Credit, Collections & Insolvency News
The number of Scots entering insolvency solutions has held steady compared to a year ago, according to latest figures released by Accountant in Bankruptcy (AiB). Statistics show there were 2,472 total personal insolvencies, which include awards of bankruptcy and protected trust deeds, in the second quarter of 2017-18, compared to 2,460 for the same quarter…
Read moreThe number of debt judgments recorded in Ireland’s Four Courts fell during the third quarter of 2017, according to figures released today by Registry Trust. Of the 655 judgments recorded, 503 were against consumers and 152 against businesses. Consumer judgments were down nine percent compared with the same period last year. Business judgments rose slightly…
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The Financial Ombudsman Service (FOS) has published its latest quarterly complaints figures. The data includes the number of enquiries and complaints passed to an ombudsman for a final decision, and the proportion of complaints resolved in favour of consumers. The data for the second quarter showed that new complaints received during July, August and September 2017.…
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Free debt advice provider PayPlan is encouraging loan and mortgage intermediaries to do more when it comes to consumers who have previously been declined credit. PayPlan believes that consumers who are declined credit due to affordability reasons following the application of a loan or mortgage to consolidate their debts should be signposted to independent debt…
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A new scheme, announced jointly by Water UK and Energy Networks Association (ENA), will improve the process for customers to sign up to the Priority Service Register (PSR), a free service provided by utility companies to customers who may require additional support. Any customer who finds themselves in a vulnerable situation will be able to…
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The FCA has announced today that it is investigating the circumstances surrounding a cybersecurity incident that led to the loss of UK customer data held by Equifax on the servers of its US parent. The FCA has released a short statement announcing the investigation but did not provide further details. Earlier this month, Equifax admitted…
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The impact of the cost of childcare on a family’s finances has been revealed in a new report, with childcare costs overtaking the cost of mortgage payments. The cost of childcare, has, in some cases, seen some parent turn to payday loans as a quick fix. As part of a UK-wide investigation, Admiral Loans researched…
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The Government has announced new plans which would mean people struggling with serious debt may soon benefit from a ‘breathing space’ from their bills. The Government is seeking views as it develops a way to provide individuals in debt with up to six weeks free from further interest, charges and enforcement action. This period would give those affected…
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Following engagement with the Financial Conduct Authority (FCA), BrightHouse has committed to pay over £14.8 million (in the form of cash payments and balance adjustments) to 249,000 customers in respect of 384,000 agreements for lending which may not have been affordable and payments which should have been refunded. BrightHouse (a trading name of Caversham Finance)…
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The Consumer Finance Association (CFA), bringing together CFA and the BCCA, has announced the election of Julian Graham-Rack to the position of President of the newly merged association. He was elected by the new Board of directors. Caroline Walton (former President) and Richard Fuller (Chairman of the BCCA) have stepped down from their roles. Graham-Rack,…
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The Financial Conduct Authority (FCA) has published the data on the number of complaints reported by firms for the first half of 2017. In total, 3.32 million complaints were recorded by firms in the first half of 2017. This compares to 3.04 million in the second half of 2016. Since June 2016, firms have been…
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The Financial Conduct Authority (FCA) has today banned Adrian and Christine Whitehurst, former directors of debt management firm First Step Finance Limited (now dissolved), for dishonestly misappropriating client money. Over 4000 customers lost a total in excess of £6m as a result of their actions. Between them, the Whitehursts ran First Step Finance, a debt…
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Debt purchaser Cabot Credit Management has confirmed its intention to proceed with an initial public offering (the “IPO” or the “Offer”) on the London Stock Exchange. Ken Stannard, Chief Executive Officer of Cabot Credit Management Limited said: “This is a very exciting episode in Cabot’s continued growth and development. Having built strong and entrusted Credit…
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