Credit, Collections & Insolvency News
Bank of Ireland UK has confirmed, the completion of its acquisition of Marshall Leasing Ltd which will become part of Northridge Finance. Recently named Fleet Leasing Company of the Year 2017 by the Association of Car Fleet Operators, Marshall Leasing Ltd provides a range of contract hire fleet services including fleet management, risk management, contract…
Read more
New data released by Cifas shows a sharp rise in the number of 18 to 24-year-olds who are letting their bank accounts be used to transfer the proceeds of crime. The statistics reveal a 75 percent increase in the misuse of bank accounts involving 18 to 24-year-olds during the first nine months of 2017, compared…
Read more
Paragon Banking Group has reported underlying profits of £145 million as it unveiled its full-year results for the period ended 30 September 2017. Total lending grew by 29% to £1.9 billion and included a 21% increase in buy-to-let mortgage lending, with buy-to-let completions reaching £1.4 billion for the year. This strong growth highlights Paragon’s favourable…
Read more
BDO, liquidators of Irish Charleville Credit Union have put its premises and loan book up for sale, with half a dozen credit unions already eager to acquire the loans. The loan book is said to have a gross value of €14million. However, it is understood that only around €8m worth of loans are performing. Charleville…
Read more
Four directors of Secure My Money Limited (SMM) have been disqualified following an investigation by the Insolvency Service. The individuals disqualified are: Mark Robert Kennedy for 8 years; David John Carter Mullins for 8 years; Edward John Booth for 7 years; and Christopher Brotherton for 5 years. All four were the directors who had responsibility for…
Read moreLatest figures released by the Building Society Association (BSA) show that building societies approved 29% of all new mortgages in Q3 2017, and savers deposited £1.3 billion in building society accounts. Highlights from the figures show: Mortgage lending Q3 2017 Building societies approved 114,793 new mortgage loans, up 4% on the 110,216 mortgage loans approved…
Read more
Debt advice provider, Payplan has called on the Chancellor to help those struggling to get on the housing ladder with the announcement of the budget this week. Jane Clack, Money Advisor at PayPlan said “In Wednesday’s announcement, I would like to see the Chancellor think more about how the budget can help people who are already…
Read more
Three directors of Speed-e-Loans.com Limited (SEL) have been disqualified from acting as directors. The Secretary of State for Business, Energy, & Industrial Strategy, accepted disqualification undertakings from Philip Miller for nine years, Robert Alan Davies for six years and Daniel Jonathan Miller for five years – following an investigation by the Insolvency Service. At administration,…
Read morePeople who don’t think they can pay their debts are being given thousand of pounds of credit they haven’t asked for, Citizens Advice has warned. Fresh evidence from the charity suggests that 6 million people have had their credit limit increased in the last year without their consent – and 32% of those showing signs…
Read more
The Fairbanking Foundation has announced a new under its new partnership with housing association Orbit to support customers to manage their money The Partnership will enable Orbit’s front line advisors and 100,000 customers to access the guidance from the Fairbanking Foundation’s independent certification scheme, the Fairbanking Mark, which tests whether financial products such as current…
Read more
BSI, the business standards company, has launched a new code of practice that gives recommendations to organisations for protecting vulnerable customers from financial harm that might occur as a result of fraud or financial abuse. Sponsored by NatWest, the code of practice, PAS 17271:Protecting customers from financial harm as a result of fraud or financial…
Read more
Street UK CIC has released its annual Social Impact Report. The report says that stagnant wages and increasing inflation means that household budgets are being squeezed, with more families racking up unsecured debt. High, uncompetitive interest rates offered to the most vulnerable families can lead to further pressure and becoming stuck in a cycle of…
Read more
New research by Callcredit Information Group found that the number of fraud professionals planning to use machine learning to tackle fraud in the next three years has doubled from 11% last year (2016) to 22% in 2017. In comparison, the number planning to deploy document verification to validate customers’ identity reduced by over 75% in…
Read more