Credit, Collections & Insolvency News
The Bank of England consumer credit statistics shows that consumer borrowing has risen by 9.9% in the year to September 2017, now totalling £204 billion. Other highlights from the report include: The annual growth rate of consumer credit has remained broadly unchanged since June, at around 10%. The flow was £1.6 billion in September, also…
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Citizens Advice has welcomed DWP’s Work and Pensions Select Committee’s report calling for the waiting time for Universal Credit to be cut from six weeks to a month. Last month the charity published research which shows some people are pushed into financial difficulty as they wait for their first Universal Credit payment. Citizens Advice has helped people with over…
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Retailers operating in the new water market are working closely with the Consumer Council for Water (CCWater) to tackle the root causes of a rise in complaints from businesses to the watchdog. CCWater received 559 complaints from non-household customers during the second quarter of the year – around three times as many as the same…
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A rise in interest rates will result in monthly repayment shocks for millions of homeowners who are already living on a tight budget, according to figures from free debt advice provider PayPlan. PayPlan has launched an interest rate calculator this week to help clients find out how a potential mortgage rate rise might affect them.…
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The Financial Ombudsman Service (FOS) has published its latest quarterly complaints figures. The data includes the number of enquiries and complaints passed to an ombudsman for a final decision, and the proportion of complaints resolved in favour of consumers. The data for the second quarter showed that new complaints received during July, August and September 2017.…
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A new scheme, announced jointly by Water UK and Energy Networks Association (ENA), will improve the process for customers to sign up to the Priority Service Register (PSR), a free service provided by utility companies to customers who may require additional support. Any customer who finds themselves in a vulnerable situation will be able to…
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The FCA has announced today that it is investigating the circumstances surrounding a cybersecurity incident that led to the loss of UK customer data held by Equifax on the servers of its US parent. The FCA has released a short statement announcing the investigation but did not provide further details. Earlier this month, Equifax admitted…
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The impact of the cost of childcare on a family’s finances has been revealed in a new report, with childcare costs overtaking the cost of mortgage payments. The cost of childcare, has, in some cases, seen some parent turn to payday loans as a quick fix. As part of a UK-wide investigation, Admiral Loans researched…
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The Government has announced new plans which would mean people struggling with serious debt may soon benefit from a ‘breathing space’ from their bills. The Government is seeking views as it develops a way to provide individuals in debt with up to six weeks free from further interest, charges and enforcement action. This period would give those affected…
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Following engagement with the Financial Conduct Authority (FCA), BrightHouse has committed to pay over £14.8 million (in the form of cash payments and balance adjustments) to 249,000 customers in respect of 384,000 agreements for lending which may not have been affordable and payments which should have been refunded. BrightHouse (a trading name of Caversham Finance)…
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The Financial Conduct Authority (FCA) has published the data on the number of complaints reported by firms for the first half of 2017. In total, 3.32 million complaints were recorded by firms in the first half of 2017. This compares to 3.04 million in the second half of 2016. Since June 2016, firms have been…
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The Financial Conduct Authority (FCA) has today banned Adrian and Christine Whitehurst, former directors of debt management firm First Step Finance Limited (now dissolved), for dishonestly misappropriating client money. Over 4000 customers lost a total in excess of £6m as a result of their actions. Between them, the Whitehursts ran First Step Finance, a debt…
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The Financial Conduct Authority (FCA) has announced that they are about to undertake a new a thematic review of the debt management sector. The FCA said in a statement: Debt management remains a priority for us as poor practice by debt management firms poses a high risk to consumers, particularly those in vulnerable circumstances. It is important…
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