Credit, Collections & Insolvency News
Ofgem has launched an investigation into Energy company Iresa’s customer service processes. The investigation will examine whether Iresa broke rules relating to customer information and customer contact. This includes examining whether they treated customers fairly in their call handling and complaints processes, gave indebted customers sufficient notice that they were taking a debt repayment out of…
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In response to the Business, Energy and Industrial Strategy (BEIS) Select Committee pre-legislative scrutiny of the draft Domestic Gas and Electricity (Tariff Cap) Bill, Gillian Guy, Chief Executive of Citizens Advice, said “As this report makes clear, both loyal and vulnerable energy customers have been the victims of a dysfunctional market and have been ripped…
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According to new research by Visa, household spending fell by 1.2 percent in January, compared to a year ago. This is the first time there has been such a decline since 2013 Mark Antipof, Chief Commercial Officer at Visa, commented “Consumer spending entered the New Year on a downbeat note, falling for the eighth time in…
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The Office for National Statistics has published its latest UK consumer price inflation figures showing the Consumer Prices Index was at 3% in January 2018, unchanged from December 2017. Jane Tully, director of external affairs at the Money Advice Trust, the charity that runs National Debtline, said: “Inflation remains high at three percent with wages…
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The Insolvency Service has announced that two directors involved in a debt management business whose actions caused distress to members of the public who were already in financial difficulty have been disqualified. Stephen Anthony Wooley and Kevin John Dursley gave disqualification undertakings to the Secretary of State for Business, Energy and Industrial Strategy following an investigation…
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Collections specialist Grosvenor Services Group has announced two new appointments to its team. Russell Brewin has been brought on board as head of field operations, whilst Keigley Griffiths has been appointed as a new account manager. Brewin has 21 years’ of industry experience at NPower, where he was responsible for field operations, debt collection and…
Read moreMortgage lending for first-time buyers, home movers and buy to let purchases all fell in December 2017 compared to the previous year. UK Finance’s latest mortgage trends update reveals. However, 2017 overall saw the highest number of first-time buyers (365,000) since 2006. There were 30,800 new first-time buyer mortgages completed in December, 5.2 percent fewer…
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The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) has announced the appointment of Marshall Bailey as Chair of the Financial Services Compensation Scheme (FSCS) with effect from 1 April 2018. The appointment was made by the FCA Board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury. Marshall Bailey…
Read moreResearch from Scottish Widows suggests that one in five Brits are in a financially incompatible relationship. According to the survey of couples – both living together, living separately and those who are married – almost a fifth (17%) wish they had discussed finances earlier in a relationship. More than a third (34%) of divorcees cited…
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A surge in consumer credit growth and the prospect of faster-than-expected interest rate rises have recently prompted concerns about the possibility of a fresh debt-bust in the UK, but it is the continuing overhang from the last crisis that is of more concern, according to a new Resolution Foundation report published today. With levels of…
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The government has launched a consultation asking for views on amending the Digital Economy Act to bring in data-sharing measures that could help bring down the bills of those most at risk of fuel poverty. The consultation will explore the use of powers which would allow the sharing of information between public authorities and energy…
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During 2017, 22,763 debt decrees were registered against Scottish consumers, nine percent more than in the previous year according to latest figures by The Registry Trust. The combined value of all consumer decrees was £64m, just two percent higher than 2016. The mean average value of a consumer decree decreased seven percent. Dropping 10 percent,…
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Trade association Energy UK has launched a new independently-chaired commission which will hold hearings across the UK over the coming months to hear from consumer, elderly, disability and mental health groups as well as experts on financial vulnerability. It will consider how vulnerability affects a customer’s ability to engage with the energy market and how…
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