Credit, Collections & Insolvency News
Embracing FCA regulation to ensure the fair treatment of customers consistently can create a good customer outcome and a good dealer outcome at the same time. To ensure dealers create the fair outcomes sought by the FCA, it will be essential that dealers consider how best to meet customers’ needs throughout their car financing journey.…
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The latest official statistics show that personal solvency numbers in Scotland for the whole of 2019 were 13% higher than in 2018, and were at their highest level since 2013. Meanwhile, the number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland fell by 5% in October-December 2019 compared with July-September 2019, and rose by…
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The latest official statistics show that corporate insolvencies in Scotland for the whole of 2019 were 4 percent up on the year before, at 980, putting them at their highest level since 2012. However, the figures fell by 4% in October-December 2019 when compared with July-September 2019, and rose by 8% compared with October-December 2018.…
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UK businesses are planning a £1.7 billion investment boost over the next two years as Brexit uncertainty ends, a new survey has revealed. Plans to expand premises and employ more staff top the agenda for small and medium sized enterprises (SMEs), according to the results of the study by finance specialist Together. More than a quarter…
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The Competition and Markets Authority (CMA) has announced that it has extended the loyalty penalty deadline by six months to ensure regulators take effective action. The loyalty penalty – where companies penalise longstanding customers by charging them higher prices than new customers or those who renegotiate their deal – is in response to concerns raised…
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Automotive finance and insurance (F&I) software specialist, DealTrak, has announced the appointment of a new Head of Delivery, as well as launching the search for several senior roles within the team. New recruit Gary Burton will oversee the design, development and implementation of a range of new products and services for the automotive finance and…
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Research from credit experts TotallyMoney and MoneyComms reveals how just making minimum repayments on credit card balances costs customers thousands in interest and takes over two decades to clear. The research shows that only making the minimum repayment each month will take over 26 years to clear a credit card balance with customers expected to…
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An increasing number of people aged over 65 are using equity release products to pay off debts and mortgages. Customer data from LV= shows that 27% of customers in 2019 used equity release to clear their mortgage, loans or debts compared to 15% in 2016. Helping family and friends has risen from 8% to 16%…
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