Credit, Collections & Insolvency News
The total amount of debt registered against Scottish consumers in the first half of 2020 fell by 20 percent, from nearly £24 million to just under £19 million, according to figures released by Registry Trust. The number of decrees fell by over 26 percent from 9,310 to 6,849. The average value rose by over eight…
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Credit Connect Media is set to launch a series of online digital discussion platforms focusing on technological and innovation developments and strategies within credit and collections Starting in August Credit Connect will launch its new 45 minutes news round-up series discussions with monthly guests analysing the industry developments in an ever-changing world. Titled ‘Connected News‘…
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Metro Bank has announced that it has agreed to acquire peer-to-peer lender RateSetter. RateSetter was founded in 2010 and is the UK’s most popular peer-to-peer lender with over 750,000 people having invested or borrowed through the platform. In its financial year ending 31st March 2019, the company reported revenue of £33 million, a pre-tax loss…
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The Financial Conduct Authority (FCA) has set out views on Employer Salary Advance Scheme (ESAS) ESAS are commonly promoted as an alternative to high cost credit and have a broadly similar economic effect. While most of these schemes do not fall under the FCA’s regulation, as they do not meet the definition of credit under…
Read moreNew insights from Experian’s Credit Barometer suggests consumers’ chances of getting approved for credit are now 60% higher than at the start of the COVID-19 lockdown Consumers now have a wider choice of credit cards and loans, because more lenders are returning to the market as the COVID-19 lockdown restrictions ease. Around half of lenders…
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The Bank of England’s latest money statistics has indicated that despite an increase in mortgage borrowing there was still a significant net decline in consumer credit. The statistics indicate that the amount consumers owed on credit cards and loans fell by a record amount over the last 12 months. A slump in borrowing and spending…
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The Financial Conduct Authority (FCA) has set out new best practice guidance for firms to do more to protect vulnerable consumers. The second consultation is its revised guidance for firms on the fair treatment of customers in vulnerable circumstances, alongside new research on the experiences of vulnerable consumers. More than 24 million people display one…
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The Financial Conduct Authority has launched its updated Financial Services (FS) Register – including a simpler design and clearer language. The redesign aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users. The Register – which had more than 7 million unique users in the past year…
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The financial questions consumers find most baffling are – what loan-to-value means, the difference between PCP and PCH finance and what a balloon payment is, according to new research by Virgin Money. The bank’s survey of 2,000 UK adults revealed almost a third of consumer (31 per cent) are confused when it comes to money…
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Average spending on UK credit cards dropped by 26.5 percent for the period January to May 2020 compared to the same period in 2019. according to new research analysis by Fico. The research says that whilst typically spend in May is lower than April when Easter and school holidays normally occur, the spend in May…
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The Financial Conduct Authority (FCA) says that it is seeking views on extending the implementation deadlines for the Certification Regime and Conduct Rules In a new consultation paper, the FCA says it is making changes to its rules following the extension to the deadline by which FCA solo-regulated firms need to have implemented the Certification…
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Lenders have provided over one million payment deferrals on credit cards to help customers whose finances have been affected by Covid-19 over the past three months, according to figures published by UK Finance. The trade body’s members have also provided almost 707,000 payment deferrals on personal loans for customers impacted by the pandemic. In addition,…
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Latest figures in The Bank of England Credit Conditions Survey’ have found that demand for lending suffered a fall during the three months to the end of May. The survey suggests demand for loans is set to increase at a time when banks start to slow down lending and prepare for a wave of bad…
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