Credit, Collections & Insolvency News
A new report published the Institute of Fiscal Studies (IFS) suggests that a quarter of very low-income households have high debt repayments or are behind on bills or repayment. The size of overall unsecured household debt tells us little about how much ‘problem debt’ there is. Over 60% of unsecured debt is held by households…
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New research from GoCompare Money has revealed that Brits are hiding a collective £13bn worth of secret personal debt from their friends, families and even their partners. The study from the comparison site found that 40% of UK adults had some form of personal debt (excluding mortgages), owing £6,131, on average. However, despite nearly a third (29%)…
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The Consumer Finance Association (CFA), the principal trade association for short-term lenders, has appointed Lucy Donovan as their Head of Communications, a new role that will cover public relations, public affairs and member engagement. Lucy joins the CFA after six years with one of the UK’s largest short-term lenders, where she held various communications roles.…
Read moreThe total value of fraud has risen 538% to £2.11bn in the last 15 years and is up 6.5% from £1.99bn in 2016. Volume of reported fraud increased 172% to 577, up from 212 cases in 2003. Fraud in the financial services sector increased dramatically in 2017 rising 318% to just under £900m according to latest research…
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Used car buyers are 11 times more likely to enter their personal details into a dealer’s online motor finance facility if it doesn’t leave a footprint on their credit record, new research from iVendi shows. James Tew, CEO, said that offering potential customers the option to make a “soft search” and look at range of…
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Responding to the Energy and Climate Information Unit’s report on the profits of electricity distribution network companies, Citizen Advice has said Energy network companies “making billions in excess profits at the expense of consumers”. Gillian Guy, chief executive of Citizens Advice said “Electricity distribution companies are making billions more than expected by Ofgem at the expense…
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The average adult will shell out £4,600 on ‘financial’ New Year’s resolutions such as conquering their debts or moving house, according to a study. Expensive pledges such as paying off debt, buying a car and travelling the world are just as popular as traditional resolutions such as quitting smoking. The average person will attempt two…
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Unsecured credit to UK households contracted in Q4 2017, the Bank of England’s (BoE) quarterly Credit Conditions Survey has found. Lenders also said they intended to tighten criteria for the unsecured credit sector, after an increase in default rates during Q4. Overall demand for unsecured lending products excluding credit cards fell during the period, for…
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Credit card specialist Newday has been fined £230,000 by the Information Commisioners Office (ICO) after they failed to ensure automated emails were sent to individuals who had consented to receive marketing. Newday was fined £230,000 after it was found to have sent over 44 million spam emails. Andy Curry, ICO Enforcement Group Manager, said “Firms…
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New figures from Highways England revealed that 200,610 drivers who did not pay the Dart Charge, for the Dartford Crossing between Kent and Essex, were visited by debt collectors. The automated toll was introduced in November 2014 in an effort to ease congestion and help traffic at one of the countries busiest roads. In 2016…
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Figures released today show that 2017 was another record-breaking year for Bacs Payment Schemes Limited (Bacs), with over 6.34 billion payments, worth a total in excess of £4.9 Trillion, processed by the company behind Direct Debit in the UK. At the end of June 2017, a huge 111.7 million Direct Debits and Bacs Direct Credits…
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New figures released by the Finance & Leasing Association (FLA) show a growth in new business of second charge mortgages in November 2017. Commenting on the new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said: “The second charge mortgage…
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Consumer insight specialist, Callcredit Information Group, is predicting the emergence of a dual speed data economy as the phased adoption of Open Banking starts on 13th January 2018. Callcredit anticipates a gap will emerge between those businesses that are willing and able to harness the additional potential insights and enhanced consumer benefits Open Banking brings,…
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