Credit, Collections & Insolvency News
The government has published a report on Household debt. The report includes the latest statistics and forecasts for household debt in the UK and international comparisons. There is also a guide explaining how to understand and interpret household debt statistics and a summary of research looking at its effects on the economy. In the report…
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The Solicitors Regulation Authority (SRA) has published independent research exploring the experiences of potentially vulnerable people using family law services. The report has found that consumers are commonly using loans, credit cards, and payment plans to access legal advice as the cuts to legal aid continue to affect the most vulnerable. While 84% consumers seeking…
Read moreThe government has announced that it will be cracking down on misleading consumer practices including subscription traps, where people pay subscriptions they aren’t aware they’ve agreed to. A report from Citizens Advice last year found as many as 2 million people struggle to cancel continuous payments – often used for buying products online – and…
Read moreThe board of debt judgment registrar Registry Trust has designated Nick Rossiter its new Chief Executive Officer with effect from July this year. Rossiter has worked with Registry Trust for 13 years, initially as operational manager and more recently as an Executive Director and Chief Operating Officer. Last year he was appointed Deputy Chief Executive. Rossiter will…
Read moreAccountant in Bankruptcy (AiB) has appointed respected insolvency sector figure Mike Norris to its Advisory Board. Norris joins AiB as a non-executive board member to offer independent challenge and professional expertise to the Executive Agency of the Scottish Government. Since 2008, Norris has headed up the UK, Canadian and Dutch operations for Max Recovery, the leading…
Read moreA Court of Appeal decision handed down earlier in the week has significant implications for thousands of personal insolvency procedures, says insolvency trade body R3. The Court of Appeal’s judgment in the case of Green v Wright has clarified what should happen to payment protection insurance (PPI) refunds paid to people who have completed an…
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Callcredit Information Group has announced the appointment of three new global market development leaders. Eamonn Tierney, the Group’s current Managing Director, Credit Solutions, will move to head up a consolidated UK business development team. Rick Biggs, the Group’s current Managing Director, Software, Analytics & Fraud, will become the head for the Group’s International Markets. A new head…
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Morses Club has announced its latest company results to 25th February 2017. Total credit issued increased by 18% to £144m compared with the prior year, with customer numbers increasing by 9% to 216,000 as at 25 February 2017. This increase reflects the success of new territory builds and acquisitions in our core home collect credit…
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Arrow Global has announced its preliminary results for the year ending 31st December 2016. The results showed a record year for organic portfolio purchases of £223.0 million (2015: £176.3 million). Purchased loan portfolio asset base and loan notes increased by 37.2% to £804.1 million (2015: £586.3 million*), which is reflected in the increased value of the…
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Consumers spent £647 billion using payment cards in 2016, new figures fromThe UK Cards Association show. There were 14.8 billion card transactions in 2016, equivalent to 40.5 million transactions a day or 469 a second, data from The UK Cards Association shows. Three-quarters of retail spending (76.4 per cent) was on payment cards. Retail spending on…
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As the Bank of England’s latest money and credit statistics show an increase in consumer borrowing, Citizens Advice says right now more people are seeking help for debt problems from essential household bills. The Bank of England’s figures for January 2017 show consumer credit grew by 10.3% in the year to January to £194 billion.…
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The Office for Budget Responsibility (OBR)’s forecast for average earnings projects that median household income will not grow at all for the next two years. The Institute for Fiscal Studies (IFS) has calculated the future effects of the economic downtown indicating that following on from the deep recession and already-tepid recovery, this would leave median…
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The Bank of England has released it’s latest Money & Credit statistics for January 2017. In response to the statistics, Peter Tutton, Head of Policy at StepChange Debt Charity, said: “While the consumer credit growth rate has slowed, the level of outstanding unsecured debt continues to increase by more than 10% year on year and another £1…
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