The Bank of England has announced that it has made a decision to keep interest rates at 0.5%. The news will provide respite to debtors as latest figures from Stepchange reveal that Outstanding lending to individuals is £1,584 billion as at end March 2018. With £209.2 billion is outstanding consumer credit (£70.7 billion on credit cards).…
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UK Finance’s latest Mortgage Arrears and Possessions Update for the first quarter of 2018 reveals that: There were 78,800 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the first quarter of 2018, 8 per cent fewer than in the same quarter of the previous year and the lowest…
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Debt Purchaser, Arrow Global has announced its latest company results (for the three months ended 31 March 2018). Commenting on the results Lee Rochford, Group Chief Executive Officer, said “The power of our differentiated model has meant that we have had another strong start to the year. Our sophisticated approach to capital investment and asset management, underpinned…
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Data sharing has had a fair amount of negative press recently with the Facebook/Cambridge Analytica case. Often consumers are sceptical when asked to share their data with an organisation. In finance and utilities, data sharing certainly has its challenges, but it also has advantages for the consumer that stretch well beyond any simple transaction. If…
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Debt purchaser, Cabot Credit Management has announced that it is to become a wholly-owned subsidiary of Encore Capital Group. The announcement was made as part of the companies latest financial results for the three months ending 31 st March 2018. Commenting on the results Ken Stannard, Chief Executive Officer, Cabot Credit Management, said: “Cabot Credit Management…
Read moreCredit Kudos has announced that it has successfully rolled-out of Open Banking connections with the largest UK banks, becoming the first credit bureau to offer Open Banking services to lenders and individuals. Borrowers can now use Credit Kudos to verify income and demonstrate creditworthiness using their financial history data, giving individuals more control over their…
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The number of debt judgments registered in Jersey rose slightly during the first Quarter (Q1) of 2018, according to figures released today by Registry Trust. In Q1 2018, a total of 543 debt judgments were made, 13 percent more than during the same quarter last year. This increase in total volume was caused by an…
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UK consumers saw a 22 percent spike in adverse debt judgments last year, according to national statistics released by TrustOnline. Over the same period the number of online searches by people checking judgment status grew by ten percent. During 2017 nearly 1.2 million judgments were registered against consumers in England, Wales, Scotland and Northern Ireland.…
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The Credit & Collections Technology Awards has confirmed the judges for the 2018 event. Launched in 2017, the second annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial through to lending and collections.…
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More than half of consumers with debt are struggling according to a new poll that reveals most people take on the strain themselves rather than seek help. The Nationwide Building Society poll of more than 2,000 UK adults reveals that of those in debt, 57 percent are experiencing debt problems and feel like they are…
Read moreThe Bank of England has published its latest monthly Money and Credit report showing consumer credit growth was 8.6 percent in the year to March 2018, down from 9.4 percent in February. Outstanding balances for consumer credit stand at £209.2 billion exceeding the previous quarterly peak of £208.2 billion in the third quarter of 2008. The…
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The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, has confirmed the line-up of speakers for this year’s UK Credit and Collections Conference (UKCCC). Two senior executives from the Financial Conduct Authority (FCA) – Roma Pearson (Head of Consumer Credit) and Richard Fox (Head of Cross-Sectorial & Funds…
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Millions of consumers feel they are ‘living beyond their means’, a study has found. Researchers discovered a large percentage of the nation fall back on credit cards and overdrafts when wages fail to last until the end of the month according to new research by Vantage Leasing. Of the 2,000 Consumer surveyed, 43 percent have…
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