Credit, Collections & Insolvency News
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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The Managing Director of RBS’s personal and business banking division said customers would benefit if the power to open basic accounts was broadened A greater number of vulnerable customers would take up basic banking services if challenger banks could offer no-frills accounts, a Government committee has heard. Moray McDonald, managing director of Royal Bank of…
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Shoosmiths has appointed David Pacey as a finance litigation partner into the London office. Pacey will lead the firm’s financial services litigation strategy nationally. Pacey joins Shoosmiths’ London office from the Financial Conduct Authority (FCA). Having trained and qualified at CMS Cameron McKenna he went onto a senior in house role at a major clearing…
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UK households face huge energy hikes in the New Year, according to research by Gocompare.com Energy. The comparison site found that a range of fixed dual fuel energy tariffs, including deals from energy giants Npower and Scottish Power, are due to expire at the end of December. Unless they take action now, customers who are…
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Christmas spending is set to drop dramatically this year according to the findings within the Christmas Barometer 2016 survey from Ferratum UK. In 2015, Brits were planning to spend 39% of their disposable income on Christmas, whereas this year the figure has fallen to just 23%. According to the survey, this leaves Brits far behind…
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Skipton Building Society has announced the appointment of Jonathan Dunn to the team of Intermediary Regional Managers. Dunn joined the Society in 2014 after leaving the building trade. He joined Skipton Direct as a Level 1 call taker, with no previous experience in the financial sector. Dunn has worked his way through Skipton Direct up to…
Read moreUniversal Credit has caused a 20% rise in rent arrears from East Lothian Council tenants in just three months since it was introduced, a report has found. The report shows that the change to Universal Credit has seen rent arrears rise by £242,000.The net year on year increase, calculated at 12 %, or £157,000, has almost…
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The number of bankruptcies in Ireland increased last year, according to the Insolvency Service of Ireland (ISI)’s latest annual report. According to the report, there were 479 bankruptcies in 2015 – up seven per cent from 448 in 2014. There was also a massive increase in the number of people who were returned to solvency…
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http://www.cityam.com/255938/lloyds-banking-group-snaps-up-bank-americas-mbna-credit
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Representatives from the ‘Big Six’ energy companies have attended a summit looking at ways to help low income households living in fuel poverty and facing a ‘poverty premium’ of paying more for their energy. Energy companies were invited to the meeting, chaired by the equalities secretary Angela Constance with energy minister Paul Wheelhouse, to discuss…
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Future Finance, a specialist student loans company, has raised concerns surrounding students’ abilities to finance their educations. In a survey, which questioned 1,000 full-time students, said that 31% have had to use credit cards, payday loans and overdrafts to finance their university experience. John Hudson, manager of Funding and Financial Support at the University of Nottingham: “While…
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