Credit, Collections & Insolvency News
The Ministry of Justice (MOJ) has announced a call for evidence to review of enforcement agent (bailiff) reforms. The call for evidence asks about people’s experiences of the 2014 reforms which regulate how enforcement agents (bailiffs) operate and to end what it calls intimidating practices and to better protect vulnerable people. The consultation has been…
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The Financial Conduct Authority (FCA) has published a further consultation on its approach to the UK’s exit from the EU. The paper sets out additional proposals to prepare for the possibility the UK leaves the European Union on 29 March 2019 without an implementation period. The FCA is working to ensure as smooth a transition…
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More than 80 percent of North Ayrshire Council tenants on Universal Credit are in rent arrears. Responding to the news the local authority’s leader has branded the welfare policy a ‘tragedy’. Labour Council Leader Joe Cullinane said Universal Credit was pushing families into debt, which could lead to a sharp rise in poverty, hardship and anxiety. Since…
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Ofgem has appointed Scottish Power to take on supplying Extra Energy’s 108,000 domestic customers and 21,000 business customers. This follows a competitive process run by Ofgem to get the best deal possible for the customers of Extra Energy, which ceased trading on Wednesday. Scottish Power is offering Extra Energy’s customers a competitive tariff and will…
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Spark Energy Supply, a domestic energy supplier with about 290,000 customers, has ceased trading in the energy supply market. Under Ofgem’s safety net, the energy supply of Spark Energy’s customers will continue as normal. The outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to take on Spark Energy’s…
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Three-quarters of consumers are worried about their current financial situation, a study has found. Researchers found a large percentage of the nation fear they don’t have enough money to see them through a sudden crisis such as a large, unexpected bill. Others are concerned they would face almost immediate ruin if they were to lose…
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Mid-size and Northern companies have the highest insolvency risk according to analysis from new statistics published by the Government. R3 has reviewed the number of England & Wales corporate insolvencies in 2017, broken down by company age, size and location. The research has found that: Enterprises aged 4-9 years old, or with turnover of £0.5-1m,…
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UK fintech, CreditLadder has been approved by the Financial Conduct Authority (FCA) as a Payment Institute. This approval enables CreditLadder to organise and request payments on behalf of consumers from their bank to a businesses bank account as an approved Payment Initiation Service (PIS). PIS gives CreditLadder the ability to initiate payments on behalf of…
Read moreExperian has announced that it has launched a new set of advanced Open Banking services. Affordability Check and Tenant Vetting Service are both innovations which will empower consumers to better understand and take control of their finances, while offering businesses the insight to deliver improved products and services. Experian is the only one of the…
Read moreHere is an overview of The Money Charity’s latest statistics for November 2018: Personal debt in the UK People in the UK owed £1.605 trillion at the end of September 2018. This is up from £1.560 trillion at the end of September 2017, an extra £870.78 per UK adult and £76.54 higher than the previous month. The average total…
Read moreEnergy companies would have to demonstrate they have adequate financial resources and can meet their customer service obligations before Ofgem awards them a licence to supply energy under proposals announced as part of the regulator’s ongoing review into supplier licensing arrangements. Over the last decade more consumers have benefited from competition in the energy market, which…
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Debt Purchaser, Lowell, has announced its Q3 results, for the period ending 30 September 2018. James Cornell, Group CEO, said “Our performance again shows that this is a resilient business, managed effectively to deliver growth and returns. “We seek growth that increases scale and diversification, while remaining mindful of leverage. Capital is deployed rationally for attractive…
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The Financial Conduct Authority (FCA) has proposed to introduce a price cap on the rent-to-own (RTO) sector. The cap, subject to consultation, will come into force on 1 April 2019 providing protection for some of the most financially vulnerable people in the UK. Once in force, the changes are expected to save consumers up to £22.7m per…
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