Credit, Collections & Insolvency News
New figures released by the Department for Work and Pensions (DWP) show over half of families on Universal Credit receive help with their housing costs, Citizens Advice says that problems with the new benefit – such as the long wait for payment – mean thousands could be at risk of falling behind on their rent.…
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Thursday 14th September marks ten years since the Bank of England’s announcement of emergency liquidity support for Northern Rock. What followed was the first run on a bank in more than 100 years. The news caused concern amongst members of the public, with images of queues at Northern Rock branches beamed around the world. The…
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The use of direct deductions from people’s benefits, by utility companies, housing providers, councils and others, to cover arrears payments is making it more difficult for families to pay for essentials and is forcing many to use credit to keep on top of bills. This is according to new research released today by StepChange Debt…
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Statutory debt relief and debt management products overseen by Accountant in Bankruptcy (AiB) have returned £80 million to creditors in the past year, according to the Annual Report and Accounts published by the Agency today (13 September 2017). A record 1,603 debt payment programmes under the Scottish Government’s pioneering Debt Arrangement Scheme were also completed in…
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UK Finance has released the latest card expenditure statistics for July, the highlights include: The number of card payments increased to 1.39 billion in July, largely because of the migration of cash payments to card and the increased use of contactless. Total spending was £57.8 billion, up from £54.2 billion in July 2016. Contactless payments…
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The Money Advice Service (MAS has launched a free new resource ‘How to use behavioural science to increase the uptake of debt advice’. The guide has been designed to assist debt advisers across the UK, to encourage over-indebted people to engage with their services. Money Advice Service worked with Ogilvy Change, a specialist behavioural interventions…
Read moreThe Payment Systems Regulator (PSR) and Bank of England (BoE) have announced that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to deliver against the mandate that the regulators tasked it with. Following the appointment of Melanie Johnson as its first chair, work will continue at pace to deliver the New…
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The number of low-income households in England and Wales receiving financial help from their water company has almost doubled to more than 400,000 in the past year, according to the Consumer Council for Water (CCWater). The water watchdog has welcomed the rise in support for cash-strapped customers but warned that it remains a drop in…
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Women are more likely than men to switch to an online-only bank, but both genders support new payments innovation, figures released by international law firm Paul Hastings show. The survey of over 2,000 consumers in the UK, part of a study into the future of alternative payment methods, shows that 24% of men and 30%…
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Boutique consulting business, Arum has announced record turnover to year end June 2017. Turnover is£4.47m up by 22% on the previous year with operating profit at 7%. Customer feedback is also strong with Arum seeing its Net Promoter Score move up to 66, regarded as an outstanding level for a professional services firm. Arum’s third consecutive…
Read moreFintech conference, LendIt Europe has confirmed its key note speakers for this years’ event. More than 120 speakers will take to the stage with expertise spanning banking, lending, technology and regulation. The two-day conference will offer a combination of keynote speeches, interactive panel discussions, and LendIt’s “PitchIt” competition, where eight of the best startups in fintech will…
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Over 35 riders from national law firm Moore Blatch braved the rain on Sunday to take part in their annual London to Windsor Bike Challenge in aid of the Child Brain Injury Trust (CBIT). The CBIT is a national charity that provides support to families affected by childhood brain injury. Donning their distinctive orange Moore…
Read moreThe Bank of Ireland has released its latest arrears and repossessions statistics. The Residential Mortgage Arrears and Repossessions Statistics for Q2 highlights indicate: The number of mortgage accounts for principal dwelling houses (PDH) in arrears fell further in the second quarter of 2017; this marks the sixteenth consecutive quarter of decline. A total of 73,706 accounts…
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