Lenders have given their backing to a new law being debated by the Government that would allow the close relatives of missing people to continue to administer their financial affairs such as a mortgage until they are found. The Council of Mortgage Lenders (CML) said the Guardianship (Missing Persons) Bill, seeking to create a new…
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The Money Advice Service (MAS) has announced that the Standard Financial Statement (SFS will) begin operation on 1st March 2017. The Money Advice Service also thanked the many advice agencies, creditors, trade bodies and others involved in its development, including Money Advice Liaison Group (MALG) members who were part of the governance group. The first…
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Aberdeen City Council’s debt will climb to more than £1.2billion by 2019 according to forecasts by financial officers. In a budget report, it is estimated the authority will owe a total of £1,205,669,000 by the financial year 2019/20 before the debt begins to fall again. Currently the debt stands at around £851million. In November, it…
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Latest information from the Office for National Statistics (ONS) has provided an insight into household expenditure over the past 12 months. The main findings from the study were: · Average weekly household spending remained level at £528.90 in the financial year ending 2016, coinciding with a slowdown in consumer confidence · Low-income households continued to…
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Some doorstep lenders are taking advantage of their position and putting people at risk of serious debt problems, Citizens Advice warns. A new report published by the charity today has identified a number of concerning practices by some doorstep lenders. The evidence, submitted to the Financial Conduct Authority today as part of its review into…
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The latest released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market grew 12% by value and 8% by volume in 2016. New business was up 3% by value and down 3% by volume in December, compared with the same month in 2015.…
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The latest figures released by the Finance & Leasing Association (FLA) show growth of 9% in consumer finance new business in 2016. New business in December grew by 2% compared with the same month in 2015. Credit card and personal loan new business together grew by 8% in 2016, while retail store and online credit…
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Dundee City Council has written off £12.8 million of debt in just three years according to local news sources. An investigation into the local authority’s finances has uncovered the large sums owed to the public purse that were written off between 2013 and 2016. That included more than £4.75m in unpaid rates from businesses, £2m…
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The number of properties taken into possession last year declined by almost 25%, according to new data from the Council of Mortgage Lenders (CML) Last year’s total of 7,700 cases of possession compared with 10,200 in 2015, and was the lowest number since 1982. Over the course of 2016, the number of mortgages in arrears also fell by 7%. However,…
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John Ricketts has succeeded Leigh Berkley as President of the Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors. His appointment was confirmed at the CSA Annual General Meeting (AGM) in Leicester on February 7th. A former Managing Director of iQor in the UK and Canada, and the current…
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The GFKL Lowell Group has announced the launch of a new Decision Science/analytics graduate programme. GFKL Lowell’s Decision Science department is focused on understanding, measuring, and predicting consumer financial behaviour. The team comprises business analysts, statisticians and quantitative and behavioral scientists dedicated to addressing the company’s most challenging analytic problems. The 18-month programme will see…
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Hogan Lovells is advising the Department for Education (DfE) on its plans to sell £12 billion of student loan debt to the private financial sector. The firm is fielding a team led by deputy CEO David Hudd and London finance partner Julian Craughan. Weil Gotshal & Manges also has a role, advising Barclays which is…
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The government has begun its sale of the student loan book, which it expects to recoup £12billion The universities minister, Jo Johnson, said the move would have “no impact” on student borrowers paying off loans, as terms and conditions would remain the same after the sale was completed. The sale covers £4 bill ion of…
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