Credit, Collections & Insolvency News
Latest figures from the Financial Ombudsman Service (FOS) have indicated that there was a surge in complaints about consumer credit services in the three months to September, with claims management companies said to have driven a big rise in complaints being upheld. FOS says that between July and September 2020, there was a continued increase…
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Consumers have kept at least 21 million financial products secret from their loved ones, according to a new study of people’s financial behaviours from the Money and Pensions Service (MaPS) to mark Talk Money Week. Of those who have kept financial products a secret, the most common were hidden credit cards (37%), undisclosed personal loans (23%)…
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A new report from Money and Mental Health has shown that the ease and convenience of online shopping can offer a lifeline for many people experiencing mental health problems, especially in the context of lockdown restrictions. However, it also warns that the design of retail websites is making it extremely difficult for people with poor…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes fell by 40% in September 2020 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said “The second…
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The Financial Conduct Authority (FCA) has announced proposals for further support to consumer credit borrowers impacted by coronavirus. In September, the Financial Conduct Authority (FCA) announced tailored support for borrowers affected by coronavirus (Covid-19) after 31st October, which it would keep under review as the pandemic evolved. As a result of increasing restrictions announced in…
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A new study by GoCompare has revealed that 9.7million households are facing Christmas on a reduced income, compared with this time last year, with 13% saying that Christmas is going to be financially very difficult indeed. The research carried out ahead of the festive season, found that 35% of UK households are living on less…
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Four in five UK consumer credit applicationswere declined due to lack of data with UK lenders declining up to 1.8 million consumer credit applications worth £10.6 billion last year. The credit applications were rejected to a lack of information about the consumer, rather than poor credit histories or genuine affordability concerns, according to a study…
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A new report has found ‘widespread unfairness’ in the way in that central and local government collects debts including council tax, benefit and tax credit overpayments. The Money Advice Trust is calling for the government to ‘level up’ its debt collection practices to those of other sectors or risk pushing people further into difficulty in…
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The Finance Leasing Association (FLA) says that the new Financial Conduct Authority (FCA) measures for a six-month payment deferral period for consumer credit poses a risk to customers. Stephen Haddrill, Director General of the FLA, said: “Lenders are committed to supporting customers in financial difficulty and it is vital that this support is provided in…
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The Insolvency Service has published its latest analysis on personal insolvencies for Q3 2020 which indicates that. numbers decreased to 19,783 in Q3 2020, down 40% on Q2 2020, and down 37% on Q3 2019. The quarterly decrease in personal insolvencies was mainly driven by a sharp drop in Individual Voluntary Arrangements (IVAs), although a…
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The Insolvency Service has published its latest figures which indicate that in Q3 2020 Scottish company insolvencies decreased by 49% The Accountant in Bankruptcy, Scotland’s Insolvency Service, administers individual insolvency in Scotland. In Q3 2020, there were 1,758 total insolvencies in Scotland, a 49% decrease on the same quarter of 2019. This comprised of 759…
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The Insolvency Service has published its latest figures for Northern Ireland which indicate that in Q3 2020 there were 410 insolvencies, down 43% from the same quarter of 2019. This comprised 325 IVAs, 66 DROs and 19 bankruptcies. Company insolvency figures in the region showed that there were 24 company insolvencies in Northern Ireland in…
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THE number of people missing card and loan repayments has jumped in recent weeks, according to Which? An estimated 370,000 more people defaulted on a credit card or loan in October than in September, increasing from 410,000 to 780,000, the consumer group’s UK survey findings indicate. The latest findings from Which?’s consumer insight tracker reveal…
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