Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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…
Read moreUK Finance has responded to reports on a call from Macmillan Cancer Research for a change in the law to ensure banks do more to support vulnerable customers – putting a legal and moral obligation on banks to negotiate solutions like mortgage holidays or revised payment plans. UK Finance said in a statement: “Banks and…
Read more
Following an application by the Central Bank of Ireland, the High Court has appointed liquidators to Charleville Credit Union. The Central Bank decided to use its legal power to apply for the winding-up of Charleville having given due consideration to the circumstances detailed in the Resolution Report and Wesley Murphy’s affidavit. These documents detail breaches…
Read more
This week (13th – 19th November) seen the launch of the UK’s second Financial Capability (FinCap) Week. The purpose of this year’s theme #TalkMoney is to encourage people to do just that, to talk about money in the workplace, community and across social media platforms. Co-ordinated by the Money Advice Service (MAS), the week is…
Read more
The use of bailiffs to collect debts owed to local authorities in England and Wales has jumped by 14 percent in two years, according to new research by the Money Advice Trust. More than 2.3 million debts were passed to bailiffs by local authorities in 2016/17 according to the research, based on Freedom of Information…
Read more
Elevate UK trading as online lender ‘Sunny’ has announced the appointment of Alan Lunt as its new Finance Director. Lunt brings over a decade of leadership experience to the business, with a strong record of growing businesses, improving efficiency, and successfully managing process and change. Prior to joining Elevate UK, Lunt held several leadership roles…
Read more
The number of county court judgments (CCJs) against consumers in England and Wales rose during the third quarter according to figures released by Registry Trust today. In Q3 2017, 317,793 consumer CCJs were registered in England and Wales rising 24 percent compared with the same period of the previous year. This followed the general trend…
Read more
New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 11% in September, compared with the same month in 2016, while the growth in the value of new business was flat over the same period. In Q3…
Read more
New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q3 2017 was 23, 25.8% lower than in the same quarter in 2016. The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q3 2017 was…
Read more
Italian debt purchaser MBCredit Solutions has completed the acquisition of the “Sherazade” portfolio from Intesa Sanpaolo, comprising a stock of unsecured non-performing exposures (NPEs) with a nominal value of approx €600million. The agreement consolidates the Mediobanca Group company’s leadership position in the retail unsecured NPE segment, with MBCredit Solutions now a leading player in the…
Read more