Tag Archives: write-off

Debt collection company refunds & writes off £414m

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The Financial Conduct Authority (FCA) has announced that Motormile Finance, a debt purchasing and collections company, has agreed to write-off £414m of debt for over 500,000 of its customers for past failures in its collections process.

The redress will consist of £154,000 in cash payments to customers and the writing-off of £414m of debt where the firm’s been unable to provide evidence that the balance of a debt is correct and properly due to be repaid.

Bradford-based Motormile Finance are also known as MMF, MMF Debt Purchase and MMF UK.

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Know your rights: July’s changes in debt law

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Changes in debt law

It’s that time again: Changes to debt law and other financial news for July 2011.

Bankruptcy is proving a very popular debt solution in Scotland; as the BBC reports that Scottish bankruptcies rise by 25% in the first few months of this year.

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