Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business grew in March 2021 by 7% compared with the same month in 2020. In Q1 2021, new business was 17% lower than in Q1 2020. The retail store and online credit sector reported growth in new business of…
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Mark Bogard, Chief Executive of the Family Building Society has been elected as the new Chair of the Building Societies Association (BSA). He takes up this role with immediate effect. Bogard held the post of Deputy Chair at the BSA since May 2019 and succeeds Mike Regnier, Chief Executive of the Yorkshire Building Society. At…
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Younger people’s finances have been hit hardest by the pandemic, and they are increasingly willing to securely share their bank transaction data to get access to financial products that can help them weather the storm, according to the latest findings from Credit Kudos’ Borrowing Index. The research found that Under 35s are three times more…
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Latest Bank of England (BoE) figures show that UK homeowners borrowed a record £11.8 billion more on mortgages than they repaid in March, with market activity driven by the stamp duty holiday and low mortgage rates. Gross mortgage borrowing hit £35.6 billion in March, with buyers looking to tie up property purchases ahead of the…
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Hundreds of thousands of people struggling with debt problems will be supported through the newly launched debt respite scheme. The Breathing Space measures will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protection…
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Credit Connect’s hosted its first-ever Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of fraud, open banking, credit risk and the future of lending were discussed by panellists and Chair Chris Warburton from…
Read moreHere is an overview of The Money Charity’s latest statistics for April 2021 Personal debt in the UK People in the UK owed £1,698.4 billion at the end of February 2021. The average total debt per household, including mortgages, was £60,935 and per adult was £32,053, around 108.2% of average earnings. Net mortgage lending rose by…
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The House of Lords Liaison Committee has called on the Government to introduce a new requirement for the Financial Conduct Authority (FCA) to establish a statutory duty of care that banks and other financial services providers must operate towards their customers. The call comes in a new report from the House of Lords Liaison Committee…
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New analysis has indicated that 42% of people whose fixed-term mortgages have ended since lockdown began in March 2020 may be paying a ‘loyalty penalty’ of high interest according to new Citizens Advice research. The charity found one in five (21%) customers who did not switch said the process was too time-consuming. Many have also…
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A new Government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder has been launched. First announced at the Budget, the scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house of up to £600,000 – providing an affordable…
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Britain’s financial firms and regulators should step up the use of technology to cut the cost of compliance and make the City of London more globally competitive, according to a new report. The report from the corporation that runs London’s ‘Square Mile financial district called for the removal of barriers to engineering a ‘paradigm shift’…
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The Lending Technology Think Tank has confirmed its agenda and speaker line-up ahead of the event next Thursday (22nd April). The inaugural Lending Technology Think Tank has been created as an online event platform so that lending and creditor professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in February 2021 by 26% compared with the same month in 2020. The retail store and online credit sector reported a fall in new business of 6% in February compared with the same month in 2020. The credit…
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