Credit, Collections & Insolvency News
The Competition and Markets Authority (CMA) has approved the £1.6 billion mergers between Charter Court Financial Services and OneSavings Bank (OSB). In March, Charter Court Financial Services and OneSavings Bank (OSB) said that they are in advanced discussions regarding a possible all-share combination of the two companies. The deal, which would be structured as a…
Read moreSelf-employed people are selling themselves short when it comes to their aspirations of property ownership, according to new research. A survey of those who work for themselves revealed more than a third of would-be homeowners have already judged themselves unworthy of a mortgage. The national study, by specialist lender Together, showed 36 per cent of…
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The Bank of England has announced its latest Money & Credit statistics which showed that the extra amount borrowed by consumers to buy goods and services was £1 billion in June, in line with the average of the past year. Annual lending growth to UK consumers slowed to 5.5% in June however, from 5.7% in…
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Controlling spending temptations and unintentionally falling into debt are the main consumer concerns when it comes to owning a credit card, according to research from Equifax, the consumer and business insights expert. The online survey of over 2,000 people does however reveal positive awareness about the potential benefits of spending on credit cards, including credit…
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The Financial Conduct Authority (FCA) has urged expansion of Credit Unions as an alternative to payday lenders as part of a new report. The new FCA report sets out actions and recommendations to improve the availability and awareness of alternatives to high-cost credit. The review suggests that high-cost credit is identified as significant harm to…
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RSM is predicting that official figures, due to be published next Tuesday, will show a 9 per cent rise in personal insolvency rates in England and Wales in quarter two when compared to the same quarter last year. The data from Tracker, RSM’s early online warning system, predicts that total insolvencies for the quarter will reach…
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The Financial Conduct Authority (FCA) has confirmed it intends to extend the proposed duration of the directions issued under the temporary transitional power to the 31st December 2020. This is to reflect the extension of Article 50. Other than the additional time the FCA’s approach remains unchanged. The temporary transitional power is intended to minimise…
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£10.5 billion was spent on credit card purchases in June 2019 according to the latest figures from UK Finance. Credit card spending was 1.1 per cent higher than the same month in 2018 whilst the outstanding level of credit card borrowing grew by 4.0 per cent in the 12 months to June. Repayments have remained…
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Nearly half of Muslim consumers have never used Shariah-compliant products, marking a wake-up call to the UK Islamic banking industry, new research by Home Purchase Plan provider and Shariah-compliant bank Gatehouse reveals. 46% of Muslim consumers say they have never used Shariah-compliant products, according to the study. The figure — which rises to 53% among Muslim women…
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The Intermediary Mortgage Lenders Association (IMLA) has responded to the Financial Conduct Authority’s (FCA) consultation paper on Responsible Lending, calling for the regulator to avoid raising borrowers’ expectations unrealistically and provide a clearer picture of the numbers and circumstances of borrowers who need additional support from lenders. The Association, which represents 19 of the 20…
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Nine in ten students have a student loan or plan to have one, but only 26% think they will be able to pay it back in full, according to research from the Association of Investment Companies (AIC) conducted by Opinium Research. The figure is lower among graduates with a student loan, with only 13% expecting to…
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Legal technology business, ME Group has asked MPs for help in encouraging regulatory bodies to speed up thousands of claims for mortgage mis-selling and mortgage overpayments. In its submission to the Parliamentary Inquiry by the All Party Mortgage Prisoners Group, ME Group says that it’s specialist subsidiary firms have carried out extensive assessments on mis-sold…
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Britain is facing the highest risk of a recession since the financial crisis and preparations need to be made to mitigate the impact, according to the Resolution Foundation annual audit. Typical household incomes are estimated to have fallen by 0.5 per cent over the past two years – between 2016-17 and 2018-19 – the Resolution…
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