Credit, Collections & Insolvency News
Urgent action is needed to tackle discrimination against benefit claimants by buy-to-let mortgage providers according to the Residential Landlords Association (RLA), following news that a landlord has had her mortgage revoked because she is renting to a benefit claimant. Helena McAleer, a landlord from Northern Ireland, contacted her bank, NatWest after she discovered that the…
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Britsh consumers are more ashamed of money worries than mental health issues as with 8 million suffering the secret financial difficulties alone according to new research. It has also found that families owe a record £213.5 billion on credit, with that 1 in 6 of carrying the mental burden of money problems alone. The research…
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A new report has revealed the extent to which consumers are fooled by false economies. Seven in 10 (70 per cent) consumers in the UK experience false economies with a fifth (20 per cent) falling victim at least once a month. With false economies being so prevalent in the British consumer experience, the report says…
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Computershare Loan Services has confirmed it has been appointed substitute administrator by Paragon Bank. The UK’s largest third-party mortgage servicer will undertake the role for their new securitisation, which closed in April this year and represents over £700 million-worth of prime, buy-to-let mortgages. Andrew Jones, Chief Executive Officer at Computershare Loan Services, said “Paragon is…
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Community service should replace the sanction of imprisonment for non-payment of Council Tax, according to the Civil Enforcement Association (CIVEA). The industry proposal is in response to a consultation by Financial Secretary, Mark Drakeford AM, which calls for a ban on imprisonment for anyone who does not pay their Council Tax. CIVEA, which represents the…
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Online research from Equifax, has revealed Brits want lenders to take factors, such as rental payment history, into consideration when it comes to applications for credit. Four in five Brits (80%) think lenders should consider their rental payments when it comes to approval or rejection on credit. The survey, conducted with YouGov, shows nearly half…
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The new energy price cap won’t cut bills for customers on three in ten dual-fuel deals, some of which cost almost £200 more than the cap per year for a medium energy user, according to new Which? Research. Which? looked at all energy deals available and identified more than 70 fixed deals that were more…
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Banks and insurance companies have announced that they will team up to fight cyber-crime by creating a new organisation which will oversee efforts to combat cyber-criminals. The new venture is backed by 20 large banks, insurers and security exchanges. It is scheduled to be launched early next year. Called the Financial Sector Cyber Collaboration Centre (FSCCC), the…
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Dilosk DAC, the parent of Ireland’s mortgage lender ICS Mortgages, announced that it is to acquire an interest in a €182 million portfolio of residential mortgages which were initially originated by Leeds Building Society, who have decided to exit the Irish market. The portfolio contains Irish Private Dwelling House Mortgages which are primarily performing and…
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The New Payment System Operator / NPSO – has announced it now has a new name and brand: Pay.UK. Pay.UK’s remit includes working in the public interest to ensure that the systems the country relies on for its banking transactions are safe, open, innovative and resilient. Every day, individuals and businesses use the services we provide…
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Citizens Advice Scotland has published evidence showing that demand for advice on rent arrears increased by 47% between 2012 – 2017. The new Citizens Advice Scotland report, which considers the causes and consequences of this rise, finds that changes to the social security system have been one of the key drivers of the problem, in particular,…
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Home credit lender, Provident Financial, has reported “further good progress” for this year’s third-quarter as it still recovers from a disastrous 2017. The latest company statement says that two of its divisions are under FCA investigation which has led to a £120m loss for the firm. However, the company is now seeing further progress in…
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Ofgem has appointed First Utility to take on supplying around 7,000 customers of Usio Energy, which ceased trading earlier this week. This follows a competitive process run by Ofgem to get the best deal possible for Usio Energy’s customers. First Utility is offering Usio Energy’s customers a competitive tariff and will honour all outstanding credit…
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