Credit, Collections & Insolvency News
The Credit Services Association (CSA), the UK trade association for organisations active in the debt collection and purchase industry, has written to Ofgem to seek clarification in respect of the standards customers should expect in regards to the practices of administrators and accounts in arrears. It has also asked for reassurance that the integrity and…
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New research by Yorkshire Building Society has shown that more than one in five UK consumers feel worse off financially since the start of the pandemic. The research has indicated that two-thirds of those whose finances, who have been affected had suffered a negative impact on their mental health. Whilst over one in five (23%)…
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Global insights and information company, TransUnion has announced its investment in UK-based fintech Monevo – a personal credit platform and API empowering lenders to deliver highly personalised credit offers to consumers via comparison websites and other third parties. Eligibility, also known as pre-qualification, is an important part of consumer lending. Pre-approved offers, or an indication…
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Consumer lender, Oplo, has announced the completion of its first securitisation as the business targets continued growth supporting the UK’s ‘new mainstream’ lending market. The £225 million securitisation follows a series of investor roadshows in September. Over the past decade, Oplo has built a strong and growing consumer lending business, offering personal, home and car…
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Exizent, has announced the exciting appointment of Graeme Jones as a Senior Advisor to the Board. Exizent is the first ever platform that connects data, services and the network of people involved when someone passes away. The company’s mission is to reduce uncertainty, increase speed and make the process far simpler. Jones brings invaluable insight…
Read moreA rise in customer complaints has forced sub-prime lender Morses Club to lift the amount of money it has set aside to handle demands for compensation from borrowers who used its high-cost loans. Morses said in its half-year results that it had experienced a “continued increase” in demands for redress in the six months to…
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Flexys Solutions has to announce First Response Finance as its fourth motor finance client. First Response, part of the Itochu group, will be migrating from their existing Tallyman platform to the Flexys Control+ debt management system as part of an ambitious digital transformation programme. Control+ will provide First Response with end-to-end collections functionality. The platform…
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National Westminster Bank Plc (NatWest) has entered guilty pleas at Westminster Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007). The court heard around £356m, £264m in cash, from one Bradford-based business customer was deposited in its NatWest account over a five-year period. The…
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Three in ten companies will employ fewer people as a result of National Insurance increases according to new research by the Institute of Directors (IoD). Following the announcement on 7th September that the Government is to introduce a new Health and Social Care Levy, to be funded through higher rates of tax levied on National Insurance contributions and dividend payouts, 31% of IoD members expect this to result…
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Data management initiatives in the finance sector, such as data collection, integration, and automation, are being constrained by a severe lack of digital skills and maturity. This is the overall feeling amongst up to two-thirds of technical decision makers, surveyed for a new report from Encompass Corporation. The report, conducted via independent polling agency, Pulse,…
Read moreCouncil tax in England could rise by as much as £220 per year within three years, researchers have according to new research by the Nuffield Foundation in partnership with Citi. Under current government spending plans, council tax increases of 3.6% per year will be needed for the next three years just to ensure councils can…
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Latest ONS figures have highlighted that private renters on median income could expect to spend 23% of their income on a median-priced rented home in England. These figures are down from a recent high of 26.3% in 2016 because recently average wages have grown faster than average rents. The figures showed that East Midlands and North…
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Consumers have slashed spending as worries about winter of prices rises grow according to new research by AJ Bell. The research found that 59% of people are already making cutbacks amid rising costs with a quarter of the poorest households think cutting back will keep their finances on track. Rising energy bills and food costs…
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