Credit, Collections & Insolvency News
Responding to the Bank of England’s latest money and credit statistics Citizens Advice says rising consumer borrowing could lead to serious debt problems further down the line – but that it is household bills putting the pressure on people’s finances now. According to the Bank’s December 2016 figures, unsecured consumer credit is at its highest…
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The latest Individual Personal Insolvency statistics from The Insolvency Service have been released indicating a 13% rise in individual insolvencies in 2016. The figures also show that in the last quarter of 2016 Individual insolvencies decreased compared with the previous quarter but were higher than in Q3 2015, driven by individual voluntary arrangements and debtor…
Read moreLatest research from Equifax has discovered that 38% of people, in the UK, believe they always get the best deals through a comparison website. The online survey, conducted by YouGov also found that 70% of people use a comparison website when choosing a financial product. The Competition and Markets Authority (CMA) has recently launched a…
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Chris Pond has been appointed the new Chair of the The Lending Standards Board (LSB). Pond will take over as Chair of the LSB at the end of March. He succeeds Lord Hunt of Wirral who has completed 6 years as LSB Chairman, recently overseeing the move from the Lending Code to the outcome-focused Standards…
Read moreNava Finance Limited today announced that the Financial Conduct Authority has confirmed that as of 27 January, 2017 Nava Finance Limited is authorised and regulated by the FCA, enabling Nava to begin offering personal loans to UK consumers. The company is now focused on working towards an initial launch date, which will be announced when…
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New research from Sainsbury’s Bank Loans has revealed that more than 180,000 people across the UK could take out a personal loans for debt consolidation in the first three months of 2017, worth more than £2 billion. This figure equals an estimated 31% of all personal loans taken out in the first three months of the new year.…
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The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG £163,076,224 for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial Services…
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FEATURE: Brexit and Debt Recovery When it comes to Brexit, we’re in unchartered waters. The government has yet to invoke Article 50, and is still working out, and trying to negotiate, acceptable terms. Prior to the referendum, as a member of the common market, the UK benefitted from over 50 EU-established trade agreements with the…
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Latest figures from Accountant in Bankruptcy (AiB) show the number of people accessing Scottish statutory debt solutions has remained steady in the third quarter of 2016-17. Figures for bankruptcies, protected trust deeds and debt payment programmes under the Scottish Government-backed Debt Arrangement Scheme (DAS) have stayed largely stable, showing a 1.9 per cent increase from…
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The Council of Mortgage Lenders (CML) estimates that gross mortgage lending reached £20.4 billion in December. This is 4% lower than November (£21.2 billion), and 4% higher than December 2015 (£19.7 billion). This brings the estimated total for the year to £246 billion, a 12% increase on 2015’s £220 billion and the highest annual gross…
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If the macroeconomic changes of the last few months have taught the utility sector anything, it is that companies must have nuanced strategies in place to deal with household debt. Debt strategies in the utilities sector are evolving, driven by fresh technology, regulation and mounting competition. In volatile times, customer circumstances may alter in new…
Read moreCreditfix is calling for an increase in funding for money advice services, following a reduction in spending of 15 per cent since 2014-15. A recent report by the Improvement Service shows that only 17 per cent of over-debted individuals in Scotland are currently accessing debt advice services, and funding for money advice services has reduced by 15 per…
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The Centre for the Study of Financial (CSFI) Innovation has released a new report outlining the battle against financial exclusion in the UK. The report gives an overview of the state of financial inclusion in 2016 l. It includes themes, new initiatives and innovations, competition and regulation. It also highlights financial sustainability issues and the particular circumstances of low/volatile…
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