Credit, Collections & Insolvency News
Credit Connect Media is set to launch a series of online digital discussion platforms focusing on technological and innovation developments and strategies within credit and collections Starting in August Credit Connect will launch its new 45 minutes news round-up series discussions with monthly guests analysing the industry developments in an ever-changing world. Titled ‘Connected News‘…
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The number and total value of judgments registered against Irish consumers fell sharply in the first half of 2020 compared to the same period last year, figures released today by registrar Irish Judgments show. The number of judgments against consumers fell by 45 percent, from 1,160 to 632, while the total value fell by 62…
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The Financial Conduct Authority (FCA) has issued a call for input into how lenders should handle ongoing payment difficulties among people who have taken coronavirus payment holidays, but are unable to resume their payments in full when these holidays expire. The FCA is seeking view on what should happen to consumers coming to the end…
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Furloughed workers are three times more likely to have defaulted on at least one payment in the last month, new Which? research reveals, highlighting the challenge that the Financial Conduct Authority (FCA) faces as it considers what additional support measures may be needed for those struggling financially once the government scheme comes to an end…
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The Bank of England’s latest money statistics has indicated that despite an increase in mortgage borrowing there was still a significant net decline in consumer credit. The statistics indicate that the amount consumers owed on credit cards and loans fell by a record amount over the last 12 months. A slump in borrowing and spending…
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Open Banking platform and applications provider OpenWrks has been selected by the Money and Pensions Service (MaPS) to provide digital affordability assessments as part of their digital enhancement to debt advice. With the aim of streamlining and increasing the volume of debt advice sessions consumers receive, The Money and Pensions service selected OpenWrks to supply…
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The Financial Conduct Authority has announced that it will introduce a ban on discretionary commission models. The ban, follows a consultation in October 2019. Currently, some car retailers and motor finance brokers receive a commission that is linked to the interest rate that customers pay – creating an incentive to sell more expensive credit to…
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The Financial Conduct Authority has launched its updated Financial Services (FS) Register – including a simpler design and clearer language. The redesign aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users. The Register – which had more than 7 million unique users in the past year…
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Average spending on UK credit cards dropped by 26.5 percent for the period January to May 2020 compared to the same period in 2019. according to new research analysis by Fico. The research says that whilst typically spend in May is lower than April when Easter and school holidays normally occur, the spend in May…
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Personal insolvencies are set to rise according to a member survey by insolvency and restructuring trade body R3. The survey found that eight in ten respondents expect personal insolvency numbers to increase within the next 12 months. Nearly half (44.5%) of the respondents to R3’s member survey who work in personal insolvency say they expect…
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People suffering financial, health or emotional problems should be treated fairly and given the right support by phone, broadband and pay-TV providers, under best practice industry guidance issued by communications regulator Ofcom. The regulator says that the coronavirus pandemic has increased the potential for customers’ circumstances to change suddenly and providers are already offering additional…
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With just one month to go until the end of the eviction ban (23rd August), Citizens Advice is warning it has seen a huge surge in private renters worried about arrears. The charity believes that many renters will need financial support to pay back these debts or risk losing their homes. New figures from the…
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The Money and Mental Health Policy Institute is calling for action to ensure people in distress can access ‘life-changing’ debt support as part of the pandemic aftermath The call for action is part of a new report by the charity which explores the challenges people with mental health problems face in accessing debt advice. The report…
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