Credit, Collections & Insolvency News
New analysis by Citizen Advice has shown that in just three months consumers paid an average of £160 towards unwanted subscriptions like gym memberships, television, insurance and online streaming services. With the rise of subscription services available, Citizens Advice is warning consumers that while it may be easy to sign up for these services, they…
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The UK is on course for the longest period of falling living standards since records began in the 1950s, with the current crunch forecast to last longer than the post-crisis income squeeze, the Resolution Foundation has said in its Budget analysis. The report Freshly Squeezed highlights the unprecedented scale of the economic downgrade handed down to the…
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Recognising the recent concerns raised both in Parliament and by third sector organisations about universal credit, the Government have announced that they in the Autumn Budget that they will: Offer an interest-free advance of up to a month’s worth of universal credit within five days for those who need it and who have an underlying…
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People who don’t think they can pay their debts are being given thousand of pounds of credit they haven’t asked for, Citizens Advice has warned. Fresh evidence from the charity suggests that 6 million people have had their credit limit increased in the last year without their consent – and 32% of those showing signs…
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The Financial Conduct Authority (FCA) is planning to increase the amount mortgage finance providers pay towards the Money Advice Service debt advice levy. Mortgage finance providers currently pay £21 million ( 44%) of the levy this year. Under FCA proposal this will increase to £24 million or 50%. A new fee block will also be…
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UK Finance has responded to reports on a call from Macmillan Cancer Research for a change in the law to ensure banks do more to support vulnerable customers – putting a legal and moral obligation on banks to negotiate solutions like mortgage holidays or revised payment plans. UK Finance said in a statement: “Banks and…
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This week (13th – 19th November) seen the launch of the UK’s second Financial Capability (FinCap) Week. The purpose of this year’s theme #TalkMoney is to encourage people to do just that, to talk about money in the workplace, community and across social media platforms. Co-ordinated by the Money Advice Service (MAS), the week is…
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The number of county court judgments (CCJs) against consumers in England and Wales rose during the third quarter according to figures released by Registry Trust today. In Q3 2017, 317,793 consumer CCJs were registered in England and Wales rising 24 percent compared with the same period of the previous year. This followed the general trend…
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The number of mortgages in arrears of 2.5 percent or more of the outstanding balance fell again in the third quarter of 2017, but cases of possession edged upwards from a historically low level according to new figures released by UK Finance. At 88,300, the number of loans in arrears was two per cent lower…
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New IFS research, funded by the Nuffield Foundation, looks at recessions, inequality, and the role of the tax and benefit system. It finds that planned benefit cuts will leave low-income households more exposed to the impact of future recessions. If falls in the earnings of workers seen between 2007–08 and 2011–12 happened again now, the…
Read moreThe value of default and small claims judgments in Northern Ireland skyrocketed during the third quarter, according to figures released today by Registry Trust. The number of default and small claim judgments recorded in Q3 2017 rose by a quarter, to 2,186, compared with the same period a year ago. Rising 85 percent, the total…
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The Money Advice Trust has welcomed the government’s creation of a Financial Inclusion Policy Forum to drive better co-ordination in addressing the problem of financial exclusion. The move comes in response the House of Lords Financial Exclusion Committee’s report, A country that works for everyone?, in March 2017, which recommended ”a clear strategy for improving…
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Debt solution provider Harrington Brooks, part of the One Advice Group, has appointed Nick Pearson to the role of Group External Relations Manager. He starts with immediate effect and will be focusing on meeting the creditor partners with which the Group. Pearson is the former Chief Executive of The Debt Counsellors Charitable Trust and has…
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