Credit, Collections & Insolvency News
Commenting on the July 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge mortgage market reported its fifth consecutive month of growth in July, with new business up 23% by value and 21% by volume.…
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New figures released tby the Finance & Leasing Association (FLA) show growth of 13% in consumer finance new business in July, compared with the same month last year. Credit card and personal loan new business together grew by 16% compared with July 2016, while retail store and online credit new business increased by 11%. Second…
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A major Independent Review of the Funding of Debt Advice, led by Peter Wyman, reached a key milestone today with the launch of a “Call for Evidence”. The Review, set up in response to a challenging and complex debt advice funding landscape will make recommendations for an appropriate funding framework for the future, and look…
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The Money Advice Trust has launched a new face-to-face training course designed to help creditor staff to better support customers affected by gambling, alcohol and substance addictions. The course has been developed in partnership with the Royal Bank of Scotland and NatWest, and can be tailored to creditor organisations across a range of sectors. The…
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RSM Restructuring Advisory LLP Administrators of Debt Free Direct has agreed a sale of the business to Aperture Debt Solutions. Debt Free Direct Ltd, based in Chorley, Lancashire, is an Individual Voluntary Arrangement (IVA) business that delivers debt solutions for individuals across the UK and employs 72 people. The Company was part of the wider Fairpoint…
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Business and personal insolvency experts, Fortis Insolvency have announced a Partnership with Encompas Corporation to support and enhance their Know Your Customer (KYC) compliance processes. Manchester based Fortis Insolvency provide advice and support to business and individuals across the north-west who may be facing financial and operational issues. Chris Parry, Managing Director at Fortis Insolvency said “Evolving regulations, not…
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Parents who increasingly have to fork out for iPads, extracurricular activities and uniforms when their children go back to school, are being advised to budget carefully to avoid being pulled into a cycle of debt. PayPlan says that while the price of uniforms has been driven down in recent years, families still have to pay…
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Research by The Royal London National Funeral Cost Index 2017 reveals funeral debt has also risen to £160 million. One in six (16%) said they struggled with funeral costs, with people taking on an average debt of £1,680. Amongst those who struggled, one in four said they borrowed money from family and friends (26%) and…
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Research by Citizens Advice has found that nearly 1 in 5 people struggling with debts have had their credit card limit raised without them requesting it, a practice the charity would like to see banned. After the Bank of England issued a warning to lenders about how they are granting credit to consumers, Citizens Advice…
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The cost of running a home now almost half household income according to research by MORE TH>N as part of its second annual ‘Cost of Running a Home’ report. The study found that owning a three-bedroom home in the UK comes with average annual running costs of £18,197 (£1,516 per month), with rented three bedroom homes…
Read moreWith the start of the new school year fast approaching, an annual survey shows how parents will be spending £1.48 billion getting the UK’s 8.5 million children ready for the start of term – equating to £174.31 per child to purchase items such as jumpers, blazers, ties, shoes and sports kit. Research by Nationwide in a…
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The Debt Advisory Line has announced that it has been granted full authorisation by the Financial Conduct Authority (FCA) for Debt Adjusting and Debt Counselling. Craig Gedey CEO said “The team have worked extremely hard over the past 2 years to ensure that DAL can demonstrate commitment to regulatory responsibilities and treating customers fairly. It…
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A high number of British adults have found themselves unprepared for unexpected costs and have had to rely on friends, family or even credit to pay for them in the past 12 months, according to new research. The survey of 1,035 UK adults carried out by home heating oil supplier, SuperSaverOil.com, found that almost half…
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