New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 8% in August, compared with the same month in 2016, while the value of new business was up by 2% over the same period. The percentage of…
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Financial Conduct Authority (FCA) Chief Executive Officer Andrew Bailey said he does not view the shift to PCP based lending as ‘per se bad.’ In a speech, Bailey said: “It seems to me to recognise the nature of a car as an asset, that is, consumers are comfortable renting rather than owning the car.” “This…
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Ofwat has announced that it is going to report on how each water company serves, supports and protects customers in vulnerable circumstances. The report will show clearly those companies that are leading the field and those that are letting their customers down. Ofwat has been calling on water companies to step up their efforts to…
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Ascent Performance has announced their success in winning Compliance and Best Customer Outcomes Awards at a Credit industry Awards. Mark Higgins, Chairman of Ascent, collected the award and said “This award recognises the hard work that all our colleagues in Ascent have put into ensuring we offer the best customer experience – and deliver the…
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Intrum has entered into an agreement to acquire a non-performing loan portfolio from Eurobank, one of the four Greek banks considered as critical for the stability of the Greek economy, for a total investment of approximately SEK 0.4 bn. The portfolio consists of well diversified unsecured consumer loans. Servicing of the portfolio will be outsourced…
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Newcastle City Council has signed up to the Citizen’s Advice Council Tax Protocol to show it will collect debt in a ‘fair and reasonable’ manner and offering support and advice to residents. The council’s cabinet member for resources, Councilor Veronica Dunn, said: ‘We have a duty to collect the tax but where people are in…
Read moreThe European Central Bank (ECB) plans to ask euro area banks to set aside more cash to cover bad loans, making it prohibitively expensive for lenders to keep sitting on them, a draft proposal seen by Reuters showed on Tuesday. Soured loans are clogging up bank balance sheets and holding back lending – a headache…
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The Consumer Finance Association (CFA) and the BCCA have announced the completion of their merger. This brings to a close the process that was first announced in late July. Jason Wassell, formerly Chief Executive of the BCCA has been appointed to run the new organisation said “Through this merger, we believe that we can better represent the…
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The merger of Intrum Justitia and Lindorff was completed in June and following from the announcement the company has consolidated the two companies by introducing a new corporate identity and brand name: Intrum. Mikael Ericson CEO and President of Intrum said ”Intrum is the undisputed market leader. This presents new opportunities for growth through joined…
Read moreAIB Group, the Irish Mortgage Holders Organisation(Irish Mortgage Holders Organisation) and iCare Housing has announced a joint initiative aimed at keeping customers in difficulty with their mortgage, and who qualify for social housing, in their own homes. iCare Housing, a not-for-profit Approved Housing Body was set up for the purpose of providing and managing social…
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Ofwat has called on water companies to do more to help customers in debt and to also support consumers at risk of being in debt, to help pay their bills. In a media statement, Ofwat said performance among water companies in dealing with bad debt varies, but the sector as a whole lags behind its…
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Among growing concerns about high consumer debt levels in the UK, a new study finds that almost a third of credit card and personal loan debt – up to £35bn – is sitting with people who are deemed to have low financial maturity. Aire, which uses Artificial Intelligence (AI) technology to help lenders provide applicants…
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The Credit Services Association (CSA, has welcomed efforts to remove the cost to the individual for the completion of the Debt and Mental Health Evidence Form (D&MHEF). At a meeting held recently at Number Ten Downing Street, CSA President John Ricketts and Chief Executive Peter Wallwork joined the Minister for Mental Health, Jackie Doyle-Price, and…
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