Credit, Collections & Insolvency News
Research from Cornwall Insight has shown that conditions could be in place for volatile wholesale energy prices to continue into 2030 and beyond, unless the UK develops a long-term strategy to cope with changes in energy production and unstable economic, geopolitical, and ecological systems. Cornwall Insight’s Benchmark Power Curve, which looks at energy investment and…
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More people are seeking one-to-one support from Citizens Advice than at any point during the pandemic. That’s according to stark new figures released which reveal the enormous pressures facing households even before major increases to energy bills kick in this April. The charity warns that crisis support – including referrals to food banks and advice…
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High-cost short-term lender, Ounapuu (formerly Ferratum) has entered into a Creditors’ Voluntary Liquidation. The company was placed into a Creditors’ Voluntary Liquidation. Paul Boyle, David Clements and Anthony Murphy of Harrisons Business Recovery & Insolvency (London) were appointed as Joint Liquidators. The firm’s name was changed from Ferratum UK Limited to Ounapuu on 4th November…
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Monzo has been reprimanded by the Competition and Markets Authority (CMA) for failing to specify the monthly charge in the correct document when users agreed to overdrafts. The CMA claimed that a breach between October 2018 and November 2021 meant that the app’s customers were not aware of the potential monthly fees, on exceeded agreed…
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More than 5 million adults are unnecessarily financially excluded, meaning they could potentially struggle to access affordable and fair financial services and the most affordable home energy and broadband deals, according to research conducted by LexisNexis Risk Solutions. The report found that 1 in 7 adults in the UK (c.7.1 million people) fall into the…
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The Online Collections Technology Think Tank 3.1 has confirmed its agenda and speaker line-up ahead of the event for Thursday (3rd February). The event takes place on a big day for cost of living announcements with Ofgem set to announce changes to its price cap limit and with the Bank of England potentially announcing an…
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Rising energy prices will risk more Scottish consumers turning to food banks, Citizens Advice Scotland (CAS) warned. The charity says more and more people in Scotland are asking for information on paying their energy bills because they are facing a ‘nightmare scenario’ as the cost of living crisis bites. The energy price cap will rise…
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The Treasury Committee has called for additional Government action to combat fraud and scammers as it publishes its report on Economic Crime. The report, which was unanimously agreed by the cross-party Committee of MPs, urges the Government to legislate against online fraudulent adverts and seriously consider whether online giants should reimburse those who fall victim…
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Business advisory firm Quantuma has confirmed plans to double the headcount of its North West operation from 20 to 40 in the next two years to meet growing client demand. With more than 18 bases around the UK and 23 globally, Quantuma arrived in the North West in 2019, and has since grown to become…
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Following a comprehensive strategic review, Masthaven Bank has announced that it will be withdrawing from the UK banking market over the next two years. Masthaven, which was founded as a non-bank lender in 2004 and acquired a banking licence in 2016, is now communicating the news of its strategic withdrawal from the market to employees,…
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Millions of people with mental health problems say they are missing out on Equality Act protections from banks and other essential services firms according to new a report by Money and Mental Health Policy Institute. The research found that many banks and other essential services providers are likely to be failing to meet legal duties set…
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Consumers are starting to run down the savings built up during the pandemic in order to sustain household spending patterns threatened according to latest Bank of England (BOE) figures. The Bank said savings stood at £3.2bn in December, less than a third of the £10.6 billion monthly average for the previous 12 months. Consumer credit…
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New equity release customers will be able to mitigate the costs of borrowing in later life through a new product safeguard announced by the Equity Release Council (the Council), the representative industry body. From 28th March 2022, all customers taking out lifetime mortgages that meet Council standards will be guaranteed the right to make penalty…
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