Credit, Collections & Insolvency News
Two in five people (40%) have been hit by an unexpected expense in the past 12 months costing them £1,851, up £394 in a year.according to research by Hargreaves Lansdown. The unexpected bill was most common among those aged 18-34 – half of whom had an unexpected expense (49%). Half (49%) of people were able to cover…
Read more
Three-quarters of people feel their financial education was inadequate or non-existent, impacting their ability to navigate the cost-of-living crisis. A study commissioned by Santander found that 69% of people feel they have struggled to cope with the current cost-of-living crisis due to a lack of financial education at school. Just 26% of young adults aged…
Read more
Financial software solutions provider, Aryza Group has announced a partnership with payments specialists Acquired.com to deliver a sophisticated range of data driven collection and disbursement options for their lending division with plans to extend this into other parts of the group including debt recovery and insolvency. Aryza says the partnership will also strengthen its consumer protection offering…
Read more
Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increase by 5% in May 2023 when compared with May 2022. The personal insolvency figures also increased by 10.7% in May 2023 to a total of 9,962 compared to April’s total of 9,002, and decreased by 5.1% compared…
Read more
Joanna Elson CBE has announced that she will be stepping down as chief executive of the Money Advice Trust in early September, after 17 years leading the debt advice charity. Elson will take up a new role as chief executive of Independent Age, the charity focused on financial hardship in later life. Since her appointment…
Read more
Citizens Advice is warning that banning Section 21 evictions will only improve renters rights if forthcoming legislation prevents backdoor ‘no fault’ evictions from taking place. The charity helped almost 2,000 people with Section 21 issues in May, the most in a single month on record and a 25% increase since May 2022. To date, 2023…
Read more
Manchester-based Money Wellness, an organisation offering free debt and wellbeing advice, is warning that the explosion in salary advance schemes, allowing employees to access their salaries before payday, is camouflaging a spiralling debt crisis. Salary advance schemes, also known as earned wage access, salary loans or payroll advances, are financial arrangements offered as an employee…
Read more
Debt technolgy firm, Trustfolio, has announced that it has achieved certification to ISO 27001, the international Standard for Information Security Management Systems (ISMS). In order to achieve ISO 27001 certification, organisations are required to develop and implement a comprehensive set of policies, procedures, and controls to manage their information security risks. A key aspect of…
Read more
In a new report published on Government’s energy bills support scheme, the Public Accounts Committee says it took too long to get support to some of those most in need. While support schemes were introduced quickly, the Government did not have the bandwidth to make sure support reached all groups in a timely fashion. In…
Read more
Over 50s in the UK have spent more than £4.4 billion on cars for their kids and grandkids over the past five years, according to the latest research from over 50s experts SunLife. SunLife’s new Life Well Spent report has revealed that 25% of over 50s – rising to 29% of retired over 50s – have given significant…
Read more
The Credit Services Association (CSA), the trade association for the debt collection & purchase sector, has announced that date for it’s Membership Awards which is part of the Association’s annual conference – the UK Credit and Collections Conference (UKCCC). The awards are being held on Thursday 14th September at Radisson Blu, Manchester Airport, and will celebrate the outstanding…
Read more
Domestic energy supplier E.ON Next has been ordered by Ofgem to pay £5 million in compensation for poor standards of customer service. Throughout 2022, energy regulator Ofgem conducted a series of Market Compliance Reviews (MCRs), examining energy suppliers’ performance on key areas across the sector in a bid to drive up standards. One of these…
Read more
New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes fell by 22% in April 2023 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA),…
Read more