Credit, Collections & Insolvency News
Provident Financial has announced the appointment of Charley Davies (formerly Taggart), who will take over the role of Group General Counsel and Company Secretary on 1 April 2019. After more that 11 years as Group General Counsel and Company Secretary, Ken Mullen has decided to retire from the Company and will step down from this…
Read moreNearly one million (900,000) people who’ve never switched energy supplier could cover the cost of their Christmas borrowing by changing to a better deal. New analysis from Citizens Advice shows that around 3.2 million people in Britain borrowed up to £150 to cover the cost of Christmas in 2018, almost 1 million of whom have…
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Here is an overview of The Money Charity’s latest statistics for January 2019: Personal debt in the UK People in the UK owed £1.613 trillion at the end of November 2018. This is up from £1.569 trillion at the end of November 2017, an extra £898.71 per UK adult and £78.15 higher than the previous month. The…
Read moreUK Finance has published its Household Finance update for December 2018 which have revealed that over £11 billion spent on credit cards which showed an 8.8 per cent increase when compared with the same month the previous year. The outstanding level of credit card borrowing grew by 4.7 per cent in the twelve months to December. Personal…
Read moreThe Payment Systems Regulator (PSR) has published its final terms of reference for a market review into the supply of card-acquiring services. Card payments are an increasingly important payment method, with debit cards becoming the most frequently used payment method in 2017. For businesses to accept card payments, they need to buy card-acquiring4 services. The cost of…
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Almost half of finance professionals (45%) regard big data as the most influential trend in the financial sector, according to the Onguard’s FinTech Barometer survey. Despite more than one-third of respondents (36%) expecting big data to impact employment, very few think it will actually lead to job losses. In fact, more than three-quarters of finance…
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Experian has launched the first affordability check for gaming websites, The new service which will assist in ensuring people gamble affordably. The affordability check can be made at the most appropriate point for customers, such as when there is a change in their account behaviour or specific behaviour may indicate an increased risk. A total…
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The Financial Conduct Authority (FCA) has published new data on insights and trends in the high-cost short-term credit (HCSTC). The data indicates that lending volumes in the market remain well below the levels seen in 2013, but have risen since 2016. Over 5.4 million loans were made in the year to 30 June 2018, with 10…
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Complaints about payday lenders in have increased as concerns about the solvency of firms and lax lending practices in the sector persist according to the Financial Ombudsman Services (FOS) Caroline Wayman, Chief Executive of the Financial Ombudsman Service (FOS) said the state watchdog typically deals annually with around 100,000 complaints that financial firms have not…
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A new Tenant Fees bill has passed its final stage in Parliament before royal assent, the new bill will stop renters being forced to pay £160 million a year in unfair and uncompetitive fees according to Citizens Advice. Citizens Advice says it has called for a ban on fees for the past decade and worked…
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The latest statistics from Accountant in Bankruptcy (AiB) have highlighted a 10% rise in bankruptcies with an overall increase in Scottish personal insolvencies continuing to be driven by growth in the protected trust deed (PTD) market. In the third quarter of 2018-19 covering the period 1st October to 31st December, there were 1,981 PTDs in…
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Consumer credit firm Omni Capital Retail Finance has agreed a partnership to use an automated decisioning platform (ADP) from LendingMetrics. The finance provider, which is owned by Castle Trust Capital, has chosen Lending Metrics’ ADP platform to support its OmniPort credit approval system, which allows customers to purchase immediately at point of sale using a paperless…
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Automated payments hit an all-time high in 2018 with brand new annual, monthly, and daily records set. Bacs Payment Schemes Limited (Bacs), owned by leading retail payments authority Pay.UK, processed a mammoth 6.4 billion transactions worth just shy of £5 trillion across the year. That continues more than a decade of growth – back in…
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