Credit, Collections & Insolvency News
Utilities must take urgent action now to help customers avoid escalating debt or face a crisis this winter, according to Baringa Partners. The company has investigated the potential impact of coronavirus on the sector over the coming months and concluded companies face a three-fold increase in typical bad debt charge write-offs. In the report, Baringa…
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The Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England have today announced the appointment of Amerdeep Somal as Complaints Commissioner. The Commissioner will oversee the final stage of investigations into complaints against the FCA, PRA and the Bank. The role is independent from the three organisations. Somal will replace…
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Effortless Energy (trading as Go Effortless Energy), a gas and electricity supplier with around 2,500 domestic customers and a small number of non-domestic customers have entered administration. Under Ofgem’s safety net, the energy supply of effortless Energy’s customers will continue and outstanding credit balances of domestic customers will be protected. Ofgem will choose a new…
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Around two million borrowers have taken a mortgage holiday, according to latest figures from UK Finance representing about one in six mortgage holders. Since the launch of the payment deferral schemes, lenders have granted a total of two million mortgage payment deferrals, 1.05 million credit card payment deferrals and 707,000 personal loan payment deferrals, as…
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The finalists for the fourth annual Credit & Collections Technology Awards, the UK’s celebration of technology innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect, brings together credit and collections technology executives to honour the industry’s leading players across 19 categories. The technology focused-Awards scheme seeks to champion…
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British Gas is to pay out £1.73million after 270,000 customers were hit with problems after a prepayment meter top-up arrangements change. Following an investigation, energy regulator Ofgem found that British Gas failed to inform some prepayment customers about a change of top-up provider and minimum top-up spend. As a result of the problems some customers…
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The Financial Conduct Authority (FCA) has outlined proposals to ensure that firms provide tailored support to mortgage borrowers who continue to face payment difficulties due to coronavirus. During the initial phase of the pandemic, payment holidays provided mortgage borrowers with immediate and temporary support. They have helped millions of consumers through the immediate impacts of…
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Debt charity, The Money Advice Trust has welcomed the government’s last-minute announcement of public health guidance for bailiff visits but says that concerns around the impact of bailiff action on households dealing with the financial consequences of Covid-19 remain unaddressed. On Friday evening the Ministry of Justice published public health guidance for bailiffs, now known…
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The Financial Conduct Authority (FCA) is investigating more than 150 Coronavirus-related scams since the outbreak began, according to official figures. The data, obtained under the Freedom of Information (FOI) Act by the Parliament Street think tank’s cyber research team, reveals the extent to which financial services organisations and banks have been targeted by financial criminals…
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The Government has extended a ban on evictions for another four weeks with a new six month notice period set to be put in place until at least 31st March 2021. The new amendment means that renters affected by coronavirus will continue to be protected after the government extended the ban on evictions for another…
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The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has responded to new official figures that show £3.6 billion in council tax was owed before the Covid-19 outbreak, by urging central government to make changes to the way local authorities are able to collect council tax debt. The call comes as…
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The Insolvency Service has published its latest figures which indicate that in July 2020 that there were ten company insolvencies in Northern Ireland down from 21 in July 2019, this consisted of seven CVLs, one CVA, one administration and one compulsory liquidation, the first compulsory liquidation in Northern Ireland since the implementation lockdown on the…
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The Insolvency Service has published its latest figures which indicates that in July personal insolvency numbers in England and Wales decreased when compared to June 2020 (12% lower) and July 2019 (40% lower). There were 1,621 Debt relief orders (DROs) and 913 bankruptcies in July in England and Wales (the latter was made up of…
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