12th April 2024 - Credit Connect

AI in the debt sector: how can we get the underlying exchange of data right?

12th April 2024 Industry opinion |

I don’t know about you, but whenever I hear someone talk about AI or Artificial Intelligence, I feel somewhat sceptical, even scathing. When I was quite a bit younger, I remember watching Tomorrow’s World on the BBC, learning all about something new called an ‘Information Superhighway’ that had been invented and was going to change…

Consumers spend £1.4bn on bank overdraft interest each year

12th April 2024 Consumer Lending | #interest rates #overdrafts

New research by TotallyMoney has found that one in five (9.7 million) current account customers are overdrawn by an average of £697, with £1.4 billion spent on bank overdrafts each year. The research showed that on average, one in five people (18.8%) are £697 overdrawn each day that with most high street banks charging customers…

FCA warns motor finance firms to hold financial resources for probe

12th April 2024 Consumer Lending | #FCA motor finance

The Financial Conduct Authority (FCA) has issued a letter to motor finance firms reminding them to maintain adequate financial resources as a probe into the market continues. The FCA is currently reviewing the historical use of motor finance discretionary commission arrangements (DCA). The regulator says that it has observed firms taking different approaches to account…

Warning of ‘lack of transparency’ over interest charges

12th April 2024 Consumer Lending |

Analysis by MoneyComms has suggested that millions of people could be paying thousands of pounds worth of interest charges on personal loans due to a ‘lack of transparency’ from lenders. Under current regulations, banks only need to provide 51% of customers with an advertised offer and the representative or advertised rate is the lowest rate…

NACFB Chair steps down

12th April 2024 Appointments |

The National Association of Commercial Finance Brokers (NACFB) has announced the resignation of Paul Goodman as Chair and Director, after nearly 14 years of service, including a decade as Chair. Reflecting on his departure, Goodman said “Leaving the NACFB is bittersweet. I am incredibly proud of our collective achievements and the vibrant community we’ve built…

Rise in default rates on credit cards and loans

12th April 2024 Arrears and Recoveries | #defaults credit cards #defaults loans

The Bank of England’s latest credit conditions survey for the first quarter of 2024 has revealed a rise in default rates on credit cards and other loans, with overall demand for unsecured lending increased. The data shows that demand for unsecured borrowing rose in early 2024 – driven by credit cards – and is expected…

Together appoints Intermediary Project Manager

12th April 2024 Appointments |

Maeve Ward has joined specialist lender Together as Intermediary Project Manager. Ward will primarily be Together’s representative in Wales and will review strategic growth plans with directors. Ward will also support brokers and colleagues, providing group training presentations, lender days, and where appropriate, media and events in the region. Ward started her career with First National…

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