Credit, Collections & Insolvency News
Debt charity StepChange has welcomed a cross-party call for a Debt Management bill. Welcoming the letter to the Chancellor sent by more than 50 MPs and Peers calling for a Debt Management Bill to implement serious and systematic improvements to Government debt collection, StepChange says that the time to address this longstanding issue is absolutely…
Read more
The Financial Conduct Authority (FCA) has fined Lloyds Bank and its subsidiaries Bank of Scotland and The Mortgage Business £64,046,800 (over £64 million) after it was found to have failed its vulnerable mortgage customers. Failures were found in relation to their handling of mortgage customers in payment difficulties or arrears. The banks have estimated that…
Read more
More than a third of furloughed private renters (37%) are worried about being able to pay their rent when the coronavirus lockdown ends, according to new research published today by the independent Joseph Rowntree Foundation (JRF). This means around 250,000 people in this group could be in a position where they struggle to meet their…
Read more
The Government has announced it will extend renter eviction measures by two months. The announcement by the Housing Secretary means that millions of renters across England and Wales will receive greater protection after the government extended the suspension of new evictions until 23rd August taking the moratorium on evictions to a total of five months.…
Read more
Following the news that the Civil Enforcement Association (CIVEA) has announced plans to introduce a phased return of bailiff visits following the lifting of lockdown restrictions. StepChange is urging the Government to regulate the bailiff industry and to implement additional measures to support those hardest hit by the pandemic. The debt charity says that thousands…
Read more
The Scottish Building Society has pledged a 12-month pause on repossessions as it looks to support customers amid the coronavirus pandemic. It is also extending a three-month mortgage break to six months. Scottish Building Society is also encouraging landlords to help those struggling to pay rent, by offering mortgage holidays if they pass on the…
Read more
Enforcement Agents (bailiffs) will implement a phased return to activity following the lifting of lockdown restrictions. The measures are set out in a Post-lockdown Support Plan announced by the Civil Enforcement Association (CIVEA). CIVEA consulted the government on the Post-lockdown Support Plan that will mean local authorities and courts can safely enforce overdue council tax,…
Read more
The Financial Ombudsman Service has published annual complaints data which showed that it received over 270,000 new complaints about financial businesses in the 2019/20 financial year. PPI remained the most complained about product, with over 122,000 complaints about PPI received by the service, including a spike in complaints following the FCA’s August deadline for consumers…
Read more
With millions of people facing debt problems because of the pandemic, the Money and Mental Health Policy Institute is urging the Government to save lives by putting an end to threatening debt letters. Money and Mental Health’s research shows that rules in the Consumer Credit Act (1974) compel lenders to send intimidating letters to people…
Read more
One-in-eight (13 per cent) private renters have fallen behind with their housing costs since the coronavirus crisis started, compared to just one-in-twelve (8 per cent) mortgaged home owners, highlighting how the pandemic has exacerbated Britain’s housing divide, according to new Resolution Foundation research. The report, based on a YouGov survey of 6,005 UK adults aged…
Read more
Enforcement specialists, Bristow & Sutor have announced that they are working with Transport for London (TfL) collecting unpaid Penalty Charge Notices at warrant stage for all road charging schemes and traffic enforcement contraventions. The company says winning the debt management and enforcement contract with TfL has resulted in the production and implementation of new letters, business rules, action codes and reports. Bristow…
Read more
Nationwide Building Society has pledged to suspend repossessions of borrower’s homes for the next 12 months as part of a packet of measures to support customers. Nationwide says it will offer borrowers flexibility around repayments, which may include temporarily moving onto interest-only. The lender has announced a five-point support package designed to help protect the homes…
Read more
The UK’s three largest debt charities have called on the Government to change ‘ineffective’ regulations on how councils collect council tax arrears to protect households who have fallen behind due to the coronavirus pandemic. Citizens Advice, the Money Advice Trust and StepChange Debt Charity fear that with council tax enforcement measures likely to restart soon,…
Read more