Credit, Collections & Insolvency News
A new Collections Technology Think Tank has been launched by Credit Connect Media. The event will examine collections technology strategies to increase effectiveness and efficiency. The inaugural Collections Technology Think Tank powered by Credit Connect will take place on Thursday 11th June at the Marriott Hotel in Leeds. The event will focus on how collections teams can…
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The Financial Conduct Authority (FCA) says seven out of ten overdraft users will be better off or see no change when the new rules on overdrafts come into force in April. The says around 14 million people use an unarranged overdraft each year, and all of these users will be better off or see no…
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The Competition and Markets Authority (CMA) has announced that it has extended the loyalty penalty deadline by six months to ensure regulators take effective action. The loyalty penalty – where companies penalise longstanding customers by charging them higher prices than new customers or those who renegotiate their deal – is in response to concerns raised…
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Research from credit experts TotallyMoney and MoneyComms reveals how just making minimum repayments on credit card balances costs customers thousands in interest and takes over two decades to clear. The research shows that only making the minimum repayment each month will take over 26 years to clear a credit card balance with customers expected to…
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An increasing number of people aged over 65 are using equity release products to pay off debts and mortgages. Customer data from LV= shows that 27% of customers in 2019 used equity release to clear their mortgage, loans or debts compared to 15% in 2016. Helping family and friends has risen from 8% to 16%…
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The Financial Conduct Authority (FCA) has found that over half of mortgage prisoners who would be eligible to switch to a new product using new rules published in late October last year are paying an interest rate of 3.5 per cent or lower. The FCA also found that It adds that of the 170,000 who are…
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Santander has become the latest bank to introduce a single debit interest rate (EAR) of 39.9% for arranged overdraft borrowing – customers will pay 9p per day per £100 borrowed, in addition, all unarranged overdraft charges and paid / unpaid item fees will be removed meaning that 86% (six out of seven) of Santander customers…
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Low-income households have seen the fastest rise in the use of consumer debt since the financial crisis, and are too exposed to financial shocks, according to new research published by the Resolution Foundation. The ‘An outstanding balance?’report explores changes in the use of consumer debt – including credit cards, store cards, mail order and hire…
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New data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, has revealed that spending on essentials declined 0.9 per cent in December, with supermarkets contracting by 0.9 per cent compared with December 2018. Petrol expenditure also fell by 0.5 per cent. Many retailers also continued to see contractions in…
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The Financial Conduct Authority (FCA) is proposing to reform the easy access cash savings market. Under new rules all firms will have to set a single easy access rate (SEAR) across all easy access accounts. Firms will have flexibility to offer multiple introductory rates for up to 12 months, then they will need to choose…
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The Financial Conduct Authority (FCA) and the Bank of England (Bank) have outlined their plans to develop their data and analytics capabilities. Both authorities depend on access to high-quality data to fulfil their respective missions of maintaining monetary and financial stability, market integrity, effective competition and consumer protection. The FCA’s refreshed Data Strategy sets out a transformation…
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The Government has welcomed an independent review that recommends changes to the Loan Charge, while also confirming that it was a ‘necessary’ response to the tax avoidance schemes it was designed to tackle. The Review, led by Sir Amyas Morse, was commissioned to look at the impact of the charge, which was introduced to tackle…
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More than half of the UK consumers (almost 27 million), will head into 2020 in debt, with almost five million owing over £10,000 in loans and credit, according to a poll conducted by money.co.uk. Money.co.uk polled 2,018 people living in the UK, aged 16-64 years, and found that, not including mortgages, almost two thirds (63%) will…
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