Credit, Collections & Insolvency News
A new study by global analytics software provider FICO has highlighted the biggest barriers to digital interaction between bank and customer at a time when digital has become ‘king’ According to the data, based on a survey of decision-makers by independent research firm OMDIA of 172 banks across 8 countries, including 27 UK banks, the…
Read more
The Finance Leasing Association (FLA) says that the new Financial Conduct Authority (FCA) measures for a six-month payment deferral period for consumer credit poses a risk to customers. Stephen Haddrill, Director General of the FLA, said: “Lenders are committed to supporting customers in financial difficulty and it is vital that this support is provided in…
Read more
With England entering a second coronavirus lockdown on Thursday (5th November), the Financial Conduct Authority (FCA) has told mortgage, loan and credit card providers to offer borrowers extended repayment holidays. Consumers who have not yet had a credit payment deferral for a mortgage can request one that lasts for up to six months, while those…
Read more
THE number of people missing card and loan repayments has jumped in recent weeks, according to Which? An estimated 370,000 more people defaulted on a credit card or loan in October than in September, increasing from 410,000 to 780,000, the consumer group’s UK survey findings indicate. The latest findings from Which?’s consumer insight tracker reveal…
Read more
The Financial Conduct Authority (FCA) is expected to announce more details of an extension to the mortgage holiday scheme, with the initiative originally set to have expired on Saturday (31st October) but extended due to the national lockdown announced for England at the weekend. The FCA has already said that those who have yet to…
Read more
The Bank of England has reported that consumers made net repayments of £600 million in September whilst approvals of mortgages for house purchase increased to 91,500 last month from 85,500 a month earlier, with pent-up demand and the stamp duty holiday cited as reasons for the housing market boom. September’s figures total marks the highest…
Read more
Here is an overview of The Money Charity’s latest statistics for October 2020 Personal debt in the UK People in the UK owed £1,684 billion at the end of August 2020. The average total debt per household, including mortgages, was £60,526 and per adult was £31,972, around 111.5% of average earnings. Net mortgage lending rose by…
Read moreFinance experts TotallyMoney have warned that those experiencing financial hurt due to coronavirus could see their credit scores suffer for six years as protections are taken away for over quarter of a million people still on payment holidays. A blanket end on 31st October to granting payment holidays on mortgages, credit cards, loans, and overdrafts…
Read more
Credit Connect Media has announced that the second edition of its Connected News series will take place on Thursday 26th November at 10am. The next discussion will focus on Customer Engagement. Speakers from Centrica and Business Stream will join supplier sponsor Aspect and Credit Connect to discuss the impact of the pandemic upon consumers and…
Read more
A new global and UK study by the Economist Intelligence Unit for information and insights provider TransUnion has overwhelmingly found the key to whether or not companies go out of business hinges on providing consumers friction-right digital transactions. More than eight out of 10 executives, both in the UK and globally said they believe smooth…
Read more
The Financial Conduct Authority (FCA) is urging borrowers affected by coronavirus lockdowns to seek support from their banks, as its figures show 12 million consumers are likely to be struggling with bills or loan repayments. The FCA research also found that the pandemic has hit the finances of ethnic minorities and young people the most.…
Read more
Nearly two thirds of (63%) drivers between the ages of 17-24 say they have relied on financial support from their parents to cover the cost of running a car in the last 12 months – receiving up to £750 – according to new research from comparethemarket.com. ‘The Tank of Mum and Dad’ report from highlights…
Read more
Mourners are struggling with the cost of funeral services according to new research by Royal London. The research shows that 9% of funeral arrangers struggled to meet the cost of the funeral, a decline from 12% in 2019. Of those, more than one in four (27%) took on debt, using a credit card, loan or…
Read more