Credit, Collections & Insolvency News
UK Asset Resolution Limited (UKAR) which incorporates Bradford & Bingley (‘B&B’) and NRAM has issued its results for the year ended 31 March 2017 (‘2016/17′). UKAR’s mission is to maximise value for the taxpayer, whilst serving our customers well and treating all our stakeholders fairly. Highlights from the results: Balance Sheet reduced by a further…
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Here is an overview of The Money Charity’s latest statistics for July 2017: Personal debt in the UK People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult Based on May 2017 trends, the UK’s…
Read moreThe Credit industry has responded to the Queen’s speech. Here is an overview of the some of the main talking points: Financial Guidance and Claims Bill Citizens Advice Chief Executive Gillian Guy said “The right guidance can be an essential part of a secure financial future. We help people with 1.7 million money queries a…
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The Money Advice Service is calling on friends and family to spot the signs that people close to them might be experiencing problem debts. Debt and money worries are often seen as a taboo subject in the UK so it is time to get people talking about their money worries and get them to advice…
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A TDX Group Consumer Debt Report has revealed that over a quarter (28%) of Brits fear they may not be able to keep up with repayments on their personal debt. The online survey, conducted by YouGov, also found that unsecured debt now tops average monthly earnings¹, with more than one in four (28%) owing in…
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Here is an overview of The Money Charity’s latest statistics for June 2017: Personal debt in the UK People in the UK owed £1.532 trillion at the end of April 2017. This is up from £1.485 trillion at the end of April 2016 – an extra £886.84 per UK adult Per adult in the UK…
Read moreChristians Against Poverty (CAP) has launched its latest Client Report. The report examines the collaboration between CAP and other organisations, which makes transformation in people’s lives and circumstances possible. One client’s story explores how the credit industry, referral partners, local communities and the Church can all work with CAP to tackle poverty and its causes.…
Read moreThe Money Advice Liaison Group (MALG) is celebrating its 30th anniversary. MALG was established in 1987 as a forum for shared best practice and communication in the debt and money advice sector in the UK. MALG has recently re-branded, re-launched and introduced a new membership structure aimed at widening participation across the advice, credit, collection, enforcement,…
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Free debt advice provider, PayPlan has announced a partnership with lender MyJar to explore ways of reaching out to individuals who might be seeking debt advice. A rise in the use of smart phones is challenging the traditional communications methods used by creditors and debt advice services. UK citizens look at their smartphones over a…
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Debt charity Christians Against Poverty has discovered that household bills and costs have tripled in the past ten years. A decade ago, the average client owed £1,412 in priority arrears, a figure representing just nine per cent of that person’s whole debt problem. In 2016, it had ballooned to £4,582, nearly a third (32%) of…
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The British Bankers’ Association (BBA) has published principles to improve customer access. The principles have been developed by the BBA’s third party access working party to improve customer access under the vulnerability taskforce principle 5 (easy for friends and family to support). The principles relate to legal instruments for third-party access, including guardianship and intervention…
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Mike O’Connor will leave StepChange Debt Charity later this year after leading the organisation as Chief Executive since 2013. As the UK’s largest debt advice charity, the number of people in contact for help each year has grown over the last five years by 62% to 600,000. The charity also tackles the causes of problem…
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Debt is a part of modern life according to more than half of people over 50 shows a new survey.* Whilst one in four said that they would never borrow money and more than two thirds said they would always use cash savings over borrowing money, a third of over 50s said that they would…
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