Credit, Collections & Insolvency News
East Renfrewshire council has made moves to write off more than £1million of debt. Members of the authority’s cabinet are being asked to approve the move, which would cancel debts racked up in council tax, housing benefit overpayments, rents arrears and court expenses. Roughly £800,000 of uncollected non-domestic rates (NDR) could also be written off…
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The Financial Conduct Authority (FCA) has published its second thematic review of the debt management sector, looking at commercial and not-for-profit firms that provide debt advice and administer debt management plans to help customers deal with their debts. The FCA’s first thematic review in 2015 found significant concerns with the quality of advice being given…
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Brilliant Energy Supply, an energy supplier with about 17,000 domestic customers, has ceased to trade. Under Ofgem’s safety net, the energy supply of Brilliant Energy’s customers, including those supplied under a ‘white label’ arrangement with Northumbria Energy, will continue and the outstanding credit balances of domestic customers will be protected. Ofgem will choose a new…
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Over half (52%) of financial services customers feel that financial services firms treat consumers unfairly, according to new research by Voice of the Customer (VoC) pioneers Maru/edr. The findings are from a new study into customer treatment in the financial services industry, which interviewed 1,000 independent customers who held at least once financial product in…
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The Financial Conduct Authority (FCA) has written to credit card firms to highlight the findings of its multi-firm review of fees and charges in prime and sub-prime credit card products and firms. It shared the findings of its review with participant firms and a number of changes have been made to how customers are charged…
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With established markets in Italy, Spain and Greece still at the at the forefront of investor’s attention for Non-Perfoming Loans (NPL) investment, there is increased appetite to seek out new markets according to a new research report from law firm Ashurst. The report, A Global NPL Perspective, compiled the views of senior executives across the…
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Three-quarters of people who are already in debt across the UK have had to borrow more money to cover daily living costs since receiving Universal Credit, according to new data from national debt help provider PayPlan. The survey of more than 6,000 people, who have already sought advice from the free debt help provider, also shows…
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The Financial Conduct Authority (FCA) is considering changes to the way in which commission works in the motor finance sector after uncovering serious concerns about the way in which lenders are choosing to reward car retailers and other credit brokers. The findings form part of the final report of the FCA’s work on motor finance…
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Early intervention is key to stop Welsh households falling behind on their council tax or social housing rent payments, according to a new report from the Wales Centre for Public Policy. As councils across Wales are seeking large increases in their council tax rates for the coming year, the report highlights the importance of building…
Read moreOne in three people say they are currently living with debt and the same number admit to feeling more worried about their finances this year than last year, a national survey commissioned by The Salvation Army has found. The survey of 2,000 people across the UK showed nearly 70 percent reported going over budgets set…
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Debt purchase and management business Arrow Global has announced its latest results posting a rise in both income and profits. For the year to 31 December 2018, the company reported total income of £361.8m compared to £319m the prior period. Commenting on the results, Lee Rochford, Group Chief Executive Officer of Arrow said “2018 was…
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European debt purchaser and credit management specialist Cabot Credit Management has announced its latest Financial Results for Year ended 31st December 2018. Servicing revenue rise 104 percent from £40.2m to £82m. Adjusted earnings EBITDA rose 18 percent from £295.2m to £349.8m over the same period. Estimated remaining collections rose 13 percent from £2.4bn to £2.7bn,…
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UK Finance has released its latest Household Finance update for January 2019 The figures indicate that £10.8 billion was spent on credit cards in January 2019, this was 4.4% higher than the same month the previous year. The outstanding level of credit card borrowing also grew by 4.4% in the twelve months to January. Personal…
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