Credit, Collections & Insolvency News
TransUnion (formerly Callcredit), the global risk and information solutions provider, has launched an Open Banking early adopter programme after receiving permission to operate as an Account Information Services Provider (AISP) from the Financial Conduct Authority (FCA). Following extensive testing and consultation with a range of clients across a number of industry sectors, TransUnion Open Banking…
Read moreUnsecured debt has hit a new peak of £15,400 per household according to new analysis by the Trade Union Congress (TUC) with a further threat of families being pushed further into the red, Debt levels are now higher than before financial crash. The new analysis by the TUC shows that household debt rose sharply over 2018, with…
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The Money Advice Trust has welcomed Lloyds, Santander and RBS’ plans to introduce controls for their customers over where they can spend their money, including allowing the blocking of gambling payments. The announcement follows on from the launch of similar controls by Barclays last month and work from Monzo and Starling in this same area…
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Data from the latest report from the Bank of England data shows that the annual growth rate of consumer credit slowed in November 2018, but credit card lending was still 7.9% higher than a year earlier, with other consumer credit lending up by 6.6%. Commenting on the latest figures, StepChange Debt Charity CEO Phil Andrew…
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The Consumer Council for Water (CCWater) secured £930,000 in financial redress for consumers as complaints made to it about water companies and retailers rose. Almost 5,200 homes and businesses turned to the CCWater for help with a complaint during the first six months of the year, a rise of 14 percent compared to the same period last…
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Ofgem has banned Economy Energy from taking on new customers until it resolves its customer service issues. The provisional order against the supplier also bans it from requesting one-off payments and increasing direct debits. The ban will initially remain in place for up to three months in order for Economy Energy to take steps to:…
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Over one fifth of Brits (22%) say they feel most financially under pressure in January, following the excess of Christmas according to research from TDX Group, an Equifax company. The research indicates that of all the months in the year, January is the most financially difficult, with 26% of females flagging it as a pressure…
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French Duncan LLP estimated that last year, approximately 12,000 people in Scotland became insolvent, the highest level since 2013. The firm says the figure could be even higher by the end of 2019, with rising household bills, food costs and stagnating wages contributing to an estimated 230 bankruptcies each week. Eileen Blackburn, French Duncan’s Head…
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As half-season tickets go on sale, football fans are being warned about the massive gulf in rates charged on loans by clubs. Depending on who you support, you may have to pay up to 36.3% APR to watch your favourite team play. These findings come from research by free-for-life credit report provider Noddle.co.uk – who…
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Fleet leasing and business mobility specialist Alphabet has announced the appointment of Clive Buhagiar as the company’s new Head of Operational Services. Buhagiar has been with Alphabet since 2011, initially joining as Head of Public Sector following the acquisition of ING Car Lease by the company. In 2014 Buhagiar moved to take up the role…
Read moreOne in five British adults (20%) would find it somewhat difficult, very difficult or impossible to immediately pay an unexpected bill for an amount as little as £20, without assistance from an external source, according to new research from R3, the insolvency trade body, and ComRes. Around 1 in 20 (6%) of British adults said…
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UK Finance has published its latest Household Finance Update for November 2018 which has revealed that £11.3bn of credit card spending in November was 7.5 per cent higher than November 2017. Over the past twelve months, the outstanding level of credit card borrowing grew by 5.3 per cent. Personal borrowing through loans and overdrafts grew…
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Intrum has agreed a deal with Spanish bank Ibercaja Banco S.A. to purchase a portfolio of 6,400 real estate assets (REOs). The portfolio will be transferred to a new company (NewCo), initially majority owned by Intrum, with Residencial Murillo maintaining a minority equity stake. Intrum’s final investment will be approximately €30-40m once financing and co-investor are…
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