Credit, Collections & Insolvency News
PayPlan and mental health charity SANE have come together to urge those in debt to give themselves the best gift they can by taking control of their finances in the run up to Christmas. Christmas is an exciting time of year but it can also bring a lot of anxiety and stress to people wanting to…
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More than 12 million* UK adults find themselves too time poor to effectively manage their personal finances, according to comparethemarket.com estimates. A poll of 2,000 adults found that 24 per cent feel that they don’t devote enough time to sorting out their finances. The biggest barrier to devoting more time is being “too busy with…
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Nearly half a million young people are struggling to cope with the cost of running their mobile phone, according to new research from National Debtline, run by the Money Advice Trust. Newly-published findings from the charity’s Borrowed Years research, based on a survey of 2,042 18 to 24 year olds conducted online by YouGov, reveal…
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Shoosmiths has announced its move in to the Northern Ireland legal market following its merger with Belfast firm, McManus Kearney. Founded in 1987, McManus Kearney has specialist expertise in debt and insolvency matters in Northern Ireland. The firm will be known as ‘Shoosmiths’ from today, and its two partners – Mary Frances Kearney, Jason Byrne…
Read moreNava Finance has announced its intention to launch as a new lender aimed at the near-prime consumer credit market in early 2017. Subject to completion of its regulatory approval process, Nava will draw upon sophisticated credit analytics to provide under-served consumer credit profiles with attractive loan pricing, while also addressing institutional investors’ search for yield…
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Rent to own services, logbook loans and guarantor loans should be included in the FCA’s payday loan cap – and new rules introduced to provide added protections for customers including full checks to make sure people can afford to pay back what they have borrowed says Citizens Advice. The Financial Conduct Authority has today launched…
Read moreOfgem has chosen Co-operative Energy to take on supplying GB Energy Supply’s customers. The company will honour all outstanding credit balances for both current customers, and for past customers of GB Energy Supply who are still owed money. For current customers any credit on their account will be used to offset future energy use. The…
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The Bank of England has announced the results of our 2016 stress test of the UK banking system. The 2016 stress test incorporated a synchronised UK and global recession with associated shocks to financial market prices, and an independent stress of misconduct costs. The test, which is the first conducted under the Bank’s new approach to stress…
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Two companies responsible for millions of spam texts offering easy access to loans have been fined by the Information Commissioner’s Office (ICO). Separate ICO investigations into Dorset-based Silver City Tech Ltd and Oracle Insurance Brokers Ltd, in London, found the firms had broken the law because they did not have the consent of the people…
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Findings from Close Brothers Motor Finance’s Dealer Satisfaction Survey reveal the majority (63%) are positive about their business prospects for 2017. The Dealer Satisfaction Survey is a continual telephone survey undertaken by Close Brothers Motor Finance and reported on a monthly and quarterly basis. The survey questions 750 new and used car, motorcycle and light…
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Britain’s biggest energy suppliers have submitted bids to take over 160,000 customers left behind by bankrupt energy provider GB Energy, which collapsed on Saturday after being caught out by rising market prices. All of Britain’s Big Six energy suppliers, EDF Energy, Innogy’s Npower, E.ON, Scottish Power, SSE and Centrica’s British Gas, have submitted bids in…
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The partners of Addleshaw Goddard and HBJ Gateley (HBJ) have voted “by an overwhelming majority” to merge their businesses, creating the UK’s 15th largest legal firm. The merger, which will see HBJ’s business, people and partners transfer to Addleshaw Goddard by June 1st 2017, will “deliver stronger client and sector offerings across the whole of…
Read moreThe first independent research to analyse the impact of the regulation and price cap on the high-cost short term credit market has been published. The study by the Social Market Foundation (SMF), commissioned by the Consumer Finance Association (CFA), shows consumers are now paying less to borrow. According to the report, high-cost short-term credit plays…
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