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Will the payday loan cap really benefit consumers?

Will the payday loan cap really benefit consumers? A big-four monopoly led by Wonga can’t be good for borrowers. But a credit union or community finance alternative is an exciting prospect Faisel Rahman | theguardian.com | 13 NOVEMBER 2014 The payday loan rules confirmed by the Financial Conduct Authority yesterday for high-cost short-term credit will… Continue Reading

Sands v Layne & Anor [2014] EWHC 3665 (Ch) (12 November 2014)

Sands v Layne & Anor [2014] EWHC 3665 (Ch) (12 November 2014) Neutral Citation Number: [2014] EWHC 3665 (Ch) Case No 5369 of 2013 IN THE HIGH COURT OF JUSTICECHANCERY DIVISION 12 November 2014 B e f o r e : David Donaldson Q.C. sitting as a Deputy High Court Judge____________________ MARK ROBIN SANDS Applicant… Continue Reading

Payday loan charges cap announced by FCA

Payday loan charges cap announced by FCA 11 November 2014 | BBC NEWS A cap on the amount that payday lenders can charge their customers has been announced by the City regulator. Payday loan rates will be capped at 0.8% per day of the amount borrowed, said the Financial Conduct Authority (FCA). In total, no… Continue Reading

New payday loan rules to cap fees, total cost and default charges

New payday loan rules to cap fees, total cost and default charges Financial Conduct Authority rules will reduce the cost for most borrowers, but debt campaigner Stella Creasy MP says the cap needs to be lower to change behaviour of lenders Jennifer Rankin | The Guardian | Tuesday 11 November 2014 The UK’s financial watchdog… Continue Reading

Capita to take over Co-op Bank mortgage operations

Capita to take over Co-op Bank mortgage operations 11 Nov 2014 | INSIDER MEDIA LIMITED The Co-operative Bank has named Capita as preferred bidder to take over its mortgage servicing operation in the UK in a deal worth £325m over the next decade. Under the terms of the deal,….” http://www.insidermedia.com/insider/north-west/127558-co-op-bank-outsource-mortgage-operations?utm_source=breaking_news_newsletter&utm_medium=top_story_article&utm_campaign=breaking_news_tracker

Rileys’ creditors out of pocket as buyer search goes on

Rileys’ creditors out of pocket as buyer search goes on 11 Nov 2014 | By David Casey | INSIDER MEDIA LIMITED Administrators are continuing their search to find a buyer for sports bar and snooker hall chain Rileys although unsecured creditors are being braced for a £5m shortfall, Insider can reveal. Insolvency specialists from Deloitte,….”… Continue Reading

Administrators seek buyer for Shropshire hotel

Administrators seek buyer for Shropshire hotel 11 Nov 2014 | INSIDER MEDIA LIMITED Administrators are continuing to trade a historic Shropshire country park hotel in the hopes of finding a buyer after its owner failed. All staff at the venue ….” http://www.insidermedia.com/insider/midlands/127514-administrators-seek-buyer-shropshire-hotel?utm_source=westmidlands_newsletter&utm_medium=top_story_article&utm_campaign=westmidlands_news_tracker

Wrong place, small size, ailing industry kill Welsh refinery

Wrong place, small size, ailing industry kill Welsh refinery 10 NOVEMBER 2014 | REUTERS | BY SIMON FALUSH LONDON, Nov 10 (Reuters) – U.S. company Murphy Oil tried for more than four years to sell its Milford Haven refinery in Wales. The plant was finally doomed last week when a deal with entrepreneur Gary Klesch… Continue Reading

Informal corporate insolvency procedures up by a quarter since 2010 – R3

Informal corporate insolvency procedures up by a quarter since 2010 – R3 10 November 2014 | R3 – the trade body for Insolvency Professionals | PRESS RELEASE The number of companies opting to be simply removed (‘struck-off’) from the Companies House register has jumped by 28% from 139,594 in 2010-11* to 178,996 in 2013-14, according… Continue Reading

Rescue deal at truck business saves 127 jobs

Rescue deal at truck business saves 127 jobs 10 NOVEMBER 2014 | INSIDER MEDIA LIMITED Administrators from FRP Advisory have saved almost 130 jobs at a West Midlands-headquartered commercial vehicle business after negotiating a rescue deal. Russell Cash and Jeremy French,….” http://www.insidermedia.com/insider/midlands/127408-rescue-deal-truck-business-saves-127-jobs?utm_source=westmidlands_newsletter&utm_medium=top_story_article&utm_campaign=westmidlands_news_tracker