Credit, Collections & Insolvency News
Commenting on the September 2017 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 fall in new business volumes in September comes amid subdued consumer confidence which has affected the housing market as a whole. It follows six…
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Ofgem has announced a £150 cap on charges for installing pre-payment meters under warrant for customers in debt, and banned charges for the most vulnerable. Suppliers can apply to the court and install a prepayment meter under warrant, as a last resort when customers fall into debt. Under current rules, suppliers can charge warrant costs…
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The number of mortgages in arrears of 2.5 percent or more of the outstanding balance fell again in the third quarter of 2017, but cases of possession edged upwards from a historically low level according to new figures released by UK Finance. At 88,300, the number of loans in arrears was two per cent lower…
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New figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016. In September, credit card and personal loan new business together grew by…
Read moreArrow Global Group has announced its results for the nine months ended 30 September 2017 (Q3 2017). Commenting on the results Lee Rochford, Group Chief Executive Officer, said “In the first nine months of the year, Arrow continued to grow strongly and profitably. Portfolio purchases in the period increased by 30%, and we are on track…
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SSE and Npower (owned by Innogy) have agreed to merge SSE’s household energy and energy services business to form a new independent retail energy company. Innogy will hold a minority stake of 34.4 percent in the business, while SSE plans to demerge its 65.6 percent stake to its shareholders upon completion of the transaction. Last…
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New IFS research, funded by the Nuffield Foundation, looks at recessions, inequality, and the role of the tax and benefit system. It finds that planned benefit cuts will leave low-income households more exposed to the impact of future recessions. If falls in the earnings of workers seen between 2007–08 and 2011–12 happened again now, the…
Read moreThe Treasury Committee has launched a new inquiry into household finances. The Committee will take a broad look at the state of UK household balance sheets, including whether households are saving adequately in the current economic environment. It will scrutinise problematic indebtedness, inter-generational issues, lifetime financial planning, and the effectiveness of the market in financing solutions…
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The value of default and small claims judgments in Northern Ireland skyrocketed during the third quarter, according to figures released today by Registry Trust. The number of default and small claim judgments recorded in Q3 2017 rose by a quarter, to 2,186, compared with the same period a year ago. Rising 85 percent, the total…
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The Money Advice Trust has welcomed the government’s creation of a Financial Inclusion Policy Forum to drive better co-ordination in addressing the problem of financial exclusion. The move comes in response the House of Lords Financial Exclusion Committee’s report, A country that works for everyone?, in March 2017, which recommended ”a clear strategy for improving…
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Here is an overview of The Money Charity’s latest statistics for November 2017: Personal debt in the UK People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult. Per adult in the UK…
Read moreHoist Finance has appointed Klaus-Anders Nysteen as new CEO. Nysteen has a long and broad experience from the financial industry in companies such as Storebrand Bank, where he was CEO for four years, and most recently as CEO of Lindorff Group. Adding to that Nysteenhas a proven track record as a leader and vast experience…
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SSE and NPower’s owner Innogy have entered talks about merging their supply businesses into a new separate company. In a statement on SSE’s website the company said “In line with its stated commitment to embrace change in each of its businesses, adapting them to the political, economic, social and technological requirements of customers and of…
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