Credit, Collections & Insolvency News
Lenders have given their backing to a new law being debated by the Government that would allow the close relatives of missing people to continue to administer their financial affairs such as a mortgage until they are found. The Council of Mortgage Lenders (CML) said the Guardianship (Missing Persons) Bill, seeking to create a new…
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HMRC’s Counter Avoidance Directorate collected £92 million in unpaid Stamp Duty Land Tax (SDLT) in the year 2015-16, according to Collyer Bristow. The amount collected has fallen from £301.2million in 2014-15, indicating that the government’s strategy and legislative changes have been successful in preventing SDLT avoidance opportunities, the law firm said. James Badcock, partner at…
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Here is an overview of The Money Charity’s latest statistics for February 2017: Personal debt in the UK People in the UK owed £1.516 trillion at the end of December 2016. This is up from £1.466 trillion at the end of December 2015 – an extra £995.53 per UK adult. According to the Office for…
Read moreOverseas 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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