Credit, Collections & Insolvency News
Ofgem has put in place a new safety net to protect consumers in the unlikely event their supplier goes out of business. The existing “supplier of last resort” regime already guarantees that people will continue to receive their energy supply. Following the consultation which began in June, Ofgem has now taken action to protect customers’ credit…
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Struggling businesses could face earlier intervention after the amount of business rates lost by Aberdeen City Council soared sixfold in the space of two years. Finance convenor Willie Young promised a “more proactive” pursuit of debtors after the local authority was forced to write off almost £183,000 last year. Since 2010, the council has written…
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While budgets for training and development came under pressure during the recent economic downturn, they are now firmly back on the agenda in the financial services sector, according to new research from leading specialist recruitment consultancy, Robert Half Financial Services. Recognising the perceived value of training and certification to employees, nearly four in 10 (39%)…
Read morePersonal insolvencies in Scotland have remained largely stable for the second quarter of the year, according to the latest figures from Accountant in Bankruptcy (AiB). Total personal insolvencies, which include both bankruptcies and protected trust deeds, totalled 2,424 for the second quarter of 2016-17 up to 30 September 2016, a small 0.8% increase on the…
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More customers in vulnerable situations will get extra help, under changes to the Priority Services Register announced by Ofgem. Customers on the Priority Services Register can get free, vital services from network operators and suppliers to help them manage their energy. These include: customers being given a password so that they can safely identify representatives…
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Vodafone will be fined £4,625,000 by Ofcom for serious and sustained breaches of consumer protection rules. The Ofcom investigation uncovered mis-selling, inaccurate billing and poor complaints handling procedures The penalty is the result of two investigations into Vodafone completed by Ofcom. One investigation found that 10,452 pay-as-you-go customers lost out when Vodafone failed to credit their…
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Parents and children are relying on financial support from each other, according to the latest findings from a SunLife’s report. The research shows that while one in six (17%) 55-65s are expecting to be supported financially by their grown up kids when they retire, one in five (19%) adult children are relying on inheritance from their…
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More than a quarter of Brits (28%) admit to dreading the cost of Christmas, according to Debt Advisory Centre. As the most expensive time of year approaches, 18 million people say that they dread Christmas due to the cost. Young people (aged 18-24), are the most likely to dread Christmas with more than 1 in 3…
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Over half of the population of the UK, 35 million people, are worried about how they will pay for their heating this winter, according to new research commissioned by Debt Advisory Centre. As the temperatures drop, many households are keen to switch their heating on, but with the average annual gas bill reaching £714 some…
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The total number and value of debt judgments in Northern Ireland during the third quarter of the year fell to its lowest level since before the financial crisis, according to figures released today by Registry Trust. The value of debt judgments before courts in the north was £4.5 million in the three months to September…
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http://www.cityam.com/252276/challenger-bank-cybg-confirms-williams-glyn-takeover-talks
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http://www.cityam.com/252161/visas-profits-jump-28-per-cent-consumer-spending-spree
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Company directors could be fined up to £500,000 if their business is behind nuisance phone calls, under government moves to clamp down on the problem. The law is to be changed in Spring 2017 to make directors personally liable for breaches of regulations. At the moment only firms can be fined for ignoring rules on cold calling,…
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