Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has confirmed updated guidance to firms setting out enhanced support that should be available to consumer credit customers experiencing payment difficulties as a result of coronavirus. The guidance covers users of personal loans, credit cards, store cards, catalogue credit, rent to own, buy now pay later, pawnbroking, motor finance and…
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Lloyds Bank has taken a further step in its ongoing support for customers, by developing a new Trusted Person Card. Launching at the end of this month, the card will make it easier for friends, family and carers to help those who need additional help to make everyday purchases and access cash. The new feature…
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Credit Connect Media will host a free live webinar on Tuesday 15th December which will showcase innovation in mobile collections technology. The webinar titled ‘Agile collections technology that’ll outlive the pandemic’ is the latest in the series of Credit Connect webinars which have looked at the latest thematic innovations enhancing collections strategy. The event partner…
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Older homeowners are using their property wealth to clear debt and help family with nearly three-quarters of the £884 million released going to boost their finances and support relatives, according to new analysis from equity release adviser, Key. Figures from the company’s Quarter 3 (Q3) Market monitor report highlight that the market has returned to…
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Banks and building societies have agreed to allow six month mortgage holidays up until 31st July, 2021, with the industry agreeing the move with the Financial Conduct Authority (FCA). Lenders have committed to renewed support for mortgage customers facing financial difficulty as a result of the Covid-19 pandemic, as the Financial Conduct Authority (FCA) confirms…
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New credit card accounts plummeted following the start of the first UK lockdown, but potentially riskier sub-prime approvals have bounced back hardest, more than doubling since August 2020, according to data from the new Equifax Market Pulse series. The overall volume of new credit card accounts bottomed out in May, 86% below March levels when…
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Almost two in five people in Scotland are concerned about their income during the Covid-19 pandemic, research for Citizens Advice Scotland (CAS) has found. The research, carried out by the Diffley Partnership, found 39 per cent of people concerned about their income during coronavirus. The research concludes seven months of tracking attitudes by CAS and…
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Experian is launching the UK’s first service to give consumers the ability to instantly improve their credit score, using information such as regular video and music streaming payments and council tax payments. The company says early analysis suggests over half of people (51%) using the new service will receive an instant increase to their Experian…
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Latest figures from the Financial Ombudsman Service (FOS) have indicated that there was a surge in complaints about consumer credit services in the three months to September, with claims management companies said to have driven a big rise in complaints being upheld. FOS says that between July and September 2020, there was a continued increase…
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A new report from Money and Mental Health has shown that the ease and convenience of online shopping can offer a lifeline for many people experiencing mental health problems, especially in the context of lockdown restrictions. However, it also warns that the design of retail websites is making it extremely difficult for people with poor…
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More than a third of adults have become more aware of their finances since the start of the pandemic due to having more time to review their spending and wanting to prepare for the future according to new research by Experian A study of 2,000 adults found attitudes towards saving and spending have changed considerably…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in September 2020 by 5% compared with the same month in 2019, and contracted by 19% in the nine months to September 2020. Consumer car finance new business by value grew in September by 11% compared with the…
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As UK banks consider the appointment of debt collectors to recover tens of billions of pounds of government-backed small business loans, other financial institutions across Europe are faced with a similar challenge, their next move will be driven by one overriding factor – protecting their image according to new research by Hoist Finance. A survey…
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