Credit, Collections & Insolvency News
Latest figures published by the Money Charity indicate that outstanding debt on mortgages has hit all-time high in the UK. Continued growth in house prices, along with a small decline in the number of outstanding home loans has led to the highest level of mortgage debt per household ever recorded. In its October Money Statistics report,…
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Arrow Global has announced that Rob Memmott, who has been in the business for six years, has decided to step down as Group Chief Financial Officer (CFO). Paul Cooper, currently CFO of the international insurance business Sompo Canopius, will replace Rob as Group CFO and will join the Board when he starts on in January…
Read moreNew research published today has found that mental health professionals are being forced to deal with patients’ wider problems rather than treating their illness, as more and more of them struggle with issues such as debt and benefits. A report by the Money and Mental Health Institute reveals mental health professionals – including psychiatrists and…
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Bean a “next-generation price comparison service”, has launched to help so-called JAMs – the Britons who are just about managing – reduce recurring payments and maximise income, saving them hundreds of pounds a year. Bean connects to individual bank accounts and tracks all regular payments, such as direct debits and subscriptions, alerting users to opportunities…
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Over the past year, UK consumers’ unsecured debt, amassed primarily on credit cards, student loans, car financing and overdrafts, has reached an all-time high of close to £300bn, or £11,000 per household, growing at a faster rate than at any time in the past 15 years, According a new PwC analysis report. As evidence of…
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The Financial Conduct Authority’s (FCA) has warned of a pronounced build-up of debt among young people. In an interview with the BBC, FCA Chief Andrew Bailey has highlighted the ‘growing debt burden’ on young people. The warning, which follows a tour of visits by Andrew Bailey to debt charities including National Debtline, coincides with new…
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Suppliers must do more to help those in debt, Ofgem has said, as new research shows that customers are building up on average over £600 in unpaid bills on their gas and electricity accounts before suppliers step in to help them manage paying it back. Ofgem has published its annual report on how suppliers treat…
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The Central Bank of Ireland has made an application today to the High Court to have provisional liquidators appointed to Charleville Credit Union . David O’ Connor and Jim Hamilton of BDO were appointed as joint provisional liquidators. The Central Bank has made this application as it has formed the view that Charleville Credit Union …
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The Money Advice Liaison Group (MALG) has announced its line for its 30th annual Conference. The conference provides money advisers, creditors, and stakeholders with an opportunity to network and debate current and future issues in the spirit of ‘working together to improve the lives of people in debt’. The 2017 conference, sponsored by Cabot Credit…
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New Government figures show that less than half of eligible English councils have begun allocating their share of the £300 million business rates hardship fund launched six months ago. Sixteen English councils have not implemented any of the three business rates relief measures announced by the Chancellor at the Spring Budget. The area worst affected…
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Provident Financial has confirmed its loss of up to £120m for the year and announced a recovery plan which includes the search for a new Chief Executive. Provident Financial said it’s expecting a pre-exceptional loss for its consumer credit division of £80m-£120m for 2017, and won’t be paying a dividend this year. The loss remains…
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Low-income households are becoming increasingly exposed to rent increases according to the Institute For Fiscal Studies (IFS). The research has found that the proportion of people in Great Britain living in private rented accommodation has more than doubled since the mid-1990s. Over the same period, average private rents have risen by 33% in real terms.…
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The government has confirmed it’s draft legislation to create a price cap in the energy market. Responding to the announcement Gillian Guy, chief executive of Citizens Advice, said: “The runaway costs of default energy tariffs need to be tackled, and this draft bill is an important step towards an energy market that works better for…
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