Credit, Collections & Insolvency News
The Money Advice Trust, the charity that runs National Debtline, has welcomed today’s action from the Advertising Standards Authority (ASA), to uphold complaints against a company found to have used ‘misleading’ and ‘irresponsible’ debt advice adverts. Online adverts from Financial Support Systems, trading as National Debt Service, were found to have misled consumers by suggesting…
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Ofgem failed to act against unfit energy suppliers for nearly a decade, leaving the market vulnerable to this year’s spike in wholesale prices according to a major new report from Citizens Advice. The charity has found that mistakes and missed opportunities left the market in a precarious position when gas prices surged in 2021. Since…
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Average rent debts still owed by renters as a result of the pandemic have increased by 41 per cent since May according to the latest research by the National Residential Landlords Association (NRLA). A survey of over 2,000 private renters in England and Wales by research consultancy Dynata has found that average COVID related rent…
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Global information services company, Experian and TIPTrust, have agreed on a data-driven partnership. TIPTrust supplies data and technology to the free debt advice sector, by providing faster, more accurate client data to debt advisers, the partnership has enabled those seeking free debt advice to get the personalised support needed to start their journey towards regaining…
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Mortgage lenders have announced a voluntary moratorium on possessions from Monday 13th December until Tuesday 4th January 2022. The industry is committed to providing ongoing support to those in financial difficulty as a result of the pandemic, especially those who may be worried about making their mortgage payments over the Christmas period. Members of UK…
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New analysis by UK Finance has indicated that unsecured debt levels have increased in line with spending, but customers continue to pay off their card bills on time each month. The analysis also indicated that mortgage arrears ticked down overall but heavier arrears continued to rise. Possessions increased slowly but a substantial backlog of cases…
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More than eight in 10 (86%) consumers are concerned about the rising cost of living and have taken steps to reduce their household spending, according to research by Scottish Friendly. A survey of 2,000 UK adults found that more than one in three (36%) are anxious that inflation will mean they don’t have enough money…
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A study by Canada Life has found that 6% of UK workers, equivalent to over a million people, believe they will never retire. The research also found 44% of workers, equivalent to 17.1 million people, think that they will work beyond state pension age. Of those expecting to work beyond state pension age, 43% believed…
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With inflation surging to a ten year high, consumers’ financial optimism has taken a hit for the second quarter in a row, according to TransUnion’s latest Consumer Pulse study. In stark contrast to the renewed positivity seen earlier this year, consumers have significant concerns about the future state of their household finances, with confidence dropping from…
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The Financial Conduct Authority (FCA) has appointed Stephen Braviner Roman as General Counsel and as a member of its Executive Committee following an open competition. Roman is expected to join the FCA in February next year. Megan Butler has announced she will step down from her role as Executive Director of Transformation in the spring.…
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Just, the enforcement market integrator has appointed FinTech veteran Mike Dugand as Chief Technology Officer (CTO). Dugand will take his seat on the board of Just in the new year after completing his role at Nottingham Building Society where he has led the transition from legacy systems to SalesForce. With previous leadership experience at Experian,…
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Two-fifths of people plan to spend less this Christmas according to research by AJ Bell. The research found that theEast Midlands is the spendiest region. Whilst the average spend on presents is £100-£250, with 28% of people saying that’s their budget, while 26% plan to spend between £250 and £500. Just 5% of people say…
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Ofgem has appointed EDFto take on supplying Zog Energy’s combined total of approximately 11,700 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of the suppliers have paid into their accounts will be protected, where they are in credit. Domestic customers will also be protected by the energy price cap with…
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