Credit, Collections & Insolvency News
Free debt advice provider PayPlan is encouraging loan and mortgage intermediaries to do more when it comes to consumers who have previously been declined credit. PayPlan believes that consumers who are declined credit due to affordability reasons following the application of a loan or mortgage to consolidate their debts should be signposted to independent debt…
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A new scheme, announced jointly by Water UK and Energy Networks Association (ENA), will improve the process for customers to sign up to the Priority Service Register (PSR), a free service provided by utility companies to customers who may require additional support. Any customer who finds themselves in a vulnerable situation will be able to…
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The impact of the cost of childcare on a family’s finances has been revealed in a new report, with childcare costs overtaking the cost of mortgage payments. The cost of childcare, has, in some cases, seen some parent turn to payday loans as a quick fix. As part of a UK-wide investigation, Admiral Loans researched…
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The Government has announced new plans which would mean people struggling with serious debt may soon benefit from a ‘breathing space’ from their bills. The Government is seeking views as it develops a way to provide individuals in debt with up to six weeks free from further interest, charges and enforcement action. This period would give those affected…
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The Financial Conduct Authority (FCA) has today banned Adrian and Christine Whitehurst, former directors of debt management firm First Step Finance Limited (now dissolved), for dishonestly misappropriating client money. Over 4000 customers lost a total in excess of £6m as a result of their actions. Between them, the Whitehursts ran First Step Finance, a debt…
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The Financial Conduct Authority (FCA) has announced that they are about to undertake a new a thematic review of the debt management sector. The FCA said in a statement: Debt management remains a priority for us as poor practice by debt management firms poses a high risk to consumers, particularly those in vulnerable circumstances. It is important…
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Three of the four largest mobile phone network providers continue to charge customers extra for a handset after this cost has been covered in their fixed deal, according to Citizens Advice research. New analysis from Citizens Advice finds customers of Vodafone, EE and Three who choose to stay on the same phone plan after the…
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The question of whether to build up a pension or clear up the debts is a tough decision and people need more advice and guidance to make the right call – according to a new report. The report, entitled ‘Debt & Pensions Advice – Bridging the Advice Gap’ was a joint project between Money Advice…
Read moreThe Financial Conduct Authority (FCA) has said that 50% of UK adults (25.6m) display one or more characteristics that signal potential vulnerability in their latest report the Financial Lives Survey 2017. Financial Lives survey is the FCA’s largest tracking survey of consumers and their use of financial services, drawing on responses from just under 13,000 UK consumers…
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Here is an overview of The Money Charity’s latest statistics for October 2017: Personal debt in the UK People in the UK owed £1.554 trillion at the end of August 2017. This is up from £1.5 trillion at the end of July 2016 – an extra £1029.82 per UK adult. Per adult in the UK that’s an average debt…
Read moreJane Clack, Money Advisor at free debt advice provider PayPlan, has highlighted a lack of focus on those struggling with debt following the recent political party conferences. Clack believes neither Labour nor the Conservatives delivered strong enough policies that would offer additional support to the clients she works with on a daily basis. “We always…
Read moreLatest figures released by East Dunbartonshire Council suggest problems with the Universal Credit implementation as they indicate that 92% of its tenants receiving the new benefit have fallen behind with their rent payments. The Department for Work and Pensions (DWP) rolled out Universal Credit in East Dunbartonshire in December 2015. Since then, as The Kirkintilloch…
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New research published today has found that mental health professionals are being forced to deal with patients’ wider problems rather than treating their illness, as more and more of them struggle with issues such as debt and benefits. A report by the Money and Mental Health Institute reveals mental health professionals – including psychiatrists and…
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