Credit, Collections & Insolvency News
Provident Financial customers can now claim compensation for mis-sold loans after the High Court backed a partial repayment scheme. The company has set aside £50 million to meet claims from borrowers who were sold unaffordable loans. The Court agreed to the scheme despite the fact that customers will not get a full refund after the…
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Over a quarter (27%) of household bill-payers say an increase of more than £10 a month in their energy bills could force them into debt. The research by USwitch.com is just days ahead of an expected hike in the price cap which will be announced by the energy regulator, Ofgem, which is due to announce…
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Energy suppliers have increased the cheapest energy deals by £180 in a year, since the start of July 2020, with the new price cap level expected to rise for millions of households, according to research from comparethemarket.com. The increase comes as energy deals have reached the highest cost for more than two years. The average…
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The Financial Conduct Authority (FCA) was successful in obtaining a High Court Order to remove around 625 charges, notices or restrictions registered in the name of illegal money lender, Dharam Prakash Gopee’s, former companies. This application is the latest in several legal proceedings commenced by the FCA against Gopee arising out of his illegal money…
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The Financial Conduct Authority (FCA) is proposing changes to its decision-making process which will enable it to make faster and more effective decisions which will help improve how it tackles firms and individuals who do not meet the required standards. The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to…
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The number of County Court Judgments (CCJs) issued against consumers in England and Wales saw a huge rise in Q2 2021 compared to the same period last year, according to figures released by Registry Trust. The number registered in Q2 2021 was 188,092, up 267 per cent from 51,245 in Q2 2020. The value of…
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The number of decrees and total amount of debt registered against Scottish consumers saw large rises in the second quarter of 2021 (Q1 2021) compared to the same period last year, according to figures released by Registry Trust. The number rose from 1,419 to 3,991 in Q2 2021, a rise of 181 percent from Q2…
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The number and total value of judgments registered against Irish consumers saw very large percentage rises in the second quarter of 2021 (Q2 2021) compared to the same quarter last year, figures released by registrar Irish Judgments show. The number of judgments registered against Irish consumers in Q2 2021 was 307, an increase of 358…
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The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland rose by 12.3% to 1,884 in April-June 2021compared with January-March 2021’s figures of 1,677, and was 9.6% lower than in April-June 2020 according to latest Accountant in Bankruptcy (AiB) figures. A total of 586 bankruptcies were awarded during this quarter – a 61.4%…
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Water regulator Ofwat has outlined its view that levels of bad debt costs across the business retail market are exceeding 2% of non-household revenue. Ofwat has therefore decided a temporary increase in the maximum prices retailers are permitted to charge is warranted. Measures introduced since March 2020 to contain the spread of Covid-19 could lead…
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New Ofcom data has found that around two million households are struggling to afford internet access. The research shows that many people on low incomes are struggling to pay, and not all are getting the support they need from telecoms companies and that there is considerable variation in the support available for customers who may be…
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The Government has revealed proposals to trial automatic switching for customers on expensive default energy tariffs to cheaper deals, and government to tackle ‘loyalty penalty’. Business and Energy Secretary Kwasi Kwarteng published proposals to trial automatic switching for customers on expensive default energy tariffs to cheaper deals. Research has shown that while around 5.8 million…
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The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have published an updated assessment of the UK’s access to cash infrastructure, taking into account the impact of coronavirus (Covid-19), alongside new research on consumers who rely on cash. The findings show that most people have reasonable access to cash through a combination of bank, building…
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