Credit, Collections & Insolvency News
The Government has announced that it will legislate to increase the number of people eligible for Debt Relief Orders (DROs) with the aim of helping more people to get out of problem debt. The new measures will mean that more people will be able to access the debt solution, giving them a fresh start, as…
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A debt collector who fraudulently took money from clients but never helped to recover any money has been jailed. Robert Thomas Cree appeared at Newcastle Crown Court where he was jailed for 4 years and 10 months for two counts of fraudulent trading and one count of perverting the course of justice. The court heard…
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The Insolvency Service has published its latest personal insolvency Quarterly figures in England & Wales which have indicated that there were 29,140 seasonally adjusted individual insolvencies in Q1 2021, a fall of 5.3% compared to Q4 2020’s figure of 30,769, and a rise of 0.7% compared to Q1 2020 (28,936). Commenting on the figures Colin Haig,…
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Hundreds of thousands of people struggling with debt problems will be supported through the newly launched debt respite scheme. The Breathing Space measures will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protection…
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UK Finance is calling for a change to the process of reimbursing so-called ‘no blame’ cases of authorised push payment (APP) scams under the voluntary industry Code, bringing in a simplified process that enables signatory banks to individually payback cases rather than through a shared central pot. This new process comes as the industry renews…
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Radical changes to the UK’s social security safety net during the pandemic should prompt a wider public debate about its successes and failures, and how Britain’s post-pandemic welfare system can be further improved, according to a new Resolution Foundation report. With the crisis prompting the Government to introduce radical new policies, such as the Job…
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The UK has taken an important first step in shaping its own financial services regulation outside the EU with the new Financial Services Bill receiving Royal Assent. The Bill, which is now an Act, will ensure the UK remains an open and dynamic financial centre, with the highest regulatory standards, and protect people across the…
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Credit Connect’s hosted its first-ever Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of fraud, open banking, credit risk and the future of lending were discussed by panellists and Chair Chris Warburton from…
Read moreThe number of County Court Judgments (CCJs) issued against consumers in England and Wales in the first Quarter of 2021 (Q1 2021) was 234,921, a fall of nearly 13 percent from the 269,023 in the same period last year, according to figures released today (12.04.2021) by Registry Trust. The total value of CCJs registered fell…
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The number of decrees registered against Scottish consumers during the first Quarter of 2021 fell by over 25 percent, from 5,430 to 4,052, compared to the same period last year, according to figures released by Registry Trust. The total value fell from £14.2 million to just under £11 million compared to the same period last…
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The House of Lords Liaison Committee has called on the Government to introduce a new requirement for the Financial Conduct Authority (FCA) to establish a statutory duty of care that banks and other financial services providers must operate towards their customers. The call comes in a new report from the House of Lords Liaison Committee…
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Energy supplier E.On has paid out more than £627,000 to its customers in redress after an error led to 1.6 million customers having their direct debits taken from their accounts earlier than planned. A majority of the payments affected were due to be taken in January this year, but the energy supplier erroneously took payments…
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The Financial Ombudsman Service (FOS) has announced Nausicaa Delfas as its interim Chief Executive and Chief Ombudsman. Delfas succeeds Caroline Wayman, who has stepped down after seven years as Chief Executive and Chief Ombudsman. Delfas joins the organisation from the Financial Conduct Authority (FCA), where she is currently the Executive Director of International and Interim…
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