Credit, Collections & Insolvency News
Households that use prepayment meters are paying significantly over the odds for their energy when compared with those on a standard credit meter. New research from comparethemarket.com has revealed that 4.1 million customers are each paying on average £94 more a year for their energy than they would pay on a standard credit meter. Nationwide,…
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The Government has announced an extra £37.8 million support package will be available to debt advice providers this year. The Money and Pensions Service (MaPS), will oversee the allocation of the funds, including to charities, for debt advice and other money guidance services. The support package, which will bring the MaPS budget for debt advice…
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The Government has announced it will extend renter eviction measures by two months. The announcement by the Housing Secretary means that millions of renters across England and Wales will receive greater protection after the government extended the suspension of new evictions until 23rd August taking the moratorium on evictions to a total of five months.…
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Families with children at home during the coronavirus lockdown are turning to payment holidays to help them through the crisis. According to comparethemarket.com’s Household Financial Confidence Tracker, fewer than one in ten (9%) households without children at home say they have taken a payment holiday, but this figure leaps to over a fifth (21%) among…
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The Scottish Building Society has pledged a 12-month pause on repossessions as it looks to support customers amid the coronavirus pandemic. It is also extending a three-month mortgage break to six months. Scottish Building Society is also encouraging landlords to help those struggling to pay rent, by offering mortgage holidays if they pass on the…
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The Financial Ombudsman Service has published annual complaints data which showed that it received over 270,000 new complaints about financial businesses in the 2019/20 financial year. PPI remained the most complained about product, with over 122,000 complaints about PPI received by the service, including a spike in complaints following the FCA’s August deadline for consumers…
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The Financial Conduct Authority (FCA) has directed insurance firms to consider the impact of COVID-19 on the value of their products, saying they should evaluate services and detail any alterations within six months. The new measures set out what the FCA considers firms should be doing to identify any material issues that affect the value…
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With millions of people facing debt problems because of the pandemic, the Money and Mental Health Policy Institute is urging the Government to save lives by putting an end to threatening debt letters. Money and Mental Health’s research shows that rules in the Consumer Credit Act (1974) compel lenders to send intimidating letters to people…
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The Financial Conduct Authority (FCA) has opened an investigation into subprime lender Amigo Loans (The Richmond Group), the company has announced In a stock market update. Amigo said the FCA started an investigation on Friday into whether Amigo’s creditworthiness assessment process and its governance oversight of this was compliant with regulations. News of the investigation…
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The Financial Conduct Authority (FCA) has extended the mortgage payment holiday application deadline for customers struggling to meet payments. Mortgage customers now have until the end of October to request a break from payments while repossessions are further blocked. The FCA has confirmed the support firms should give to mortgage customers who are either coming…
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The Association of British Credit Unions Limited (ABCUL) has called on the Insolvency Service and the Insolvency Practitioners’ Association (IPA) to stop insolvency firms making money out of those disadvantaged by the coronavirus. Last week the largest provider of IVAs, Creditfix, wrote to creditors asking them to approve a £84.12 fee on each of their…
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New research from challenger credit bureau, Credit Kudos, has revealed the strain that financial pressures can put on people’s mental health. With many people losing their jobs or being furloughed, people need access to affordable credit to help them deal with the financial difficulties posed by the COVID-19 crisis. The research reveals a quarter (26%)…
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The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has welcomed the Chancellor’s announcement on extensions to the Job Retention Scheme and Self Employment Income Support Scheme. Jane Tully, Director of External Affairs at the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: “The Chancellor’s extension…
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