Credit, Collections & Insolvency News
Energy supplier Bulb Energy has called on the Big Six to “step up” and do more to help vulnerable customers. In its submission to Ofgem’s consultation on the emergency price cap, the supplier claims 3.9 million vulnerable households will miss out on potential savings. Bulb Energy has also called on the Big Six to reduce…
Read moreUK Finance has responded to reports on a call from Macmillan Cancer Research for a change in the law to ensure banks do more to support vulnerable customers – putting a legal and moral obligation on banks to negotiate solutions like mortgage holidays or revised payment plans. UK Finance said in a statement: “Banks and…
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This week (13th – 19th November) seen the launch of the UK’s second Financial Capability (FinCap) Week. The purpose of this year’s theme #TalkMoney is to encourage people to do just that, to talk about money in the workplace, community and across social media platforms. Co-ordinated by the Money Advice Service (MAS), the week is…
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The number of county court judgments (CCJs) against consumers in England and Wales rose during the third quarter according to figures released by Registry Trust today. In Q3 2017, 317,793 consumer CCJs were registered in England and Wales rising 24 percent compared with the same period of the previous year. This followed the general trend…
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The number of mortgages in arrears of 2.5 percent or more of the outstanding balance fell again in the third quarter of 2017, but cases of possession edged upwards from a historically low level according to new figures released by UK Finance. At 88,300, the number of loans in arrears was two per cent lower…
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New figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016. In September, credit card and personal loan new business together grew by…
Read moreNew IFS research, funded by the Nuffield Foundation, looks at recessions, inequality, and the role of the tax and benefit system. It finds that planned benefit cuts will leave low-income households more exposed to the impact of future recessions. If falls in the earnings of workers seen between 2007–08 and 2011–12 happened again now, the…
Read moreThe value of default and small claims judgments in Northern Ireland skyrocketed during the third quarter, according to figures released today by Registry Trust. The number of default and small claim judgments recorded in Q3 2017 rose by a quarter, to 2,186, compared with the same period a year ago. Rising 85 percent, the total…
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The Money Advice Trust has welcomed the government’s creation of a Financial Inclusion Policy Forum to drive better co-ordination in addressing the problem of financial exclusion. The move comes in response the House of Lords Financial Exclusion Committee’s report, A country that works for everyone?, in March 2017, which recommended ”a clear strategy for improving…
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Here is an overview of The Money Charity’s latest statistics for November 2017: Personal debt in the UK People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult. Per adult in the UK…
Read moreThe Financial Conduct Authority (FCA) has published its ‘FCA Mission – Our Future Approach to Consumers’. When the FCA launched its mission, it committed to publishing a series of documents that would explain its approach to regulation in more depth. The FCA’s Approach to Consumers is the first in this series, and explores the approach…
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Households on variable rate mortgages with the lowest levels of disposable income are at risk of sinking further into debt if interest rates increase by 0.25 per cent devt advise specilaist PayPlan has warned . Even a modest rise could have a ‘devastating’ impact on millions of Brits, especially those with a poor credit rating…
Read moreThe Credit Services Association (CSA) has urged members to start preparing for the government’s decision to ban additional charges for certain future card payments. From 13 January next year, businesses, including CSA Members, will no longer be able to charge surcharges for certain card transactions, but will still face the costs for processing card payments.…
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