Vehicle dealership group, Border Cars, has announced that it has filed to close after over 42 years of trading. Borders Cars is one of the biggest car dealerships in south-west Scotland and Cumbria with more than 200 jobs under threat. In a public statement, the company said it was “greatly saddened” to announce its closing…

Barclays Partner Finance has announced that it will be pulling out of motor finance market as a result of an internal strategic review. The company has issued termination notices to dealer partners within the industry explaining its decision. In a statement, Barclays Partner Finance said “Barclays Partner Finance is currently number one in UK retail…

HSBC has voluntarily agreed to extend its redress scheme for customers who may have lost out by paying an unreasonable debt collection charge imposed by HFC Bank and John Lewis Financial Services (JLFS) the Financial Conduct Authority (FCA) has announced. Both HFC and JLFS are now part of HSBC UK Bank. The redress scheme relates…

The CCTA association who represent businesses providing credit to consumers has announced that Chief Executive Officer (CEO) Greg Stevens will take over as Chair for the CCTA council replacing John Fellows. Fellows, who has held the role of Council Chair for seven years, said “I’m delighted to announce that Greg Stevens has agreed to take…

The Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…

Research by the Stepchange debt charity has found that almost one in five people who have taken out a high-interest rate, sub-prime credit card were unemployed at the time it was issued. Around four million people have a sub-prime credit card (defined as cards with an interest rate APR of 30-70%). The research found a…

New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage market reports volumes up by 22% in May. Commenting on the May 2019 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…

New figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes fell by 3% in May compared with the same month in the previous year.  The value of new business fell by 1% over the same period. New business in the POS consumer new…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May by 2%, compared with the same month last year. The retail store and online credit sector reported new business up in May by 2% compared with the same month in 2018, while credit card and personal…

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