Credit, Collections & Insolvency News
The Finance & Leasing Association (FLA) has launched a Diversity and Inclusion page for International Women’s Day on Sunday, March 8th, 2020. The page will serve as an information hub for members and includes resources such as the Financial Conduct Authority’s work on diversity and inclusion, and the Women in Finance Charter toolkit. The FLA…
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Freedom Finance and Optimum Credit agree on a new identity partnership with Nivo meaning that customers applying for a second charge mortgage can now use Nivo’s secure communications platform to Nivo ID Passport their personal details and biometric identity profile from broker to lender, cutting out days of effort and speeding up approvals. Freedom Finance…
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The Financial Conduct Authority (FCA) has announced that Cash on Go, trading as Peachy.co.uk and Uploan.co.uk, has been placed into administration. Cash on Go is a high-cost short term lender, otherwise known as a payday lender, which lends small sums to customers until the next payday or up to 12 months. Adam Stephens, Gilbert Lemon…
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Buy Now Pay Later (BNPL) debts included on debt solutions have jumped by over 300% in the past six months, according to new data from debt advice provider Financial Wellness Group. The average BNPL debt added to a debt solution is around £250 and customers will typically have more than one BNPL account (and in…
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The Central Bank of Ireland has reprimanded and fined Ulster Bank (Ireland) DAC €4.6 million for governance failings relating to regulatory returns that were required under the Mortgage Arrears Resolution Targets (MART) Framework. The firm has admitted to these breaches, which took place from 2013 until 2015. The Central Bank determined that the appropriate fine…
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Professional services group Knights, which has offices across the Midlands, has exchanged contracts to acquire two law firms. The firm has agreed to acquire Leeds-based independent Shulmans for a total consideration of £20.1 million and Crawley and Maidstone-based commercial law firm ASB Law (which also encompasses ASB Aspire) for up to £8.5 million. Knights Group…
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New figures released by UK Finance have shown that gross mortgage lending dipped for the first time in almost a decade last year. Lending dropped from £268.7 billion in 2018 to £267.6 billion in 2019 was only 0.4 per cent, it was the first annual decline since 2010. The Household Finance Review for Q4, 2019…
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UK law firms Moore Blatch and Barlow Robbins have agreed to merge, creating a new regional powerhouse firm with a significant geographic footprint across the South East. The merger has been approved unanimously by the two firms’ respective partnerships. Set to begin trading as Moore Barlow from 1st May, the new firm will comprise 70…
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The poorest fifth of the population have experienced a 7 per cent fall in their disposable household incomes over the past two years, leaving their incomes no higher last year than they were back in 2004-05, the Resolution Foundation said in response to the latest ONS income and inequality data. The ONS latest data, which…
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Consumer insights specialist, Equifax has announced a partnership with CreditLadder. the UK’s largest rent reporting platform, to include rental payment data in Equifax credit assessments. The collaboration is a boost for the thousands of tenants who use CreditLadder, enabling people who pay their rent on time to access credit at fairer rates. The partnership is a…
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New research from comparethemarket.com reveals that nearly one-third of consumers (30%) have to dip into their overdraft because they have run out of money before the end of the month. Many people are not able to save for a rainy day. The research found two-fifths (40%) use their overdraft for emergency funding and nearly one…
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Two financial services experts with more than three decades of combined industry experience have joined Together as it expands its intermediary relationship team. Phil Quinn started his new position as Head of National Accounts with the specialist lender this month as it continues to grow its share of the UK mortgage market. He will be…
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