Credit, Collections & Insolvency News
Consumers will have greater control over their bank data and financial decisions thanks to new laws coming into force in January. The government is bringing in a new regulatory regime for innovative FinTech firms which will transform the way people engage with their finances and make it possible to manage all of their finances at the…
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There is a market failure in the provision of credit for financially vulnerable people who have to borrow to meet their essential costs, according to a major new report – ‘The high cost of credit’ – by StepChange Debt Charity. Over one million people in the UK are using high-cost credit to cover their everyday…
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The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has appointed two senior industry leaders to its Board of Trustees. Lawrence Slade has served as Chief Executive Officer at Energy UK, the trade association for the UK energy industry, since July 2015. He previously ran the Energy Retail Association and the…
Read moreDebt Management specialist MoneyPlus Group has bought Baines & Ernst after it went into administration. FRP Advisory was appointed administrators of Baines & Ernst. The business and assets of Baines & Ernst were then sold, resulting in the transfer of all 80 staff and all its debt solution plans and customer data. Baines & Ernst…
Read moreNew proposals to ensure that debt advice commissioned by the Money Advice Service targets those most in need across the UK have been published for consultation. These are designed to deliver comprehensive, high-quality services that will both tackle debt and improve people’s well-being. A strategic approach to debt advice commissioning sets out a new vision…
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More than 4 in 10 UK consumers say that they are still negatively impacted by financial mistakes they made in the past, according to research from Aviva. A greater number still say they wish they had managed their finances differently (64%) while 63% wish they had learnt more about financial matters when they were younger.…
Read moreThe government’s latest insolvency statistics show that women continue to be more likely than men to enter an insolvency procedure and that insolvencies are most common in coastal towns, the North East and towns with declining industries, says insolvency and restructuring trade body R3. The 2016 statistics, published this morning, show that 53.4% of insolvencies…
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MoneySuperMarket analysed three million loan enquiries made on its Smart Search tool from January 2015 – March 2017 to find that more than one in four (28 per cent) Brits want to borrow an amount equal to at least half of their annual income. Worryingly, almost 10 per cent of personal loan enquiries are from people hoping…
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European Union (EU) finance ministers on Tuesday called for speedier unloading of bad debt by EU banks and recommended more money be put aside by the banks to protect them from trouble. The decade-long financial crisis left European banks holding nearly 1 trillion euros of non-performing loans (NPLs), reducing their ability to lend and slowing…
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Energy consumers are subsidising £7.5 billion in unjustified profits made by the businesses responsible for the UK’s gas and electricity networks over an 8 year period, according to new research from Citizens Advice. The national charity has published new research which estimates that key decisions made by the energy regulator Ofgem are allowing energy network…
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Lloyds Banking Group has announced a simplification of overdrafts for its personal current account customers. According to Lloyds statement, the new approach will be simple, clear and will give customers more control of their overdraft borrowing. “We understand that, across the banking sector, overdrafts can be complex and confusing for customers. Lloyds Banking Group has…
Read moreHelping people to build a £1,000 rainy day savings fund via the pensions automatic enrolment framework would prevent debt problems, would have a minimal impact on retirement incomes and would be better financially for people than if they stopped paying into their pensions to cover emergency costs, this is according to new analysis conducted by…
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The Credit Services Association (CSA), the voice of the UK debt collection and purchase industry, has revised and relaunched its Code of Practice to incorporate new Principles of Business. The new revised Code continues to promote best practice in terms of collections activity, and also details what the CSA expects of its members in terms…
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