Credit, Collections & Insolvency News
British energy customers are facing a potential bill of £172 million from the collapse of 11 suppliers since January 2018. On top of this, thousands of people who owed money to failed suppliers lost out on consumer protections and faced aggressive debt collection as a result, according to new research by Citizens Advice. Energy suppliers…
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The Government has announced a new breathing Space scheme which will protect Individuals and families struggling with problem debt. Under the new scheme, consumers will be given extra help and time to get their finances under control, City minister John Glen has revealed. The new plans will see the introduction of a 60-day Breathing Space…
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The number of interest-only mortgages fell by (13.1 per cent) in 2018 compared to the previous year, UK Finance figures have revealed. It means the total number of pure interest-only mortgages has now fallen by over half (54 per cent) in the past seven years, from 2.5 million in 2012 to 1.23 million in 2018.…
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Virgin Money will become CYBG’s sole brand as it lays out plans to disrupt the status quo with new products and an updated financial, customer service the company has said in an announcement CYBG is setting out its refreshed medium-term strategy at its Capital Markets Day, presenting the first strategic update on the new combined…
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Citizens Advice has said that it is concerned that loyal customers have been penalised by nearly £3 billion since it submitted its super-complaint. The charity lodged a super-complaint in September calling for the Competition and Markets Authority (CMA) to outline how the loyalty penalty could be fixed in five essential markets (mobile, broadband, home insurance,…
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Firms that overcharge or mislead their customers could be hit with direct fines without the need to go through a court, under plans unveiled by Business Secretary Greg Clark. The government has confirmed it will consult on giving the Competition and Markets Authority (CMA) new powers to decide itself whether consumer law has been broken,…
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A new report from FTSE100 financial services group Legal & General and Cebr shows that, amidst a reduction in transaction volumes across the UK housing market, it has been highlighted that the Bank of Mum and Dad (BoMaD) will fund nearly 20% fewer property purchases than in 2018. The jump in BoMaD loan sizes has…
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More than 400,000 Scots (10%) have fallen victim to a financial scam at some point in their lives, new research by Bank of Scotland and YouGov has revealed and one in three people (29%) know someone who has been duped by a fraudster. Despite this, 84% say they feel confident that they would be able…
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White label platform for point-of-purchase lending specialist Divido has released the findings of its latest research which indicates that UK lenders have lost estimated point-of-sale finance will be worth over £157 million to their individual business over the next 12 months. Alongside this, UK lenders are set to invest an average of £19.6 million into…
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Paying upfront for a car is increasingly falling out of favour with UK drivers according to research from Close Brothers Motor Finance. In the past year, the proportion of drivers saying they will opt for finance, leasing or renting for their next car has increased by 15% (from 37% in 2018 to 43% now). While…
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Over 50s are increasingly financing not just one, but two generations; boosting spending money, gifting lump sums, or providing childcare – totalling £53bn per year according to new research from Saga. The research has revealed that 69% of over 50s provide financial support to their children and 57% to their grandchildren. In fact, four in…
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The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in the Buy Now Pay Later (BNPL) market, saving consumers around £40-60 million a year. The changes, which include banning firms from charging backdated interest on money that has been repaid by the consumer during the BNPL offer period, will be in force…
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Sainsbury’s Bank has appointed Jim Brown as Chief Executive Officer (CEO) of its banking unit as it looks to build its online presence. Brown will take over the reins at from outgoing chief executive Peter Griffiths, who has plans to retire at the end of this year. Brown joins from RBS, he has previously held…
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