Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) is using state-of-the-art analytics to scan 100,000 websites a day in a crackdown on scams and fraud. Although the watchdog cannot remove fraudulent sites, it has added almost 2,000 possible scams to its consumer warning list since May 2021- up a third more than during the same time the previous…
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Scammers are attempting to exploit the cost of living crisis by targeting consumers whose energy supplier has collapsed, according to new analysis by Which? Former customers of bust suppliers including Solarplicity, Future Energy and Northumbria Energy have been singled out by fraudsters attempting to exploit the confusion caused by the companies’ failures. In the first…
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Two connected companies have been wound-up in court after they abused multiple local authorities to receive covid support loans worth £85,000 they weren’t entitled to. Momz Love Limited and Unique Homes Lettings were wound-up in the High Court in the public interest and the Official Receiver was appointed the Liquidator of the companies. The court…
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Global information and insights company, TransUnion has announced a partnership with Lloyds Bank to look after the credit health of its customers with free access to their credit score via an interactive dashboard. The ‘Your Credit Score’ service, has already seen almost one million of the bank’s customers checking their credit score for the first time in April. Kelli…
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Aryza has announced plans to launch in North America with the appointment of a new Chief Executive Officer (CEO) in the region. Brent Reuter has been appointed as the new CEO to support the launch. Reuter has worked in the financial industry for more than 25 years and led First Data in Canada growing their…
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Free debt advice provider, PayPlan, has launched a new partnership with the National Bereavement Service (NBS) to provide practical, emotional and financial support to those who have experienced the death of someone close to them. Through its new partnership, PayPlan clients dealing with grief or bereavement will have access to a dedicated NBS bereavement helpline…
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A new report from the Centre for Social Justice supported by Lowell has revealed thedire state of financial literacy in Britain and recommends compulsory money management lessons for primary school students. The report finds that lack of financial knowledge among children is posing unprecedented risks with nearly 14 million adults with experience of financial problems…
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The Advertising Standards Authority (ASA) has published a new Enforcement Notice about Debt Management (IVA/PTD) adverts (ads) by Insolvency Practitioners and Lead Generation Companies. The ASA has published several rulings about ads which offered consumers a way to write off debt in government-approved schemes. These ads were not placed by FCA-authorised debt advisers but by lead generation…
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Customers will need to pay an estimated £2.7 billion to cover the costs of 28 energy suppliers failing since June 2021, in addition to the cost of running Bulb Energy. While the supplier failures were caused by substantial increases in wholesale prices, Ofgem’s approach to licensing and monitoring suppliers over previous years increased the risk…
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Inflation increased slightly in May, but soaring petrol prices will drive a bigger rise in June, while low-income households continue to face the greatest cost-of-living pressures according to the Resolution Foundation. CPI inflation increased from 9 to 9.1 per cent, while CPIH rose from 7.8 to 7.9 per cent, driven primarily by household services (such…
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The average credit card holder in the UK believes they will continue to use a physical card for just nine and a half more years, according to new report by finder.com. The figure is quite consistent across all age groups, ranging from millennials who expect to keep using them for under 9 years, all the…
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Business recovery group Begbies Traynor has warned that the number of zombie companies is set to reach a record high. Zombie firms are usually defined as low-growth or heavily-indebted firms barely able to cover interest payments on company debt. Companies are also grappling with soaring energy bills, diminishing consumer confidence and supply chain shocks caused…
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Global information services company, Experian, has announced that it is expanding its automated employment and income verification services to broaden UK employees’ access to better financial products and services. The digital service will automate the time-consuming process of sharing payroll and employment information with lenders, provide an instant and secure alternative for verifying such information…
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