Credit, Collections & Insolvency News
The Consumer Council for Water (CCW) has called on the Competition and Markets Authority (CMA) to ‘think again’ after voicing concerns over its provisional plans for four water companies’ future bills and service commitments. CCW has published its response to the CMA’s proposals for Anglian Water, Northumbrian Water, Bristol Water and Yorkshire Water. It comes…
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Enforcement association. CIVEA has reported the success of its response to the COVID-19 pandemic crisis across England and Wales, has been supported by the launch of its strengthened Code of Practice one year ago. All CIVEA members are required to comply with the code of practice in the same way that they have acted collectively…
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Finance experts TotallyMoney have warned that those experiencing financial hurt due to coronavirus could see their credit scores suffer for six years as protections are taken away for over quarter of a million people still on payment holidays. A blanket end on 31st October to granting payment holidays on mortgages, credit cards, loans, and overdrafts…
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The Information Commissioner’s Office (ICO) has ordered credit reference agency Experian to make fundamental changes to how it handles people’s personal data within its direct marketing services. The enforcement notice follows a two-year investigation by the ICO into how Experian, Equifax and TransUnion used personal data within their data broking businesses for direct marketing purposes.…
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A new Bill designed to ensure the UK’s world-leading financial services sector continues to thrive and grasp new opportunities on the global stage has been introduced to Parliament. The Government says that the new Financial Services Bill is an important first step in taking responsibility for our financial services regulation, ensuring that the UK maintains…
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Statutory consumer body CCW has been tasked with carrying out an independent review of the financial support offered by different water companies across England and Wales, to identify ways to better support households that are struggling financially The Consumer Council for Water (CCW) has issued a call for evidence after being asked by the UK…
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Latest figures from UK Finance have revealed that the number of customers on a payment deferral has significantly decreased in recent months. Of the 4.4 million payment deferrals granted across mortgages, credit cards and personal loans since the start of the pandemic, 323,700 are currently still in place. The support provided by lenders builds on…
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The Financial Conduct Authority (FCA) is urging borrowers affected by coronavirus lockdowns to seek support from their banks, as its figures show 12 million consumers are likely to be struggling with bills or loan repayments. The FCA research also found that the pandemic has hit the finances of ethnic minorities and young people the most.…
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The government has announced that it will extend the Energy Price Cap until the end of next year. The Energy Price Cap extension until end of 2021 will protect around 11 million UK households from being overcharged. The Energy Price Cap shields those least likely to shop around for the best deals, including the elderly…
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A new Work and Pensions Committee report has highlighted the difficulties faced by people claiming Universal Credit. A new report by the Work and Pensions Committee, Universal Credit: the wait for a first payment, has found the current wait of at least five weeks for a first payment is causing financial difficulties for some households.…
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A new independent report, which contains 13 recommendations to address the urgent financial wellbeing implications of the Covid-19 pandemic, has been released by the Challenge Chairs who advise the Money and Pensions Service (MaPS) on the UK Strategy for Financial Wellbeing. These recommendations, which include immediate actions, such as help with credit for people coming…
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Accountant in Bankruptcy has published its latest figures which indicate that there were 7,003 personal insolvencies in the year to the end of September 2020, 3,275 (31.9%) fewer than in the same period the year before. Bankruptcies decreased by 37.5% in the year to the end of September 2020 when compared with the same period…
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The Insolvency Service has published its latest figures which indicate that in September 2020 there were 143 individual insolvencies, down 54% from September 2019; Personal insolvencies consisted of 109 IVAs, 20 DROs and 14 bankruptcies. The figures fell by over half compared with September 2019. Business Insolvencies in Northern Ireland decreased by 72% from September…
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