Credit, Collections & Insolvency News
Aphility has introduced a secure, real time, certified digital bank verification capability by integrating DirectID from the online trust company. The IDCo to enable the verification of business and consumer income and expenditure data from UK Banks. This enhancement will enable customers and partners to undertake faster and more accurate affordability assessments and credit decisions delivering…
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Financial services firms recorded a 2.6% reduction in new complaints between January and June 2016 compared to the previous six months, according to new complaints data published today by the Financial Conduct Authority (FCA). The total number of complaints was 2.05 million. Payment protection insurance (PPI) is still the most complained about product. Complaints about current accounts…
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Wonga has admitted that it double-charged 7,000 customers for their loans on Friday. It says an internal system error resulted in extra payments being taken from bank accounts. Wonga has promised that extra costs and charges incurred will be refunded. The short-term lender said that the rogue payments were refunded later on Friday, but may not yet…
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New research shows that millions of working-age people across the UK are at financial risk due to their low levels of savings The research by the Money Advice Service, shows that 4 in 10 (40%, 16.8 million) working-age people across the nation lack a savings buffer, with less than £100 in savings available to them at…
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Consumer credit has grown by 6.4% over the year to August, the fastest rate of growth for nearly 10 years according to the latest British Banker Association (BBA) statistics. It is thought the increase has been driven by ultra-low interest rates, people are borrowing more on credit cards and through loans and overdrafts. The number of…
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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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