Credit, Collections & Insolvency News
A research report by Citizen Advice finds that high levels of debt make people less likely to move house, apply for a new job or start a business, exposing the ways excessive debt damages life chances. Following the Bank of England’s decision last week to cut interest rates to 0.25%, Citizens Advice is also calling…
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Latest statistics from Accountant in Bankruptcy (AIB). The overall rate of personal insolvencies, which include both bankruptcies and protected trust deeds, has decreased a quarter in the last financial year from 25.13 to 19 per 10,000 adults. The number of Scots entering a Debt Arrangement Scheme (DAS) also fell to half the rate of the previous financial year,…
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Freedom Finance’s finance merger completion will mean that 15 people will join from Sensible Homes Loans and the company will operate from two sites, Manchester and Doncaster. Andrew Fisher, Managing Director of Freedom Mortgages and Freedom Finance second charge mortgages department said “The merging of Freedom Finance and Sensible Home Loans is a key part of the…
Read moreCar sales slowed last month following Britain’s decision to leave the European Union. New car registrations went up by 0.1% to 178,523 in July, according to the Society of Motor Manufacturers & Traders. Full statistics from the report can be found here.
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UK interest rates cut is confirmed at 0.25% from 0.5%. The Bank of England has announced the first rate change since 2009.
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A deal for Santander to buy Williams & Glyn’s 300 branches from Royal Bank of Scotland (RBS) might still stall if an agreement cannot be reached that ensure more than a million customers move over to Santander The European Union (EU) had ordered that RBS sells off Williams & Glyn by 2017 as a condition of its £45 billion bailout…
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Steve Humm has been appointed new Chief Operating Officer of Callcredit Information Group.
Read morehttp://www.cityam.com/246757/energy-market-regulator-ofgem-responds-cma-competition-price-cap
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Mitratech have acquired Hitec Laboratories. Hitec Laboratories specialise in Governance, Risk, and Compliance and Information Governance software, Miratec is a provider of legal, compliance, and operational risk solutions. Mitratech also acquired CMO Software in June,
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Marston Holdings has announced that it has acquired field collections specialist Engage Services. Engage Services provide field collections services throughout the UK for utilities, financial services and public sector clients.
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SSE face scrutiny from Ofgem after switching its customers to pre-payment meter tariffs, with concerns raised that some customers are in potentially vulnerable situations. Ofgem’s will review it’s Standards of Conduct which are aimed at ensuring suppliers treat customers fairly. Firms should take all reasonable steps to ascertain a customer’s ability to pay and must take…
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Consumer Financial Protection Bureau (CFPB),an independent agency of the United States government, has suggested capping the amount of times debt collectors can contact consumers. The proposal will affect more than 6,000 debt collection firms in the US.
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The Money Advice Service has announced that the first Standard Financial Statement (SFS), will go live on 1st March 2017, marking the beginning of a transition period during which creditors and debt advice providers will move to using the new format. This will be the first time that all major debt advice providers, creditors, and other…
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