Credit, Collections & Insolvency News
The Bank of England latest figures has revealed that consumer credit increased by £0.8bn in September. This was less than in August, as new borrowing for car finance fell sharply. Consumer borrowing grew at its lowest rate for three years last month after car sales dropped 20 percent, The annual growth rate of consumer borrowing…
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More than half a million low-income households are now receiving financial help to reduce their water bills, according to the Consumer Council for Water (CCWater). But the Watchdog Water has warned that about three-quarters of nearly 3 million customers who say their water bills are unaffordable will not receive a penny of support unless water…
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Enforcement agency Bristow & Sutor (B&S) has announced the formation of a new Independent Advisory Panel, to be chaired by Anthony Sharp of Anthony Sharp Associates. The industry-wide consultancy has been launched to discuss all matters relating to credit and debt collection. The new Panel consists of experienced individuals drawn from the debt advice, regulatory and creditor sectors…
Read moreEquifax has announced a partnership with consents.online which will integrate Equifax Bank Account Verifier into the Open Banking journey. The new solution means identity information such as the consumer’s name, address and date of birth, can for the first time be matched with transaction data provided through Open Banking in real time. This will help reduce fraud, allowing…
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Computershare says it has maintained its status as the best rated UK third-party mortgage servicer following the publication of a report on its operations by global agency Fitch. In its paper, Fitch Ratings affirmed Computershare Loan Services’ UK Residential Primary and Special Servicer Ratings as ‘RPS1-’ and ‘RSS2+’ respectively. Andrew Jones, Chief Executive Officer at…
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The Financial Conduct Authority (FCA) has today published the complaints figures for regulated firms for the first half of 2018. Complaints continued to increase for the fourth successive half year, reaching a new record level of 4.13 million complaints made to 3,161 firms. This was a 10% increase compared with the previous 6-month period. 98%…
Read moreThe creditworthiness Assessment Bill bill has been delayed at the House of Commons. The creditworthiness bill is designed to ensure that people’s record of paying rent is taken into account when they seek loans or mortgages – at the moment she argues the system essentially discriminates against tenants and in favour of property owners. Rhona Parry,…
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The introduction of Universal Credit is causing unacceptable hardship and difficulties for many of the claimants it was designed to help according to a report by the Government’s public accounts committee. The report says that while the Department is responsive to feedback on its digital systems from staff, it has persistently dismissed evidence that Universal…
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Affordability specialist Bean has announced that is set to be acquired by BGL Group (subject to regulatory approval).BGL Group is a leading digital distributor of insurance and household financial services, and owner of brands including comparethemarket.com and life insurance provider Beagle Street. Bean is owned Saverd, the company behind personal the finance app. Bean’s digital personal finance…
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The Central Bank of Ireland has fined E-Services & Communications Credit Union (ESSCU) €155,000 and reprimanded it for a contravention of regulatory requirements contained in Section 21 of Central Bank Reform Act 2010. The contravention was admitted by E-Services and the enforcement action has been concluded by way of settlement agreement between the parties. A…
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Research from comparethemarket.com has revealed that nearly one third (30%) of consumers do not think they would be eligible to borrow any money in the form of a mortgage. Nearly 13 million people are estimated to be affected, as exclusive polling reveals that many applicants do not take the necessary steps required to boost their eligibility and…
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Home improvement finance facilitator Consumer Credit Solutions (CCS) has announced that it has appointed Lewis Jenkinson to provide support to its retail partners and assist with consumer finance compliance. CCS Executive Director, Peter Nicholson, said: “We have always been committed to providing the best possible service to our retail partners, and to ensuring they have…
Read moreMansfield Building Society has announced that it has appointed Paul Lewis as its new National Development Manager. Lewis joins from RBS, where he spent 15 years, most recently working as a senior private banking manager. Previous to that, he spent time at Direct Line Group among other financial services firms. Mansfield Commercial Development Executive Richard…
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