Credit, Collections & Insolvency News
Over 50s renters are not saving anywhere near enough to cover their rental costs in retirement, leaving a £43 billion shortfall – five times the cost of the London 2012 Olympics – according to research by Scottish Widows. The projections, calculated for Scottish Widows by Development Economics, predict that one in eight retirees, equating to…
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One in ten UK adults (10%) have cancelled their credit or debit card in the last year due to attempted fraud, according to new research by comparethemarket.com. This equates to over five million people becoming the victims of the cybercrime in the last twelve months, highlighting the worrying levels of online fraud in the UK. In…
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“Finance brokerages need better technology to maximise the opportunity afforded by an accelerating bank branch closure programme,” according to Allen Jones, MD at financial technology experts Copernicus. Banks in the UK are set to close a record 762 branches this year, according to a recent Reuters report. It is the latest statistic in what has been…
Read moreWalker Morris has confirmed the appointment Rob Aberdein as a Partner in the Banking Litigation Group business Aberdein will strengthen Walker Morris offering to financial services clients and help to build on the substantial experience for this practice group across the whole of the UK. Aberdein was recently ‘triple ranked’ in The Legal 500 for Debt Recovery and Commercial…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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