgem has published proposals to cap charges for installing prepayment meters under warrant. An option in the consultation includes placing a firm limit on charges of £100 or £150. The proposals also include plans to ban prepayment meters warrant installation charges for the most vulnerable customers. When customers fall in debt, one option is for…
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The Council of Mortgage Lenders (CML) has published its latest mortgaging figures. While first-time buyer lending was down in July compared to June, the number of loans advanced to first-time buyers was the second highest monthly level of the year so far. Home mover activity was at its third highest monthly level this year by volume…
Read moreHere is an overview of The Money Charity’s latest statistics for September 2016: Personal Debt in the UK People in the UK owed £1.496 trillion at the end of July 2016. This is up from £1.444 trillion at the end of July 2015 – an extra £1,028.50 per UK adult. Per adult in the UK that’s…
Read moreA third of students would rather ask their parents for money rather than forego nights out, a new study from Nationwide Flex Student has revealed. Two thirds of British parents have had to cut back on their standard of living to pay for their children’s university education, according to the poll. The study of 500…
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The gap between how well the best and worst performing energy suppliers are at dealing with customer complaints is the widest on record, Citizens Advice reports. Extra Energy performed 80 times worse than the best performing supplier SSE, according to the charity’s latest energy complaints league table. Citizens Advice publishes the quarterly results to show customers…
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A report by StepChange debt charity has found that the number of people seeking debt advice, who owe money to family and friends is rising and the average amount borrowed is now more than £4,000. The charity’s figures from the first half of 2016 show that 28% of the charity’s clients now owe money to…
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