Credit, Collections & Insolvency News
Over one fifth of Brits (22%) say they feel most financially under pressure in January, following the excess of Christmas according to research from TDX Group, an Equifax company. The research indicates that of all the months in the year, January is the most financially difficult, with 26% of females flagging it as a pressure…
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French Duncan LLP estimated that last year, approximately 12,000 people in Scotland became insolvent, the highest level since 2013. The firm says the figure could be even higher by the end of 2019, with rising household bills, food costs and stagnating wages contributing to an estimated 230 bankruptcies each week. Eileen Blackburn, French Duncan’s Head…
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As half-season tickets go on sale, football fans are being warned about the massive gulf in rates charged on loans by clubs. Depending on who you support, you may have to pay up to 36.3% APR to watch your favourite team play. These findings come from research by free-for-life credit report provider Noddle.co.uk – who…
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Fleet leasing and business mobility specialist Alphabet has announced the appointment of Clive Buhagiar as the company’s new Head of Operational Services. Buhagiar has been with Alphabet since 2011, initially joining as Head of Public Sector following the acquisition of ING Car Lease by the company. In 2014 Buhagiar moved to take up the role…
Read moreOne in five British adults (20%) would find it somewhat difficult, very difficult or impossible to immediately pay an unexpected bill for an amount as little as £20, without assistance from an external source, according to new research from R3, the insolvency trade body, and ComRes. Around 1 in 20 (6%) of British adults said…
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UK Finance has published its latest Household Finance Update for November 2018 which has revealed that £11.3bn of credit card spending in November was 7.5 per cent higher than November 2017. Over the past twelve months, the outstanding level of credit card borrowing grew by 5.3 per cent. Personal borrowing through loans and overdrafts grew…
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UK Finance, the trade organisation representing the banking and finance industry operating in the UK, has announced the appointment of Bank of Ireland’s Richard Rowntree as the new chair of its Mortgages Product and Service. He will replace outgoing Chair Miguel Sard, Managing Director of Mortgages at Santander, in January 2019. The UK Finance Mortgages…
Read moreThe Central Bank of Ireland has published its latest residential Mortgage Arrears & Repossessions Statistics from Quarter 3 2018. The figures have revealed that the number of family homes being repossessed has fallen, with the improving economy helping to cut the number of mortgages in arrears. The figures show 191 homes were repossessed in July…
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The TALL Group of Companies has announced it has partnered with DIA Europe, providers of the Kappa cheque fraud prevention platform used by many leading banks, to create a new tool that is designed to strengthen the cheque industry’s protection against payment fraud. UCN Plus will help to ensure that counterfeit, forged and fraudulently altered…
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omputershare Loan Services has launched Zephyr Homeloans: a dedicated buy-to-let lender that provides a range of mortgage products for professional portfolio landlords and other specialist property investors. The underlying funding is arranged separately. Computershare says that Zephyr aims to support intermediaries by offering proactive guidance and providing mortgage solutions that will help them meet the…
Read moreThe Competition and Markets Authority (CMA) has announced a package of reforms to tackle the substantial loyalty penalty impacting millions of people. The CMA has investigated concerns raised by Citizens Advice in a ‘super-complaint’, that companies penalise existing customers by charging them higher prices than new customers. The CMA has looked at the 5 markets…
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Here is an overview of The Money Charity’s latest statistics for December 2018: Personal debt in the UK People in the UK owed £1.613 trillion at the end of October 2018. This is up from £1.564 trillion at the end of October 2017, an extra £928.44 per UK adult and £142.69 higher than the previous month. The average…
Read moreThe Financial Conduct Authority (FCA) has fined Santander £32,817,800 for failing to effectively process the accounts and investments of deceased customers. The FCA found thatSantander did not transfer funds totalling over £183m to beneficiaries when it should have done. 40,428 customers were directly affected. Santander also failed to disclose information relating to the issues with…
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