Credit, Collections & Insolvency News
Payday firm, CFO Lending, has entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers. A number of serious failings took place which…
Read moreThe majority (86%) of UK Chief Financial Officers (CFOs) are driven to reach the top role of Chief Executive Officer (CEO) in their current organisation, reveals new research from leading recruitment agency Robert Half UK. The toughest competition for the hot seat comes from Marketing Directors with 23% of CFOs perceiving them as the greatest threat.…
Read morehttp://news.sky.com/story/water-ofwat-examines-potential-for-competition-in-the-market-10584561
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The Money Advice Trust has called for a ‘whole-society’ approach to tackling financial exclusion with a stronger leadership role from Government, in evidence to the House of Lords Financial Exclusion Committee. The Committee, chaired by Baroness Tyler of Enfield, is examining financial exclusion and access to mainstream financial services. The charity has pointed to fundamental issues…
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PayPlan has announced that it has received full authorisation from the Financial Conduct Authority (FCA) Rachel Duffey, CEO of PayPlan said “Today’s news confirms our status as a recognised leader in the debt advice field. The staff have worked very hard in creating a culture where the client always comes first and the FCA authorisation is a…
Read moreOfgem has published proposals to cap charges for installing prepayment meters under warrant. An option in the consultation includes placing a firm limit on charges of £100 or £150. The proposals also include plans to ban prepayment meters warrant installation charges for the most vulnerable customers. When customers fall in debt, one option is for…
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Peer-to-peer lender Ratesetter has now delivered more than £100million in car financing. Nick Elkan,from RateSetter Motor Finance said “These are exciting times and £100million is a fantastic milestone for us to reach. It proves that we are providing finance that car buyers need, competitively and efficiently. Obtaining finance via a peer-to-peer lender is no longer niche, but…
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The Council of Mortgage Lenders (CML) has published its latest mortgaging figures. While first-time buyer lending was down in July compared to June, the number of loans advanced to first-time buyers was the second highest monthly level of the year so far. Home mover activity was at its third highest monthly level this year by volume…
Read moreTrust Deed Scotland has become Scotland’s First FCA Regulated Not-For-Profit Debt Advice Company. Jon Paul Kelly, director at Trust Deed Scotland, said the news “put the company in a unique position to benefit the community by offering free qualified debt advice of the highest calibre. We have always re-invested in the company to ensure the staff…
Read moreThe European Central Bank (ECB) will allow European banks to set their own targets for cutting the €900 billion of bad loans left over from the financial crisis. New guidance will require banks to set their own targets for the levels on non-performing loans (NPL), with only “significant” deviations triggering regulatory action. Sharon Donnery, the Irish…
Read moreHere is an overview of The Money Charity’s latest statistics for September 2016: Personal Debt in the UK People in the UK owed £1.496 trillion at the end of July 2016. This is up from £1.444 trillion at the end of July 2015 – an extra £1,028.50 per UK adult. Per adult in the UK that’s…
Read moreThe Law Commission has today published it’s report on Bill of Sale announcing a series of recommendations to protect borrowers from ‘unfair’ logbook loans. Logbook loans are a way for borrowers to use their vehicle as security for a loan. Borrowers who fall behind with payments can find their vehicle swiftly repossessed, as well as high…
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B2Holding ASA, via its fully owned subsidiary Ultimo Netherlands BV, has entered into an agreement to acquire a residential mortgage Non-Performing Loan (NPL) portfolio from Romanian Bank Banca Comerciala (BCR) in a 50/50 partnership with EOS Investment RO GmbH (“EOS”). The portfolio consists of some 6,800 loans secured by real estate collaterals. The portfolio has…
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