Credit, Collections & Insolvency News
People who don’t think they can pay their debts are being given thousand of pounds of credit they haven’t asked for, Citizens Advice has warned. Fresh evidence from the charity suggests that 6 million people have had their credit limit increased in the last year without their consent – and 32% of those showing signs…
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The Fairbanking Foundation has announced a new under its new partnership with housing association Orbit to support customers to manage their money The Partnership will enable Orbit’s front line advisors and 100,000 customers to access the guidance from the Fairbanking Foundation’s independent certification scheme, the Fairbanking Mark, which tests whether financial products such as current…
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Cabot Credit Management has completed the acquisition of Wescot Credit Services , a leading UK contingency debt collection and business process outsourcing (BPO) services business. Ken Stannard, Chief Executive Officer, Cabot said “We are delighted to welcome Wescot to our company and we are excited this acquisition has coincided with winning a major outsourcing contract…
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BSI, the business standards company, has launched a new code of practice that gives recommendations to organisations for protecting vulnerable customers from financial harm that might occur as a result of fraud or financial abuse. Sponsored by NatWest, the code of practice, PAS 17271:Protecting customers from financial harm as a result of fraud or financial…
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Technology specialist Webio has been signed up to take part in specialist google programme. Webio will take part in the Blackbox Connect 20 programme which runs from November 28th to December 8th, and brings founders from top accelerators around the world to take part in a two-week, fully immersive program where they live and work in…
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Fife Council wrote off more than £2million in unpaid council tax last year. Latest figures show that Scotland’s third-largest local authority had written off £2,106,525 during 2016/17, up from £1,879,113 in 2015/16. Les Robertson, head of revenue and commercial services at Fife Council, said: “In Fife we have seen year-on-year improvements in the overall collection…
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Street UK CIC has released its annual Social Impact Report. The report says that stagnant wages and increasing inflation means that household budgets are being squeezed, with more families racking up unsecured debt. High, uncompetitive interest rates offered to the most vulnerable families can lead to further pressure and becoming stuck in a cycle of…
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New research by Callcredit Information Group found that the number of fraud professionals planning to use machine learning to tackle fraud in the next three years has doubled from 11% last year (2016) to 22% in 2017. In comparison, the number planning to deploy document verification to validate customers’ identity reduced by over 75% in…
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UK Finance has released its latest mortgage data. On a non-seasonally adjusted basis, the data shows that total mortgage lending declined in September but remained higher than in the same month last year. On a seasonally adjusted basis, lending to first-time buyers and movers was higher than in August, and there were year-on-year increases by…
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The Financial Conduct Authority (FCA) is planning to increase the amount mortgage finance providers pay towards the Money Advice Service debt advice levy. Mortgage finance providers currently pay £21 million ( 44%) of the levy this year. Under FCA proposal this will increase to £24 million or 50%. A new fee block will also be…
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Energy UK has set out principles to provide improved safeguards for smart meter prepayment customers switching supplier. With most of the UK’s small, medium and large energy suppliers having signed up to the principles, their customers will all benefit from the improved processes. Suppliers that have signed the principles will agree to implement them as…
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Energy supplier Bulb Energy has called on the Big Six to “step up” and do more to help vulnerable customers. In its submission to Ofgem’s consultation on the emergency price cap, the supplier claims 3.9 million vulnerable households will miss out on potential savings. Bulb Energy has also called on the Big Six to reduce…
Read moreVernon Building Society has appointed Adam Evetts to the newly created role of Chief Risk Officer. Evetts joins from West Bromwich Building Society where he held the role of head of financial and credit risk for almost five years. Prior to that he was head of credit risk at the Yorkshire Building Society and has…
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