Credit, Collections & Insolvency News
Research by Saga Money found that while retired people want to save to pass on an inheritance, their children would rather they spent the money on living today.. More than eight in ten children say they would rather their parents spent their money in retirement than leave them an inheritance, yet four in five parents…
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West Wales Credit Union has ceased trading. The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of West Wales Credit Union Limited; which has stopped trading and is now in default. This means it cannot re-pay deposits to its 1,700 members. FSCS will compensate the vast majority of members within seven days.…
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AIB Group, the Irish Mortgage Holders Organisation(Irish Mortgage Holders Organisation) and iCare Housing has announced a joint initiative aimed at keeping customers in difficulty with their mortgage, and who qualify for social housing, in their own homes. iCare Housing, a not-for-profit Approved Housing Body was set up for the purpose of providing and managing social…
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NatWest has become the first bank to launch a paperless mortgage. The bank’s customers can now apply for a completely digital mortgage which uses the latest technology to securely share and verify documents online. The new proposition means customers do not need to post signed paperwork or identification back and forth. This marks the first time…
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Research from independent car buying site, carwow, reveals that nine in ten Millennials are renting or leasing modern day essentials such as cars, homes and mobile phones because it’s the only way to afford to them. Due to soaring living costs, a poll of 2,000 car owners by carwow shows that one in two millennials…
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The Insolvency Service has released a statistical breakdown of individual insolvencies in England and Wales, by region, county, unitary authority and local authority levels. The statistics also include age and gender breakdowns of individual insolvencies at region level. The statistics cover the calendar years 2000 to 2016. Main Messages The total insolvency rate increased for…
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The CCUA has announced that Shannon Salter, Chair of the Civil Resolution Tribunal of Canada as will be the keynote speaker at this year’s annual conference. This year’s CCUA Conference will be held on Tuesday 17th October at The Birmingham Council House in central Birmingham. THe CCUA said ” We are delighted to welcome Shannon Salter,…
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Wonga has posted pre-tax losses of nearly £65m for 2016 but says it is expected to return to profit in 2017. The annual report shows revenue was £76.7m, up from £65.2m. Wonga has said that it is on track to return to profitability in 2017, now that its sponsorship of football team Newcastle United had ended. The group…
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HSBC is testing a new smartphone nudge app which will help people track what they spend money on and sends out spending limits alerts. Customers can add different back accounts from up to 21 money sources and keep track of all their balances in one app. The app is being trialled with 10,000 customers and will…
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Ofwat has called on water companies to do more to help customers in debt and to also support consumers at risk of being in debt, to help pay their bills. In a media statement, Ofwat said performance among water companies in dealing with bad debt varies, but the sector as a whole lags behind its…
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Financial fraud losses of £366.4 million in the first half of 2017 were 8 per cent lower year-on-year, figures from UK Finance show. The data, which covers payment cards, remote banking and cheques, also shows that the industry prevented over £750 million of fraud during the same period, or 67 per cent of attempted fraud.…
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Paul Horlock has been appointed as the Chief Executive of the UK’s new payment system operator, which has been established to develop the capability and capacity of the UK’s retail payment systems, which between them process over £6.4 trillion pounds of payments every year. Horlock has worked in the banking sector for over 15 years,…
Read moreCitizens Advice Cymru has called on the Welsh Government to ban letting agent fees in Wales. New analysis from the charity reveals that renters in Wales pay at least £3 million a year in fees when they move into a privately rented home, with charges averaging £178. The total figure could be even higher as…
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