Credit, Collections & Insolvency News
Hitachi Capital UK has announced it has acquired of Franchise Finance, a specialist financial services provider to the franchising industry. The transaction boosts Hitachi Capital UK’s lending base to SMEs and franchisees, bringing considerable senior consultancy experience to the Group and helping to build a profitable portfolio within an underserved market. The acquisition also enables…
Read moreNew research from Paym, the UK’s mobile payment service, has found that one in five (21%) consumers have had a falling out over money – making it one of the most common reasons for friendship-troubles, causing more problems than politics (15%), or sport (10%). One of the main reasons for feeling awkward about owing money…
Read more
The Money Advice Trust has published its latest impact report which outlines the impact of its advice services, training and influencing work in 2017. The report shows that the charity’s National Debtline and Business Debtline advice services helped more people and small business owners to tackle their debts in the year than ever before, as…
Read more
The Financial Conduct Authority (FCA) has published an update on its Strategic Review of Retail Banking Business Models. The Review is an in-depth and wide-ranging piece of work to give the FCA a greater understanding of retail banks’ business models, and how these may change in the future. This includes looking at how personal current…
Read moreLatest figures from UK Asset Resolution (UKAR) has announced it has shrunk its balance sheet by 83%, or £96 billion, so far and repaid 79% of taxpayer cash. UKAR has said it is aiming to complete the wind down of mortgage books within three years. UKAR incorporates failed lenders Bradford & Bingley and Northern Rock…
Read more
Ofgem has confirmed the provisional order that prevents Iresa from taking on new customers, one-off payments and increasing direct debits for the foreseeable future after the supplier failed to resolve all its customer service failings. n March, Ofgem imposed a provisional order banning Iresa from these activities for three months. As part of the provisional…
Read more
Iresa Energy has come bottom of Citizens Advice’s energy star rating system. The company scored just 0.35 stars out of a possible 5 for its customer service between January and March this year. The supplier received the worst-ever complaints score recorded by Citizens Advice, receiving a score of over 9,000 complaints per 100,000 customers. This…
Read more
The Financial Coduct Authority (FCA) has announced proposed changes to complaint handling rules to help victims of authorised push payment fraud Authorised push payment (APP) fraud is where a fraudster tricks an individual consumer or micro business to instruct their payment services provider (PSP), such as their bank, to send money from their account to an…
Read more
New research by Moneyfacts.co.uk reveals that over the past 12 months the average unarranged overdraft fee has fallen from £53.61 to £39.23. Last year, NatWest and Royal Bank of Scotland made efforts to reduce fees on some accounts, and in November, Lloyds Bank decided to scrap both its £6 per month usage fee and £5…
Read more
Data specialist TDX Group has announced two new appointments, James Connolly joins as UK Business Development Director and Paul Eddie as UK Sales Director. James Connolly will lead TDX Group’s asset sale services. With over 20 years of industry experience, Connolly will focus on the collections and recoveries lifecycle across lending, retail, water and debt…
Read more
The expense system of businesses in the UK is in a farcical state, according to recent research of UK employees commissioned by expense software company Expend. Nearly 1/3 (29%) of respondents have asked friends or family for cash while out of pocket waiting for company expenses to be reimbursed or paid, showing the dire personal…
Read more
UK Finance has announced its latest household finance update for May 2018. The highlights from the report include: Credit card spending was 2.3 per cent higher in May than a year earlier, with outstanding levels of card borrowing having grown by 5.7 per cent over the year. The total of 193 million credit card purchases…
Read more
Technology specialist Phoebus Software has announced that it has increased its client’s lending and savings balances serviced on the Phoebus solution to over £40 billion. Phoebus multi-currency system services a broad range of products for banks, lenders and third-party servicers. The company has invested a large amount in research and product development over many years,…
Read more