Credit, Collections & Insolvency News
The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has called on the Financial Conduct Authority (FCA) to ‘close the gaps’ in its package of support for consumer credit customers affected by the Covid-19 outbreak. The charity has welcomed the FCA’s proposals on credit cards, loans and overdrafts – but is…
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A group of nearly 80 academics, policy experts and leaders of charities, trade unions and community groups have written to Chancellor of the Exchequer, Rishi Sunak, calling on him to provide an urgent, interest-free freeze on personal debt payments for people affected by Covid-19. The letter also calls for a write-off of existing council tax and social…
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The Credit Services Association (CSA) is urging its members to review all of their current activities and treatment paths to ensure they are doing everything possible to support their customers and the wider UK community through the current Covid-19 crisis. The CSA which represents more than 90% of the typically call-centre based firms, says that…
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LegalTech business ME Group, which solves complex legal disputes using technology, has called for the government to ensure that lenders do not use the recent Bank of England interest-rate cut to boost profits at the expense of borrowers on standard variable rate (SVR) mortgages. ME Group CEO Rob Cooper said that when the Bank took…
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A new Bournemouth-based fintech company Outstand.io has launched to help financial service providers better manage their non-performing credit portfolios. The firm’s founders, Dan Ware and Rob Samuel, co-created Outstand.io to assist with direct lender’s debt collection strategies. Outstand.io provides end to end guidance on setting up commercially beneficial relationships with debt purchasers to help improve…
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New figures from debt charity StepChange have revealed that thousands of households’ finances are at breaking point as a result of the Covid-19 crisis. The research reveals just how vulnerable people are to changes in personal circumstances with three out of four new clients identified a life event or income shock as the main reason for…
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The outlook for the debt purchase market remains positive, despite there being a temporary pause in the supply of debt portfolios according to d bt resolution specialist, Hoist Finance. Chief Executive Officer Klaus-Anders Nysteen says he anticipates that banks will continue to divest portfolios and will do so at an earlier stage than historically. “The…
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Here is an overview of The Money Charity’s latest statistics for March 2020 Personal debt in the UK People in the UK owed £1,680 billion at the end of January 2020. The average total debt per household, including mortgages, was £60,363 and per adult was £31,845, around 112% of average earnings. Net mortgage lending rose…
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Britain is facing an unprecedented time, with the Covid-19 pandemic threatening jobs; particularly freelancers, the workforce on ‘zero-hours’ contracts, leisure workers and small business owners. New research by TransUnion commissioned just before the outbreak, has found that that one in five consumers (21%) wouldn’t manage financially if they lost their job tomorrow, and this number…
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Debt resolution specialist, Hoist Finance has announced its new sustainability strategy, which outlines the company’s Environmental, Social and Governance (ESG) goals and indicators. Through a bottom-up process, integrating feedback and insight from employees throughout the whole organisation, Hoist Finance developed a sustainability strategy focused on four core pillars: contributing to an inclusive financial ecosystem, creating…
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The UK’s three largest debt charities have called on the Government to instruct local authorities in England and Wales to suspend bailiff action for the duration of the Covid-19 outbreak. The move comes as Citizens Advice, Money Advice Trust and StepChange Debt Charity report that debt advisers have already begun to receive calls about bailiffs…
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The Government has confirmed a £500 million hardship fund will provide council tax relief for vulnerable households. Local Government Secretary Rt Hon Robert Jenrick MP has confirmed the government’s £500 million Hardship Fund will provide council tax relief to vulnerable people and households to help those affected most by coronavirus. The government has set out…
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The incomes of self-employed people are ‘falling like a stone’ amidst economic disruption caused by Covid-19, according to charity the Money Advice Trust, which runs the Business Debtline advice service. The warning comes after Chancellor Rishi Sunak told MPs that constructing a scheme to protect the self-employed who are losing work because of the Coronavirus…
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