Credit, Collections & Insolvency News
Loans specialist 1st Stop Group has joined the London Stock Exchange Group’s international business support and capital raising ecosystem platform called ELITE. 1st Stop Group offers car finance loans, secured second charge mortgages and unsecured personal loans to UK customers, serving customers who are not able or not wishing to borrow from high street lenders.…
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UK Finance has published its Mortgage Arrears and Possessions Update for the fourth quarter of 2018, which saw 4580 homeowner possessions in 2018, the lowest level since 1980 when there were 3480 possessions. During this period, there were 6.2 million outstanding homeowner mortgages, compared to 9 million at the end of December 2018. The data…
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Morses Club the UK’s second largest home collected credit lender, has announced the acquisition of the business and assets of Hays Credit, a home collected credit lender. Hays is a family-run business which has been operating since 1957, providing loans to approximately 2,700 customers across the North East of England. Hays has outstanding balances of approximately…
Read moreThe Bank of England has today published its latest monthly Money and Credit report showing consumer credit growth slowed to 6.6 percent in the year to December 2018. Outstanding balances for consumer credit stand at £215.6 billion. The Bank of England says that the credit growth slow down reflects the continuation of relatively weak flows…
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Consumer credit firm Omni Capital Retail Finance has agreed a partnership to use an automated decisioning platform (ADP) from LendingMetrics. The finance provider, which is owned by Castle Trust Capital, has chosen Lending Metrics’ ADP platform to support its OmniPort credit approval system, which allows customers to purchase immediately at point of sale using a paperless…
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Credit reference agency and information solutions provider TransUnion (formerly Callcredit), has announced today the appointment of Satrajit “Satty” Saha as its new Chief Executive Officer (CEO). Outgoing CEO Mike Gordon will remain with the business as an adviser until the end of March 2019 to ensure a smooth transition of responsibilities. Prior to joining TransUnion’s…
Read moreConsumers are starting 2019 with outstanding borrowing from 2017, with 3.1 million people still paying for Christmas 2017 according to a new study by Sainsbury’s Bank Credit Cards. The study found more than a quarter (27%) of people have debt remaining from two years ago. This New Year, UK adults still owe money from 2017…
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New survey findings commissioned from YouGov by StepChange Debt Charity reveal that more than a quarter of us (27%) started the New Year feeling uneasy about our finances. Among people who feel uneasy, two thirds (65%) have felt this way for more than a year. A fifth (22%) have felt uneasy for more than five…
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New research by Leeds Building Society found nearly a quarter of people in the UK who celebrate the festive season (24%) don’t save ahead for it at all. Conversely, 15% of those surveyed start saving in January although 39% tend to leave it much later and start putting money away from September onwards. As part…
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Consumers are bracing themselves for a major financial crisis and housing crash this year according to a new poll from Spearvest, a wealth management firm. The study, conducted by independent survey company Censuswide asked 1,000 members of the UK public about their views on the economic outlook for 2019. A total of 44 per cent…
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New figures released today by the Finance & Leasing Association (FLA) show second charge mortgages increased by 21% in November. Commenting on the November 2018 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 market has reported a…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 2% in November, compared with the same month in 2017. Credit card and personal loan new business together grew by 1% compared with November 2017, while retail store and online credit new business increased by 2%. Second…
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The Financial Conduct Authority (FCA) has revealed plans to free ‘mortgage prisoners.’ Mortgage prisoners are defined by around 140,000 homeowners are trapped on loans with high interest rates. The plans were revealed by the FCA’s Chief Executive Andrew Bailey’s letter to the Treasury Committee on improving switching options for mortgage customers who are currently unable to do so,…
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