Credit, Collections & Insolvency News
A new report by the Credit Services Association (CSA) says that taxpayers could be saved huge sums if debt collectors are allowed to take on a bigger role in collecting unpaid coronavirus loans. The trade body is calling for an investment in BBL Engagement Scheme and use of professional collections agencies to ensure fair and…
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Half a million private renters in the UK are behind on their rent, with protections against eviction due to expire this weekend, according to new analysis by Citizens Advice. The charity has warned that the news comes as the country enters another period of national lockdown, causing further economic hardship. Renters have already been badly…
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The Financial Conduct Authority (FCA) has appointed Quilter CEO Paul Feeney as the Chair of its independent Practitioner Panel. Feeney will take up the post from 1 January 2021, succeeding Tulsi Naidu, CEO of Zurich UK. He has been a member of the Panel since 2015. Welcoming the appointment, the FCA’s Chair Charles Randell said…
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Credit Connect has published its second annual Credit & Collections Technology company power list for 2020. The power listed is a round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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Over 800,000 private renters in England and Wales have built rent arrears since lockdown measures began according to estimates from new research by the National Residential Landlords Association (NRLA). A survey of tenants for the Association by consultancy Dynata suggests that 7 per cent of private renters have built arrears due to Covid-19 pandemic. Applied…
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Ofgem has today published its annual report on the Warm Home Discount (WHD) showing that vulnerable customers benefited from over £348m of support from suppliers last winter. The WHD is a government scheme administered by Ofgem requiring larger and medium-sized suppliers to provide support to customers living in fuel poverty. Last winter, all 19 obligated…
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The Government has announced that the furlough scheme will been extended until the end of April 2021, meaning that the Government will continue to contribute 80% towards wages. The Government says that it has made the move to ensure firms can access the support they need through continuing economic disruption. So far, the Coronavirus Job…
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Ofwat and Water UK have today published a report that explores the potential impact Covid- 19 might have on the water sector in England and Wales. The report was prepared by Frontier Economics supported by Atkins. Covid-19 is having a significant impact on all aspects of the UK economy and will continue to do so…
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Water retailers must keep doing everything in their power to help struggling businesses impacted by Covid-19 pandemic get back on their feet without the threat of debt recovery action according to the Consumer Council for Water (CCW). The CCW says that it has been helping retailers resolve a rise in billing disputes over the summer…
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Scottish personal insolvencies in November 2020 fell by almost a third when compared with November 2019 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that in November 2020 that there were 8,417 personal insolvencies in the year to the end of November…
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New research from Citizens Advice has shown that 2.1million households are behind on their energy bills, 600,000 more than in February. The charity’s research also reveals a quarter of all energy customers, up to seven million households, worry they won’t be able to pay their bill this winter. According to data, the charity has obtained…
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The Financial Conduct Authority (FCA) has fined Barclays Bank £26 million for failures in its treatment of more than 1.5m retail and small business customers in financial difficulties who fell behind on credit card and loan payments between April 2014 and December 2018. Barclays has pro-actively redressed these customers, paying over £273 million to at least…
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Three in 10 car (32%) of car dealers are unaware of the new FCA rules being implemented in 2021, according to a survey from Close Brothers Motor Finance. The study, which asked dealers how aware they are of the forthcoming changes, found that while two in three (69%) have heard of the new rules, just…
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