Credit, Collections & Insolvency News
Credit Kudos has been announced as one of the key Fintechs working together with PwC to build the digital banking ecosystem sandbox platform – a PwC project to demonstrate the ease of shifting a legacy bank model to a partnership banking model. PwC has brought together a number of cloud-based platforms using SaaS APIs ,…
Read more
UK cardholders spent £52.9 billion on debit cards in February 2020, up 4.1 per cent on the same month the previous year, UK Finance’s latest Card Spending Update has revealed. Total spending on credit cards amounted to £15.7 billion, 4.4 per cent more than in the same period a year earlier. The annual growth rate…
Read more
A new survey conducted by Hodge Bank has revealed that (over half of the consumers surveyed) 56% of people are embarrassed to ask their family for financial help. Over 3,000 people were interviewed as part of the study which asked about their attitudes towards finances and aspirations for the future. The study was conducted using…
Read more
UK Finance has published its latest mortgage arrears and possessions update for Q1 2020 which indicate that there were 72,380 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the first quarter of 2020, six per cent fewer than in the same quarter of the previous year. There were…
Read more
The Ministry of Justice Mortgage and Landlord Possession has published its latest mortgage and landlord possession statistics for England and Wales for January to March 2020 which indicates that mortgage possession claims have decreased. Compared to the same quarter last year, mortgage possession claims have decreased by 18%. This follows a three-and-a-half-year period of relative…
Read more
The Financial Conduct Authority (FCA) has confirmed a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus (Covid-19). Following a short consultation, the targeted measures being implemented require firms to consider what options they can provide to customers including: Reassessing…
Read more
Young people are finding it increasingly difficult to pay their bills, as the economic impact of COVID-19 continues to hit household finances and the wider economy. According to the third week of comparethemarket.com’s Household Financial Confidence Tracker, a quarter (25%) of those aged 18 to 24 struggled to make ends meet over the last week…
Read more
Coronavirus has left leaves millions of drivers worried about cost of their car finance, with 1.9 million motorists concerned about making their car finance payments. The research by GoCompare Car Insurncefound that 2.9 million drivers are worried about affording their car insurance, whilst 3.2 million drivers are worried about affording to get their car serviced,…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in March 2020 by 16% compared with the same month in 2019, and contracted by 4% in Q1 2020 as a whole. Credit card and personal loan new business together fell in March 2020 by 10% compared with…
Read more
New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in March 2020 by 27% compared with the same month in 2019, and by 13% in Q1 2020 as a whole. The consumer new car finance market reported new business volumes 29% lower…
Read more
Nearly 1.2 million payment holidays on credit cards and personal loans have been granted by UK banks for customers struggling with the COVID-19 outbreak. New figures from UK Finance have shown that almost 700,000 customer accounts have been given a payment holiday on their credit card. with another 470,000 payment holidays agreed on personal loans.…
Read more
The Finance & Leasing Association (FLA) has renewed its call to the Government and the Bank of England to take urgent action to support the non-bank lending market. New figures released by the FLA show that ist members provided just over £138 billion of new business in the twelve months to March 2020. Of this…
Read more
The Credit Services Association (CSA) says that it has received a positive response to its call for closer collaboration with trade bodies representing the wider business community in planning for a phased relaxation of current lockdown rules. The CSA says that fellow trade associations have welcomed its drive to prevent the actions of a minority…
Read more