Credit, Collections & Insolvency News
Overseas buyers and British expats without correct advice are finding it increasingly difficult to purchase property in the UK, according to research provided deVere Mortgages. The observation follows the introduction of new tougher requirements for buy-to-let borrowers year by UK lenders. Darren Mead, Head of Mortgages at the firm, which is part of deVere Group, one of…
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The Money Advice Service (MAS) has announced that the Standard Financial Statement (SFS will) begin operation on 1st March 2017. The Money Advice Service also thanked the many advice agencies, creditors, trade bodies and others involved in its development, including Money Advice Liaison Group (MALG) members who were part of the governance group. The first…
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Ecology Building Society has announced the appointment of Martin Sims as its new Chief Operating Officer (COO). Sims joins after more than six years at Co-op Bank, having most recently served as senior manager for mortgages. Sims has also held positions at Royal Bank of Scotland and HBOS. Paul Ellis, CEO of Ecology, said “I…
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https://www.theguardian.com/business/2017/feb/22/australias-record-household-debt-a-threat-to-economy-says-reserve-bank-chief
Read moreThe number of guarantor loan problems Citizens Advice has helped people with has risen by 40% over the last year, latest figures show. When taking out a guarantor loan the borrower gives the name of a guarantor, normally a friend or family member, who is then pursued for payment if the borrower can’t repay. Last…
Read moreResponding to the Government’s consultation on a new single financial guidance body, LV= says that the new body should be required to report on the consumer outcomes of guidance, as well as the number of people it refers to regulated financial advice at retirement. This should ensure consumers are being supported to make the right…
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Oxygen Finance has tannounced the acquisition of Satago. The transaction will see the businesses working together to offer comprehensive early payment, finance and cash flow solutions for both large buying organisations and suppliers of all sizes, including SMEs. Oxygen provides the capability for large public and private sector organisations to pay suppliers ahead of contracted…
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Inequality is on the rise, with the difference in financial fortunes between low and high income families becoming starker over the past year, according to Aviva’s latest Family Finances Report. At the same time, families are also facing increased financial pressure from stalling incomes and savings, combined with rising debt and inflation fears. The savings…
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Salford city council has launched an ‘anti-poverty strategy’ which will ‘robustly review’ the Council’s debt collection practices. Salford Mayor, Paul Dennett has launched the initiative. Dennet said “We want our work to become a beacon of best practice in the fight against poverty.” The strategy promises a review of the Council’s debt collection. “Our collective debt collection…
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Callcredit Information Group, has announced its software engineering graduate scheme. After a successful launch last year with 11 graduates placed, the Leeds-headquartered company is once again looking for university graduates with the ambition and talent to become part of Callcredit’s innovative product development team. The scheme is offering 12 graduates, in Science, Technology, Engineering, Maths…
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Eamonn Crowley has been named as Permanent TSB Group’s new Chief Financial Officer. Crowley is currently the Chief Financial Officer at Bank Zachodni WBK SA, Banco Santander’s publicly listed Polish retail and commercial bank. While at Bank Zachodni, Eamonn executed the merger between the bank and Kredyt Bank to form Poland’s number three bank. Jeremy Masding, group Chief…
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Retiring with debts outstanding is a problem that has started to grow again according to new research by Prudential. The proportion of people retiring in debt this year is at its highest level for seven years– jumping to one in four (25 per cent) of 2017’s retirees, up from one in five in 2016. Prudential’s…
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Aberdeen City Council’s debt will climb to more than £1.2billion by 2019 according to forecasts by financial officers. In a budget report, it is estimated the authority will owe a total of £1,205,669,000 by the financial year 2019/20 before the debt begins to fall again. Currently the debt stands at around £851million. In November, it…
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