Credit, Collections & Insolvency News
The Financial Ombudsman Service (FOS) has published its quarterly data in relation to financial products today – this covers the period October 2021 – December 2021. The data shows complaints about current accounts, credit cards, car/motorcycle insurance and personal loans continue to feature in the top five most complained about products. Packaged bank accounts was…
Read more
Fraud prevention service, Cifas is urging consumers to report fraud committed against the public purse as new research reveals one in ten people know someone dishonestly claiming a discount on their Council Tax Bill. Current rules mean any household with only one adult living at the address can claim a 25% discount on their Council…
Read more
The number of alleged fraud cases heard in UK courts in 2021 went up by 66 per cent compared to the same time in 2020 according to new analysis by KPMG. KPMG UK’s Fraud Barometer found that despite another lengthy Covid -19 lockdown at the start of 2021, UK courts appear to have got back…
Read more
The Government is urging households across England to set up direct debits with their local council to receive a £150 council tax rebate that will help millions of families manage costs of living. People who pay council tax by direct debit, which is a safe, simple and quick way to pay will see the cash…
Read more
The Central Bank of Ireland has published an Economic Letter, “Household Characteristics, Irish inflation, and the cost of living”, authored by Reamonn Lydon. The Letter presents data on how inflation levels differ across household types and outlines a number of findings of relevance to policymakers. Current Central Bank inflation projections indicate that inflation will average…
Read more
New analysis from Experian finds that comparison searches for loans have doubled over the last year, while consumer research reveals that almost one in five consumers (18%) intend to, or already have, borrowed money in 2022. When comparing this January with the same month in 2021, loan searches increased by 101%, while loan applications increased…
Read more
The UK Government could lose as much as £16 billion to fraud and error across the Covid-19 emergency loan schemes, according to a report from the Public Accounts Committee described the losses as ‘unacceptable’ and said the Treasury should outline exactly what it intends to recover. The furlough scheme is estimated to have suffered the largest…
Read more
Trade credit insurance specialist Euler Hermes has announced a change in its leadership team. Jennifer Baert will be appointed as Group General Counsel from March 2022. Baert. was previously Global Head of Credit Risk Assessment of Euler Hermes Group, she graduated from King’s College London with a first-class law degree and from the Universities of…
Read more
Virgin Money has announced a partnership with Paylink Solutions which will be enhanced the way customers who have fallen into arrears provide their income and expenditure (I&E) information as part of a new digital affordability platform. The customised software partnership brings Virgin Money’s operations together as part of a consistent affordability system for agents and…
Read more
Financial cooperative, Strathkelvin Credit Union has entered administration. Based in Dunbartonshire, the credit union, founded in January 1996, acts as a financial cooperative offering its members financial security through saving and borrowing. In 2019 SCU recorded a turnover of £86,000. The Credit Union entered administration on 22nd February as a result of regulatory breaches rendering the…
Read more
A student who took out Bounce Back Loan faces 9-years of bankruptcy restrictions after he abused government support available for businesses during the pandemic. Kurt Barkhuizen applied for and received a £50,000 Bounce Back Loan in June 2020. Barkhuizen was not running a business at the time and was not eligible for any funding through…
Read more
Personal insolvency provider Creditfix has announced changes to how it works with third-party debt packager firms. The move, which will see the company introduce a flat rate to external providers, comes in a proactive response to industry calls for tighter regulation around external sources and to further ensure that customers seeking debt advice get the…
Read more
New figures from UK Finance has indicated the highest annual volume, and value, of mortgages to borrowers aged over 55 since 2014 occurred last year, according to UK Finance’s latest later life mortgage lending report. The report found that there were 187,120 new mortgages to borrowers aged 55 years and over completed during 2021, totalling…
Read more