Credit, Collections & Insolvency News
Credit card provider, Halifax has announced that customers will now have a greater range of options to control where and how they use their credit card with access to ‘card freeze’ through their mobile app, allowing them to stop their credit card being used in a number of different ways. Card Freeze lets customers choose…
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Around 23 million people have experienced a life shock in their household in the past two years. New research from StepChange Debt Charity finds that people who had experienced a life event in the last two years were three times as likely to be in problem debt than those who had not. This points to…
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The Irish Central Bank has published the final report of the Tracker Mortgage Examination, showing that at the end of May 2019, lenders have paid out €683 million in redress and compensation to customers affected by their failings. In all, 40,100 customers have been affected. The Central Bank says following extensive and robust supervisory challenge…
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Barclays Partner Finance has announced that it will be pulling out of motor finance market as a result of an internal strategic review. The company has issued termination notices to dealer partners within the industry explaining its decision. In a statement, Barclays Partner Finance said “Barclays Partner Finance is currently number one in UK retail…
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HSBC has voluntarily agreed to extend its redress scheme for customers who may have lost out by paying an unreasonable debt collection charge imposed by HFC Bank and John Lewis Financial Services (JLFS) the Financial Conduct Authority (FCA) has announced. Both HFC and JLFS are now part of HSBC UK Bank. The redress scheme relates…
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The Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…
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New figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes fell by 3% in May compared with the same month in the previous year. The value of new business fell by 1% over the same period. New business in the POS consumer new…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May by 2%, compared with the same month last year. The retail store and online credit sector reported new business up in May by 2% compared with the same month in 2018, while credit card and personal…
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New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender, more 2 life, has revealed that the later life lending market is set to almost double in size over the next decade. By the end of 2019, lending is expected to reach £295bn – rising to more than half…
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A new report released by the Money and Pensions Service (MaPS) is calling on the retail banking sector to promote customer wellbeing. The Money and Pensions Service says that using saving goal-setting pots to spending analysis tools and features to find better energy deals, the retail banking sector has made significant inroads to help customers…
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Figures from UK Finance show that mortgage lending rose to its highest level since the Brexit vote last month, a total of 49,683 mortgages were agreed in May, up 9.1% on a year earlier, and the highest level since June 2016. Overall, £14bn was lent by High Street banks, up 3.5% from May 2018. Overall,…
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Consumer spending will continue to outperform the economy as a whole despite being at its lowest level in six years, according to an EY ITEM Club special report. The EY ITEM Club forecasts consumer spending growth of 1.6% in 2019 and 1.7% in 2020, down from 1.8%, 2.2% and 3.2% in 2018, 2017 and 2016…
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New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender, more 2 life, has revealed that the later life lending market is set to almost double in size over the next decade. By the end of 2019, lending is expected to reach £295bn – rising to more than half a…
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