Credit, Collections & Insolvency News
We know that there’s an intrinsic link between consumers with problem debt and their likelihood of being vulnerable, and Equifax has seen from its own experience and from independent research that where vulnerability is present, debt collection can be more challenging. Increasingly the topic of vulnerability has become more of an imperative for lenders. But…
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Leading debt and housing organisations have written an open letter to MHCLG minister Robert Jenrick, warning that without urgent action, people will lose their homes when the rental eviction ban lifts on 23rd August 2020. StepChange has joined forces with housing campaign group Generation Rent to urge Robert Jenrick MP to ensure that no-one who…
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The Resolution Foundation says working-age households have suffered the worst income shock since mid-1970s, with the coronavirus crisis delivering a 4.5% decline in typical household incomes in May. The decline is the steepest since the 5.1% recorded in 1974 and exceeds the 2.7% fall in incomes seen in the wake of 2008’s financial crash. The…
Read moreThe Financial Conduct Authority (FCA) says that it is seeking views on extending the implementation deadlines for the Certification Regime and Conduct Rules In a new consultation paper, the FCA says it is making changes to its rules following the extension to the deadline by which FCA solo-regulated firms need to have implemented the Certification…
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Lenders have provided over one million payment deferrals on credit cards to help customers whose finances have been affected by Covid-19 over the past three months, according to figures published by UK Finance. The trade body’s members have also provided almost 707,000 payment deferrals on personal loans for customers impacted by the pandemic. In addition,…
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Latest figures in The Bank of England Credit Conditions Survey’ have found that demand for lending suffered a fall during the three months to the end of May. The survey suggests demand for loans is set to increase at a time when banks start to slow down lending and prepare for a wave of bad…
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The Credit Services Association (CSA), the voice of the UK debt collection and purchase industry, has appointed Chris Leslie as its new Chief Executive with effect from 1st August. A former MP, Minister and Shadow Minister with proven knowledge of public policy, parliamentary affairs, financial services regulation and consumer credit, he succeeds Peter Wallwork, who…
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The government has confirmed that the new statutory Breathing Space scheme will launch in May next year. The government has published draft regulations titled The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020. The news will mean that people in problem debt will be able to access 60…
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Figures from UK Finance show a total of £8.7 billion was spent on credit cards in the first full month of lockdown in April, half the level of April last year. This was the lowest level of spending seen since the last economic downturn, according to the trade body. As a result, outstanding balances on…
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The Financial Conduct Authority (FCA) has told firms to extend payment freezes due to end this month until 31st October meaning customers unable to keep up with high-cost credit payments amid the coronavirus crisis do not have to pay anything until November. Firms must offer payment deferrals or reduce payments, with people yet to request…
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The Government must act to prevent council tax loading £158 million in bailiff and court fees on to people who can’t pay following the pandemic according to debt charity StepChange. Bailiff visits, often used to enforce debt owed to local authorities in the form of unpaid council tax, will start up again from 23rd August,…
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Scotland is facing a ‘personal debt time bomb’ as the country deals with the fallout from the Covid-19 pandemic, Citizens Advice Scotland (CAS) has warned. The latest wave of Scotpulse polling for the charity has reveals that 27 per cent of people in Scotland are concerned about making debt repayments during coronavirus. CAS is warning that as the furlough scheme…
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Households could see their energy bills cut by £20 a year under proposals from the energy regulator Ofgem. Ofgem has unveiled proposals for a five-year investment programme of around £25 billion to transform Britain’s energy networks to deliver emissions-free green energy for the UK. Investment in the networks that transport energy around the UK is likely…
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