Credit, Collections & Insolvency News
LegalTech business ME Group, which solves complex legal disputes using technology, has called for the government to ensure that lenders do not use the recent Bank of England interest-rate cut to boost profits at the expense of borrowers on standard variable rate (SVR) mortgages. ME Group CEO Rob Cooper said that when the Bank took…
Read more
The three major credit reference agencies (CRAs), Experian, Equifax and TransUnion have confirmed that consumer credit scores will be protected when people have agreed ‘payment holidays’ in place as a result of the COVID-19 pandemic. Payment holidays refer to a pause agreed between an individual and their lender on regular loan payments. Earlier this month…
Read more
Joseph Rowntree Foundation (JRF) has urged the Government to go further to protect people on low incomes from the impact of coronavirus. The Government has rightly committed to several bold and compassionate measures that will offer security to many businesses and employees. But new data published today by the DWP shows that the country entered…
Read more
High-cost short term lender (Payday lender) Uncle Buck has entered administration. The Financial Conduct Authority (FCA) had concerns that Uncle Buck Finance was failing to meet the adequate resources Given the severity of these concerns, the FCA has required Uncle Buck to stop lending to customers. Following on from this action, the members of Uncle…
Read more
The Government has announced a raft of new measures for self-employed workers. These included: Self-employed people will be able to apply for a grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month. At least half their income needs to have come from self-employment as registered on…
Read more
The UK’s three largest debt charities have called on the Government to instruct local authorities in England and Wales to suspend bailiff action for the duration of the Covid-19 outbreak. The move comes as Citizens Advice, Money Advice Trust and StepChange Debt Charity report that debt advisers have already begun to receive calls about bailiffs…
Read more
Water companies are taking all possible measures to help vulnerable customers and ensure households will not struggle to pay their bill during the national crisis according to Water UK. As yet there is no set policy for what billpayers will be offered but payment collections will be halted as part of the measures offered by…
Read more
The Government has confirmed a £500 million hardship fund will provide council tax relief for vulnerable households. Local Government Secretary Rt Hon Robert Jenrick MP has confirmed the government’s £500 million Hardship Fund will provide council tax relief to vulnerable people and households to help those affected most by coronavirus. The government has set out…
Read more
The incomes of self-employed people are ‘falling like a stone’ amidst economic disruption caused by Covid-19, according to charity the Money Advice Trust, which runs the Business Debtline advice service. The warning comes after Chancellor Rishi Sunak told MPs that constructing a scheme to protect the self-employed who are losing work because of the Coronavirus…
Read more
The spending limit for contactless card payments will be increased from £30 to £45, with a national roll-out beginning from 1st April 2020, UK Finance has announced. The decision to raise the limit was taken following consultation between the retail sector and the finance and payments industry and follows similar increases in several other European…
Read more
Ofgem has appointed Bulb to take on supplying Gnergy 9,000 domestic customers and small number of non-domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Bulb is offering customers a competitive tariff. All outstanding credit balances, including money owed to both existing and former domestic customers…
Read more
Ofwat has made a submission to the Competition and Markets Authority (CMA) after four of the 17 water companies appealed to the CMA against the outcome of Ofwat’s recent price review. The price review sets the outcomes water companies should deliver for customers and the environment, and the price that customers will pay over the…
Read more
The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic. It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%. Interest rates are now at the lowest…
Read more