Credit, Collections & Insolvency News
The Covid-19 pandemic has sparked a surge in people over 50 seeking professional financial advice, according to new research from Scottish Widows. Almost half (46%) of Independent Financial Advisors (IFAs) in the UK have reported an increase in the number of over 50s reaching out to them for help over the last 18 months. Some…
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Almost a third of families with children at home (32%) are struggling to pay down debt which has accrued since the first UK lockdown began in March 2020, compared to just 16% of households without children, according to the latest Household Financial Confidence Tracker from comparethemarket.com. Excluding mortgage repayments, UK households say that their debt…
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MPs on the All-Party Parliamentary Group (APPG) on Fair Business Banking have voiced concern over the insolvency profession after an inquiry found evidence of alleged widespread misconduct, saying it has received ‘startling’ evidence about the sector. Kevin Hollinrake, Co-Chairman of the Parliamentary Group, said that sections of the insolvency industry were “operating in a manner…
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Guarantor lender Buddy Loans (Advancis) has entered administration. Shane Crooks, Antony Nygate and Kiri Holland have been appointed as joint administrators of the company. Buddy Loans is a high cost and guarantor lender, which lends money to customers for up to 60 months All existing loan agreements remain in place and will not be affected…
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Ofgem has confirmed two more energy companies are to exit the market impacting more than half a million customers People’s Energy, a social enterprise formed in 2017, supplied 350,000 consumers and 1,000 non-domestic customers, while Utility Point had 220,000 billpayers. Under Ofgem’s safety net, the energy supply of Utility Point and People’s Energy customers will continue and outstanding credit balances…
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Latest Bank of England (BOE) figures have indicated that the value of gross mortgage advances in 2021 Q2 was £89 billion, over double the amount seen in 2020 Q2, and the highest level since 2007. The value of new mortgage commitments (lending agreed to be advanced in the coming months) was almost 2.5 times greater…
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New figures published by the Office for National Statistics (ONS) has revealed that households reduced their spending during the coronavirus pandemic by an average of £109.10 (or 19%) a week. The figures also showed that during the year to March 2021, households spent less on goods and services that were restricted at various times to…
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New research by second charge specialist lender Evolution Money has indicated that the number of prime borrowers completing second-charge mortgages has risen in the company’s latest quarterly data report. Lending data for the last three months, up until the end of August 2021, has indicated that the product split by volume of mortgages is 68%…
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Philip King, the former Interim Small Business Commissioner (SBC) has joined Debt Register, a payments Fintech, as an Advisor. King, who prior to being appointed SBC was the Chief Executive of the Chartered Institute of Credit Management (CICM), has worked in the credit industry for more than 40 years, having held senior roles within Olivetti…
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New data released by the ONS has shown how the over 65s have been much more insulated from the effects of the pandemic than younger age groups. The research indicated that over 65s have approx. six times more saved in ISAs and current accounts than the 25-34 age group with 82% of over 65s report…
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The Insolvency Service has outlined a new five-year strategy with the aim to develop its services to support businesses, consumers and deliver economic confidence The strategy sets out how the Insolvency Service will develop its services over the next 5 years to strengthen the UK’s insolvency regime and contribute to the UK being the best place in…
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A new Credit & Technology Think Tank has been launched by Credit Connect Media. The event will examine credit and collections technology strategies to increase effectiveness and efficiency as we emerge from the worst impact of the pandemic. The inaugural Credit & Collections Technology Think Tank powered by Credit Connect will take place on Thursday…
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The public has been warned of a surge in impersonation scams as cases more than double as new research finds that nearly one in four people find it hard to say ‘no’ to requests from a stranger on the phone according to new UK Finance research. The figures have been shared at the start of…
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