Credit, Collections & Insolvency News
Scottish students are leaving university with an average debt of more than £10,000 after a 42% rise in borrowing over the past decade, new figures have shown. Recent years have seen a major spike in debt levels as ongoing austerity leaves many students struggling to make ends meet. The Scottish Government insists that debt levels…
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Debt of more than £11.5 million owed to Aberdeen City Council has been written off. The debt relates to 5 years of debt which exact amount is of £11,593,956. The figure relates to uncollectable debt the council has decided not to pursue. It includes council tax, business rates, community charge, housing benefit overpayment and service…
Read moreCitizens Advice is expecting more than 370,000 people to seek help on financial issues such as pensions, investments and debts in January after analysis by the charity reveals that people are more likely to research financial decisions now than at any other time of the year. The analysis of demand for advice over the last…
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Debt buyer Experto Credite has entered into liquidation, The company entered voluntary liquidation on November 24. Smith & Williamson, were appointed as jlquidators for the winding up process. Debts are believed to be owed to HSBC, Natwest, Virgin Media, Vodafone and Intrum Justitia. No further details are available at this stage.
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The level of outstanding fines in Northern Ireland is “exceptionally high”, according to the Northern Ireland Audit Office. Kieran Donnelly, comptroller and auditor general, reported to the Northern Ireland Assembly on the results of his audit of the Northern Ireland Courts and Tribunals Service (NICTS) Trust Statement for 2015-16. The Trust Statement records the collection of…
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Ofcom and the Information Commissioner’s Office (ICO) have published an update on their joint action plan to tackle nuisance calls and texts>The latest update highlights recent targeted enforcement action, new ‘blocking’ measures to help stop nuisance calls getting through to consumers and progress in their call tracing work. It also summarises how Ofcom is working to…
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The Money Advice Service is proposing widespread, coordinated efforts with a decisive focus on helping people in the “squeezed” and “struggling” segments of society improve their money skills and deal with their debts, in its draft business plan for 2017/18. Having engaged more than 300 organisations in its collaborative strategy to improve financial capability, the…
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Ofgem has confirms it has asked energy providers to return £670million of customer money owed since 2014. In 2014, Ofgem challenged large suppliers to do more to return money to former customers who had credit on their account after their account was closed, typically after switching supplier. The regulator says that today, most customers are…
Read moreLiving beyond means, relationship breakdowns, and reduced levels of income were the leading causes of bankruptcy in 2015, according to new government statistics. R3 says the statistics also reveal significant differences between the reasons why men and women enter bankruptcy. One-third (34%) of men’s bankruptcies in 2015 were caused by the bankrupt’s own company running…
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Target Group has announced the signing of a new two year contract with the DVLA using their payments collection system. In 2014, Target and the DVLA introduced a newly automated system, which provided consumers with an alternative method of paying their vehicle tax. The payments solution was delivered in 18 weeks and supported the DVLA…
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Peer-to-peer lending platform RateSetter has completed a sale of £2.1million worth of non-performing debt to 1st Credit. The sale is believed to be the first of its kind for a UK peer-to-peer lender. The debt sold comprises non-performing loans worth £2.1million written between 2010 and 2015, where RateSetter believes that it stands a low chance…
Read moreCatalogue customers who ‘buy now and pay later’ are being hit with shock fees for failing to pay in full within the interest free period, Citizens Advice warns today. The charity has helped 24,000 people with nearly 50,000 catalogue or mail order debt problems in the last year – with 70% of the issues related…
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TDX Group has announce a successful year of fundraising in 2016. The company’s 360 employees helped raise £95,000 for charities in and around the East Midlands. £86,600 of the total amount raised will go to its charity of the year, the Children’s Bereavement Centre, enabling it to offer even more support to local children who are…
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