Credit, Collections & Insolvency News
R3 has welcomed the news that the Government has launched a consultation on introducing a “breathing space” for indebted individuals, Stuart Frith, President of insolvency and restructuring trade body R3, said “R3 welcomed the Government’s plans for a ‘breathing space’ for indebted individuals, during which they will have an opportunity to seek advice about their finances…
Read moreHousehold energy debt has soared by a quarter (24%) compared to this time last year with research showing that three million households collectively owe nearly £400 million to their energy supplier at the start of autumn, according to uSwitch.com. At a time when they would expect to be in credit, more than one in ten energy bill…
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The Insolvency Service has published the latest personal insolvency statistics for Q3 (July to September 2018) for England and Wales. The statistics show that total personal insolvencies fell by11% from a six-year high in Q2 2018 and are 2% lower than in the same quarter in 2017. This was driven by a decrease in individual voluntary…
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The Government has that it will introduce a No-Interest loan scheme and breathing space plans as part of the Autumn budget announcement. Responding to the news The Money Advice says it ‘welcomes action’ on tackling problem debt, including the new details of the government’s Breathing Space scheme, plans to pilot a no-interest loans initiative and…
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The Financial Conduct Authority (FCA) has today published the complaints figures for regulated firms for the first half of 2018. Complaints continued to increase for the fourth successive half year, reaching a new record level of 4.13 million complaints made to 3,161 firms. This was a 10% increase compared with the previous 6-month period. 98%…
Read moreThe creditworthiness Assessment Bill bill has been delayed at the House of Commons. The creditworthiness bill is designed to ensure that people’s record of paying rent is taken into account when they seek loans or mortgages – at the moment she argues the system essentially discriminates against tenants and in favour of property owners. Rhona Parry,…
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The Central Bank of Ireland has fined E-Services & Communications Credit Union (ESSCU) €155,000 and reprimanded it for a contravention of regulatory requirements contained in Section 21 of Central Bank Reform Act 2010. The contravention was admitted by E-Services and the enforcement action has been concluded by way of settlement agreement between the parties. A…
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Community service should replace the sanction of imprisonment for non-payment of Council Tax, according to the Civil Enforcement Association (CIVEA). The industry proposal is in response to a consultation by Financial Secretary, Mark Drakeford AM, which calls for a ban on imprisonment for anyone who does not pay their Council Tax. CIVEA, which represents the…
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Online research from Equifax, has revealed Brits want lenders to take factors, such as rental payment history, into consideration when it comes to applications for credit. Four in five Brits (80%) think lenders should consider their rental payments when it comes to approval or rejection on credit. The survey, conducted with YouGov, shows nearly half…
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The new energy price cap won’t cut bills for customers on three in ten dual-fuel deals, some of which cost almost £200 more than the cap per year for a medium energy user, according to new Which? Research. Which? looked at all energy deals available and identified more than 70 fixed deals that were more…
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Banks and insurance companies have announced that they will team up to fight cyber-crime by creating a new organisation which will oversee efforts to combat cyber-criminals. The new venture is backed by 20 large banks, insurers and security exchanges. It is scheduled to be launched early next year. Called the Financial Sector Cyber Collaboration Centre (FSCCC), the…
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The New Payment System Operator / NPSO – has announced it now has a new name and brand: Pay.UK. Pay.UK’s remit includes working in the public interest to ensure that the systems the country relies on for its banking transactions are safe, open, innovative and resilient. Every day, individuals and businesses use the services we provide…
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Ofgem has appointed First Utility to take on supplying around 7,000 customers of Usio Energy, which ceased trading earlier this week. This follows a competitive process run by Ofgem to get the best deal possible for Usio Energy’s customers. First Utility is offering Usio Energy’s customers a competitive tariff and will honour all outstanding credit…
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