Credit, Collections & Insolvency News
National free debt advice provider PayPlan has announced that it is continuing its commitment to tackling the stress and stigma of financial problems head-on with the launch of a new campaign. ‘Debt Heroes’ has been designed to encourage those with money issues to reach out for free help sooner. Hosted on the PayPlan website, it…
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Here is an overview of The Money Charity’s latest statistics for April 2018: Personal debt in the UK People in the UK owed £1.578 trillion at the end of February 2018. This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult. Per adult in the UK that’s an average debt of…
Read moreLatest government figures indicate that the UK unemployment rate fell 0.1 percentage point from the previous quarter to 4.2%. Responding to the figures Campbell Robb, Chief Executive of the independent Joseph Rowntree Foundation said “More people in work, but many still trapped in poverty. Whilst it is welcome that more people are in work than…
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The first non-bank payment service provider (PSP) has joined a UK payment system settling in central bank money. TransferWise, a Financial Conduct Authority (FCA)-regulated PSP facilitating the international transfer of payments, is now a direct participant in the UK’s Faster Payments system. A key component of this work involved the Bank extending settlement account access…
Read moreFive commissioners have been appointed to the Commission for Customers in Vulnerable Circumstances. The new appointments are Joanna Elson, Chief Executive of the Money Advice Trust, Simon Crine, Director at the Money and Mental Health Policy Unit, Caroline Wells, co-founder of the disabled access review website MeIncluded, Janet Morrison, Chief Executive of Independent Age and Audrey Gallacher, Director of…
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According to research by Callcredit Information Group, 30% of consumers see defaulting on a loan payment as being the fault of the lender rather than the borrower. The study also revealed that consumers are increasingly feeling financial pressure, with almost half (45%) saying the financial burden on their personal finances has increased and that they…
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Identity intelligence specialist GB Group has announced its latest financial results. In a statement, the company said it expects to report a 53% improvement on its operating profit. In a trading update ahead of its final results in June, the Chester-based business said it anticipates operating profits of £26m for the year to March 31,…
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Avantcard has announced that it will acquire Tesco Bank’s Irish credit card portfolio for an undisclosed sum. About 27,000 customers of its banking unit, Tesco Bank, to be transferred to Avantcard as a result of the agreement, which is subject to regulatory approval. The transition is expected to be carried out by autumn. The terms of…
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UK fraud prevention service, Cifas has released a new report identifying and detailing the fraud trends from over 300,000 cases of fraudulent conduct recorded in 2017. The data, from 306 organisations, including many major UK brands, is one of the most comprehensive pictures of fraud and fraudulent attempts in the UK. Although there has been…
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Mortgage lending for first-time buyers, home movers and remortgages increased in February 2018 compared to the previous year according to UK Finance’s latest mortgage trends. Total homeowner purchases, which combine both home movers and first-time buyers, reached 50,000, the highest level for February since 2007. There were 25,200 first-time buyer mortgages completed in February 2018, some…
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HM Courts & Tribunals Service (HMCTS) has announced that Tim Parker has been appointed as the new position as Chairman of the Board. The board is responsible for overseeing the leadership and direction of HMCTS and ensuring that it effectively delivers the aims and objectives set by the Lord Chancellor, the Lord Chief Justice and…
Read moreA third of millennials could be forced to rent in retirement, according to a report from the Resolution Foundation. Up to half of that generation could also be renting into their 40s, and around 40 percent are renting at the age of 30. A Resolution Foundation statement says: “Our estimates suggest that if recent conditions…
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The proliferation of new payment methods, e-wallets, and blockchain cryptocurrencies has allowed cheap and rapid payments for everything from holiday cash to business to business transfers. However, this boon is part and parcel of the new ‘trust economy’ and it is not risk-free. Businesses will have to intelligently respond to the increased hazards posed by…
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