Credit, Collections & Insolvency News
The “Bank of Mum and Dad” is now one of the biggest mortgage lenders in the UK, new figures from Legal & General and the Centre for Economics & Business Research claim. Parents will lend as much as £5 billion this year to help their grown-up children get on to the property ladder. The Bank…
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The Competition and Markets Authority (CMA) has issued the Royal Bank of Scotland (RBS) and Santander with directions requiring them to appoint an independent body to audit their payment protection insurance (PPI) processes. They must also put in place procedures to ensure that similar incidents do not happen again. In addition, RBS has now written…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June by 4%, compared with the same month last year. The retail store and online credit sector reported new business up by 3% in June compared with the same month in 2018, while credit card and personal…
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New figures released by the Finance & Leasing Association (FLA) show that the point of sale (POS) consumer car finance market fell by 3% in June 2019, compared with the same month in the previous year. The POS consumer new car finance market reported a fall in new business volumes of 5% in June compared…
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Second charge mortgage market reports volumes up by 15% in June according to the latest figures released by the Finance & Leasing Association (FLA). Commenting on the latest 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 second…
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Almost half of adults admit they still rely on ‘The Bank of Mum and Dad’ for cash, a new study by Virgin Media has found. Over the course of the last year, adult children have ‘borrowed’ a total of £708 from their mums and dads to help with university fees, bills and home improvements. Others…
Read moreMortgage holders are spending thousands of pounds unnecessarily on their mortgage through one small oversight according to new research by Comparethemarket. According to the research, homeowners could cash in on significant savings and cut down their mortgage term, simply by making small but regular overpayments to their provider. Homeowners on a fixed rate repayment mortgage…
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Numbers released this morning by the Financial Ombudsman Service (FOS) show that complaints during Q1 of the FOS complaints year (starting 1st April 2019) are down considerably on the same period last year. In the first three months of this financial year, FOS received 136,681 new enquiries and 70,304 new complaints – with 12,538 complaints…
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Visa’s UK Consumer Spending Index, compiled by IHS Markit, signalled a further fall in overall household spending during July. At -1.2% year-on-year, the reduction was modest and softer than that seen in June (-1.4%). Nonetheless, this extended the current period of declining spend to ten months, to mark the longest sequence of falling expenditure since…
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Challenger bank Monzo has announced that it has introduced a new “Get Paid Early” feature, whereby the bank’s customers will be able to receive a salary payment via BACS credit at 4pm the day before they get paid – instead of at midnight. Monzo has over two million customers across the UK who will be…
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The amount of people searching for a mortgage who meet the qualifying criteria for every deal on the market is as low as 3.5%, according to new analysis from Experian. One in five (22%) of those using pre-qualification websites to find a mortgage meet the initial qualifying criteria for every lender on the market. But…
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New figures from UK Finance show that consumers spent almost £16.9 billion on credit cards in May, a year-on-year increase of 2.3%. The annual growth rate of outstanding balances on credit cards stood at 4.1 per cent in May 2019, continuing the downward trend from its recent peak of 8.3 per cent at the start…
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Mortgage servicer, Computershare Loan Services has confirmed it has again been reappointed as standby administrator by Belmont Green for its Tower Bridge Funding No 4 plc securitisation. The company will also act as delegate mortgage administrator for the loans. Andrew Jones, Chief Executive Officer at Computershare Loan Services, said “We’ve developed a great working relationship…
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