Credit, Collections & Insolvency News
The Lending Standards Board (LSB) has announced that Emma Lovell has been appointed as the LSB’s Chief Executive. Lovell joins the LSB from R3, the UK trade association for restructuring and insolvency professionals. She will take over from current Interim Chief Executive Mark Neale. Lovell’s first major task will be to take forward our new…
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A new study at the London School of Economics and Political Science (LSE), funded by MoneySavingExpert.com founder Martin Lewis, will look to find solutions to unchain 170,000 ‘mortgage prisoners’. The research is the latest step in Martin and MoneySavingExpert’s long-running campaign to help homeowners trapped on expensive mortgages. Its aim is to find evidence-based policy…
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Customers took advantage of record low rates and increasing product flexibilities to access £3.92 billion of property wealth in 2019 despite a cautious economic climate, according to year-end market figures from the Equity Release Council, the sector trade body. The market has witnessed steady growth in the space of a decade, with the amount accessed…
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Bank of England figures have revealed that mortgage approvals have reached their highest level in almost two and a half years, with the number approved for house purchase in December increasing to 67,241 from 65,514 a month earlier. The value of mortgage lending meanwhile was up by £4.55bn, compared with an average of £4.2bn over…
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In the year up to November 2019, UK households borrowed almost as much as the Government, demonstrating that debt remains both a private and public sector issue, according to the January 2020 Money Statistics, produced by The Money Charity. The latest data available from the Bank of England and ONS shows that UK households borrowed almost…
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Here is an overview of The Money Charity’s latest statistics for January 2020 Personal debt in the UK People in the UK owed £1,669 billion at the end of November 2019. The average total debt per household, including mortgages, was £59,982 and per adult was £31,643, around 111.6% of average earnings. Net mortgage lending rose…
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New research from TransUnion has highlighted the importance of trust and says that empowering and educating consumers is essential for lenders to compete in a changing financial landscape TransUnion’s new white paper, which examines consumer credit behaviour in the UK, unveils key trends and themes for lenders to note as we embark on a new…
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Credit card spending rose by 7.3% and personal borrowing through loans jumped by 14% in December, trade body UK finance has revealed in its latest Household Finance Update. Figures from the trade body of the UK banking and finance industry have revealed that the credit card spending of £11.8 billion in December 2019 was 7.3%…
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Analysis from global consulting partnership Kearney has found a growing appetite for point of sale (PoS) credit finance – otherwise known as ‘buy now, pay later’ – among younger UK consumers, with over 60% (67%) of Millennials now using this service. While 42% of Millennials have used a ‘buy now, pay later’ service more than…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in November 2019 by 2% compared with the same month in 2018, and held steady in the eleven months to November 2019. Credit card and personal loan new business together grew in November 2019 by 2% compared with…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes increased by 14% in November 2019 Commenting on the November 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The…
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The Financial Conduct Authority (FCA) has requested further information about overdraft pricing from lenders. The FCA says over the past few days there has been significant comment about many headline overdraft rates, and in particular that major banks have aligned overdraft rates around 40 per cent. The FCA study into the overdraft market concluded that it…
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The 2020 Credit & Collections Technology Awards have now opened for entries. Launched in 2017, the fourth annual awards seek to recognise excellence in credit and collections technology. The Credit & Collection Technology Awards powered by Credit Connect are judged by independently selected judges from across the industry, who have the enviable task of identifying the best…
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