Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes up by 13% in February 2020 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 7% in February 2020 compared with the same month in 2019. The IT equipment finance and plant and machinery finance sectors reported new business up in February 2020 by 10% and…
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Over 1.2 million mortgage payment holidays have been offered by lenders to customers impacted by Covid-19 according to the latest figures from UK Finance. Action by lenders means one in nine mortgages in the UK are now subject to a payment holiday. The number of payment holidays in place more than tripled in the two…
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The latest CBI financial services survey shows that Britain’s financial services sector suffered a drop in profits and increase in bad debts before the coronavirus crisis-prompted lockdown. The report, based on a poll of 103 firms, saw 27% report a drop in profits versus 24% which reported a rise. Some 12% of firms said they…
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The British Business Bank has announced that it has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS) – The Co-operative Bank, Cynergy Bank, OakNorth Bank and Starling Bank. Following their approval, each lender will be putting in place the operations required to start lending under the scheme and will…
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The insolvency litigation market has increased by 50% in the past four years to £1.5 billion per annum, with litigation funding fast catching up with ‘no-win no-fee’ arrangements, research has revealed. The research report by Professor Peter Walton of Wolverhampton University found that the value of insolvency claims has risen by 50% to £1.5 billion…
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Citizens Advice fears the government’s bold action to protect workers during the coronavirus pandemic could be undermined by confusion and patchy use of the job retention scheme by some employers. The research from Citizens Advice shows around 6 million people in the UK (18% of the total workforce) have already seen their hours cut, been…
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The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…
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