Credit, Collections & Insolvency News
Households are missing out on savings of over £400 by failing to switch the energy, home and car insurance providers. Research from comparethemarket.com has shown that the top three regions where households can save the most by switching are the West Midlands (£732), the East Midlands (£665) and the North East (£660). The insight from…
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Nearly half of Muslim consumers have never used Shariah-compliant products, marking a wake-up call to the UK Islamic banking industry, new research by Home Purchase Plan provider and Shariah-compliant bank Gatehouse reveals. 46% of Muslim consumers say they have never used Shariah-compliant products, according to the study. The figure — which rises to 53% among Muslim women…
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Here is an overview of The Money Charity’s latest statistics for July 2019: Personal debt in the UK People in the UK owed £1,640 billion at the end of May 2019. This is up from £1,592 billion at the end of May 2018, an extra £922 per UK adult over the year. The average total debt per household, including mortgages,…
Read moreThe Intermediary Mortgage Lenders Association (IMLA) has responded to the Financial Conduct Authority’s (FCA) consultation paper on Responsible Lending, calling for the regulator to avoid raising borrowers’ expectations unrealistically and provide a clearer picture of the numbers and circumstances of borrowers who need additional support from lenders. The Association, which represents 19 of the 20…
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The Financial Conduct Authority (FCA) has launched a consultation on proposed guidance for firms on the fair treatment of vulnerable customers. The guidance sets out the FCA’s view of what the FCA Principles require of firms to ensure that vulnerable consumers are consistently treated fairly across financial services sectors. The FCA wants to see doing…
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Legal technology business, ME Group has asked MPs for help in encouraging regulatory bodies to speed up thousands of claims for mortgage mis-selling and mortgage overpayments. In its submission to the Parliamentary Inquiry by the All Party Mortgage Prisoners Group, ME Group says that it’s specialist subsidiary firms have carried out extensive assessments on mis-sold…
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Digital bank Starling has partnered with CreditLadder, the UK’s largest rent recognition platform, in a move that will help thousands of Starling customers improve their credit score and get on to the property ladder. CreditLadder will enable Starling customers to use their monthly rental payments to help build their credit history. By proving to lenders…
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Nearly a third of tenants are struggling to afford their rent according to new data published by the Government’s English Housing Survey. The study has found that 29 per cent of tenants in the private sector surveyed in 2017/18 said they found it “fairly difficult” or “very difficult” to pay their rent. The remaining 71…
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More women than men in England and Wales became insolvent in 2018, following a pattern which has been in place for several years, says insolvency trade body R3, commenting on the annual personal insolvency statistics released by the Insolvency Service. The statistics all showed that the total rate for personal insolvencies increased for the third…
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Britain is facing the highest risk of a recession since the financial crisis and preparations need to be made to mitigate the impact, according to the Resolution Foundation annual audit. Typical household incomes are estimated to have fallen by 0.5 per cent over the past two years – between 2016-17 and 2018-19 – the Resolution…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage market reports volumes up by 22% in May. Commenting on the May 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May by 2%, compared with the same month last year. The retail store and online credit sector reported new business up in May by 2% compared with the same month in 2018, while credit card and personal…
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Renewable energy supplier Green Star Energy has been ordered by Ofgem to refund £350,000 to customers over failings for renters. Ofgem said 1,829 new tenants were unable to access their Green Star Energy accounts and therefore could not access cheaper tariffs. The problem came as a result of Green Star not updating its records or issuing…
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