Credit, Collections & Insolvency News
The Enforcement Conduct Board (ECB) has published its first-ever draft business plan for 2023/24. In its first-ever draft business plan, the ECB, which will operate independently of the profession and Government, has stated that its five priorities are to: Design and start to gather an evidence base to support the development of a proportionate oversight framework.…
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Data from the Bank of England shows that banks and building societies have seen an increase in defaults. In the three months to February, lenders said that default rates on secured loans to households, such as mortgages, and unsecured loans, such as credit cards, increased and are expected to increase further in the next three…
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Manchester-based MoneyPlus Group, parent company for the brand MoneyPlus Advice has announced that it has completed the purchase of Exeter-based InControl Debt Solutions. This is the second acquisition for MoneyPlus Group this year after acquiring Bright Oak in February. The deal will see InControl’s customers managed under the MoneyPlus Advice brand. Following a detailed due…
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New research by Credit Karma has found that almost one in four (23%) parents can no longer afford their current childcare arrangements. In the wake of the Spring Budget, which promised 30 hours per week of free childcare for under-fives by 2025, the Great British Credit Report has revealed many parents are being priced out of the…
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The cost-of-living crisis has hit hardest in the North East, where savings are lowest and set to fall the most this year according to new research by Hargreaves Lansdown. The research found that in the North East few people have enough cash at the end of the month, and they have the lowest wages in…
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Individual Voluntary Arrangement (IVA) provider, Creditfix has announced that it will no longer accept referrals from third-party debt packager firms from 1st May 2023. The company says that it hopes that the move will encourage other Insolvency Practitioners to follow suit in the interest of protecting customers – especially as the cost-of-living crisis continues to…
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New research by KPMG has found that one in ten consumers say they are using credit more so far in 2023 and has indicated how households may respond if they no longer receive energy bill support payments from April. The Government’s Energy Bills Support Scheme provided a monthly discount of around £67 from October through…
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Money Wellness has announced a partnership with Young Enterprise to deliver money management workshops to children at Sale High School in Trafford. Under the initiative, Money Wellness will send four specially trained volunteers to Sale High School to educate and help equip pupils with the knowledge, skills and confidence to manage their money well both…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 10% in February 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), said:…
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OSB Group has entered into a multi-term partnership with fintech Paylink Solutions. The partnership will utilise Paylink’s Embark application and using open banking meaning that customers will be able to pre-populate their budget using the Embark application. Further specialist support will also be available through Embark’s unique integration with free debt advice provider PayPlan. This…
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Almost half (45 per cent) of consumers say that the cost-of-living crisis will have an impact on their Easter celebrations this year, according to a new study from TopCashback. In fact, over a third (36 per cent) will not be celebrating Easter at all with financial struggles being cited as one of the most popular…
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Low-income households will be left an average of £209 short on their energy bills this financial year, new Which? research has found, as the consumer champion calls for an energy social tariff to protect the most financially vulnerable. Even with the government’s decision to keep the Energy Price Guarantee at £2,500 for an average household…
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The Government has announced an extension to its mortgage support for benefit claimants. The new change will mean that an additional 200,000 Universal Credit claimants will be able to access quicker support with their mortgage. The move will mean support for Mortgage Interest loan scheme extended to 200,000 additional Universal Credit claimants in efforts to…
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