Credit, Collections & Insolvency News
Raman Bhatia, Chief Operating Officer of OVO has been appointed CEO of OVO’s retail business from 1st March 2022. Adrian Letts will be stepping down after three years of leading OVO through the acquisition of SSE Energy Services, the pandemic and the rise of gas prices. Bhatia has led the operations of OVO over the…
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Latest data from the National Fraud Hunter Prevention Service, analysed by Experian, found the detected fraud rate for cards rose by 42% between October and December 2021, when compared to the previous quarter, the highest rate since 2017. Typically, an increase in fraudulent activity is detected over the festive shopping period, but 2021 proved especially…
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Virgin Money, the UK’s sixth largest bank, is the latest firm to become fully registered to the Contingent Reimbursement Model Code (the CRM Code) – a voluntary standard overseen by the primary self-regulatory body of the financial services industry, the Lending Standards Board (LSB). The CRM Code sets out protections to prevent, detect and mitigate…
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EY-Parthenon has announced the appointment of Iestyn Matthews as Associate Partner to its turnaround & restructuring strategy practice. Matthews brings over 20 years’ experience and rejoins EY, having previously worked across its business risk and restructuring teams for almost ten years, where he predominantly focused on distressed restructuring and bank advisory work. He joins EY-Parthenon…
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Rules introduced in 2014 by the Financial Policy Committee (FPC) to restrict the amount mortgage applicants could borrow may be reversed following a review by the Bank of England (BoE). Since 2014, Banks have had a limit on the number of mortgages they can offer where someone is borrowing more than 4.5 times their salary.…
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Here is an overview of The Money Charity’s latest statistics for February 2022 Personal debt in the UK People in the UK owed £1,765.6 billion at the end of December 2021. The average total debt per household, including mortgages, was £63,528. Per adult this was £33,328, around 108.7% of average earnings. This is up from the revised £33,306…
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New research from SunLife shows almost 40% of people are not putting enough money aside to pay for their funeral, leaving their families to pick up the £1,800 shortfall. The report also highlights that one in five is also having to borrow to cover that shortfall with the average cost of a funeral is now estimated…
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Students in England will have to pay back university loans over 40 years instead of 30 years, the Government has announced. Under the current system, loans are written off after 30 years the change will mean that more students will pay back their loan. The student loan proposals could see the term extended to 40…
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The Credit Services Association (CSA) has announced that Cabot Credit Management’s General Counsel Sarah Whiteley has been elected as a new board member. Whitely leads the legal, governance and company secretary functions for Cabot Credit Management across the UK and Europe and is a trusted advisor to C-Suite colleagues, stakeholders, the Cabot Holdco and subsidiary…
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Global information and insights company TransUnion has announced that it has partnered with CreditLadder, the rent reporting platform, to incorporate UK tenants’ rental payments into their credit information. Rental payment history of those individuals using CreditLadder can now be recorded in their TransUnion credit report, giving finance providers a more holistic view of financial standing…
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Joseph Rowntree Foundation (JRF) is warning that a planned real-term cut to benefits in April could pull 400,000 people into poverty. The analysis revealed the consequences of the Government’s decision to uprate benefits by just 3.1% in April, when inflation is forecast to hit 7%. The Foundation says that this represents a real-term cut to…
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An estimated 4 million people in Britain have so far been eligible for a Cold Weather Payment this winter, according to analysis from comparethemarket.com on data from the Department of Work and Pensions (DWP). Among those 4 million people eligible in total across Britain, 13,000 lived in the six areas where weather stations have been…
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New research from Nucleus Commercial Finance has found that nearly four in 10 (39%) of SMEs plan on investing over a third (35%) of their cash reserves into their business. The majority (91%) of SMEs have cash reserves, with the average SME holding £39,723 which they have set aside to finance their business for a…
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