Credit, Collections & Insolvency News
New research from KPMG has found that 30% of the UK public have changed their spending as a result of Brexit uncertainties. A fifth (22%) have avoided making big ticket purchases with almost one in ten (9%) missing out on overseas holidays and 6% avoiding investing in the economy via stocks & shares. Meanwhile, 8%…
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New research from Nationwide Building Society’s Payday Saveday campaign has revealed that procrastination is costing people an average of £449 each year or almost £30,000 (£29,200) over their lifetime. The national poll of 2,000 adults in the UK shows that 57 per cent have been caught out financially by leaving things to the last minute…
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A new system designed to tackle fraud in online shopping has been delayed for 18 months. Banks and retailers had been expected to introduce a new layer of security from mid-September that would normally see a passcode sent to a customer’s mobile phone at the point of checkout for online purchases of £28 or more.…
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NatWest has announced that it is trialing voice-led banking to check balance and transactions with Google Assistant. The pilot will use innovative voice technology enabling customers to do banking through the Google Assistant on their Google Home smart speaker or smartphone. The pilot of 500 customers will run for three months. Customers will be able…
Read moreNew figures released by UK Finance has shown that whilst the numbers of homeowners in arrears have remained at a historic low there has been an increase of 15% (1,270) in the number of repossessions in the second quarter (Q2) of 2019. UK Finance said repossessions were still well below levels experienced between 2009 and…
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The Competition and Markets Authority (CMA) has ordered Nationwide to refund £6 million to current account customers after it broke rules which state that people should receive a text alert before banks charge them for unarranged overdrafts. The CMA has told Nationwide to take immediate action and improve its practices and compliance with the instruction. The…
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New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q2 2019 was 24, 38.5% lower than in the second quarter of 2018. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.07% in the twelve months to June…
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Up to half of older homeowners are using equity release to repay debt as they struggle to meet payments, new analysis from independent equity release adviser Key shows. Analysis of customer data suggests that 30% of people are using equity release to repay unsecured debt while 20% are using it to repay mortgages. Debt is a…
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People are embracing a new wave of apps and services to help manage their money or share bank account transaction data to improve access to finance, indicating an increase in demand for open banking according to the latest statistics from Experian. Experian’s Open Data Platform underpinned more than 20 million of the API requests made…
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Major UK banks will have checks in place to confirm the recipients of money transfers by 2020, the Payment Systems Regulator (PSR) has said. The ‘Confirmation of Payee’ service will see lenders cross-reference names with sort codes and account numbers to ensure funds are being sent to the right recipient. The Payment Systems Regulator (PSR)…
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New research from online mortgage broker Trussle has reveals that 61% of current and soon to be homeowners in the UK don’t fully review their mortgage agreement before signing it, and half (50%) claim they only understand some of the language used in paperwork associated with the house buying process. Speaking to 2,002 homeowners and…
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The finalists for the third annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect and hosted at the Credit Services Association’s UK Credit and Collections Conference, brings together credit and collections technology executives to honour the industry’s…
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The dream of homeownership for middle-income Britain, individual buyers and those unable to draw on family wealth will be over in the next decade without urgent action by the government and industry, according to new research from Santander Mortgages. Santander’s First-Time Buyer Study: The Future of the Homeownership Dream – based on a national survey…
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