Credit, Collections & Insolvency News
Aire, which provides an alternative way for lenders to understand and score credit applicants, today announces that it is launching an evaluation with Toyota Financial Services (TFS) for its Artificial Intelligence (AI) platform. The collaboration is designed to prove the effectiveness of Aire’s technology to assess the financial situation of TFS customers within ‘customer delinquency’.…
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British consumers are increasingly struggling to cope under an ever-growing mountain of credit card debt, according to new research by the New Economics Foundation (NEF) think-tank. Using data from the Financial Conduct Authority, R3 and its own modelling, NEF finds that credit card debt is increasingly becoming as unmanageable as payday lending debt was for…
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New data research by onefourzero and GK analysing the credit market has found that consumers now use debt to maintain their spend power. The report analysed demand data for credit cards and overdrafts, and found that reliance on consumer credit has become the new normal; British consumers are borrowing more now than ever before. What was…
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Today marks the start of a UK rule change required by the Competition and Markets Authority (CMA) as part of its Retail Banking Investigation which means that banks must now set up an alert system which will help their customers avoid unnecessary charges. During an investigation, the CMA found that banks receive around £1.2 billion a…
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New research from Mintel has found that the majority of unsecured loan borrowers are living in ignorance as three in five Brits (60%) admit they are unaware of the interest rate being charged. More figures suggest 74% of Brits aged 45-64 with structured personal loans say they do not know the rates they are paying.…
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The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.5 percent in the year to December 2017 up from 9.3 percent in November. Outstanding balances for consumer credit now stand at over £207.1 billion .The 8.9% growth in credit card lending has pushed the…
Read moreThe Financial Conduct Authority (FCA) has asked lenders to do more to tackle the issue of maturing interest-only mortgages with the FCA finding that many people have still not talked to their lender about their repayment options. Nearly one in five mortgage customers have an interest-only mortgage and the FCA is concerned that shortfalls in…
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Significantly more UK households say they are spending more on essential products and services than they were a year ago, according to the latest Lloyds Bank Spending Power Report. The report has also found that significantly more consumers say they have increased their spending on essentials compared to 12 months ago with 70% of adults…
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The Insolvency Service has released its latest statistical release shows the outcome status of Individual Voluntary Arrangements (IVAs). The statistics show: The percentage of IVAs failing within the first two years has increased Ten IVA providers accounted for over 80% of new IVAs registered in 2017. Total insolvencies rose for the second consecutive year, returning…
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Peter Wyman’s independent review of funding of debt advice in the UK, commissioned by the Money Advice Service, has been published. Commenting on the release of the report, Andy Briscoe, Chair of the Debt Advice Steering Group, said “I am very grateful to Peter Wyman for this critically important independent review into the funding of…
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UK Finance has published the latest mortgage lending figures. Key data highlights from the report include: Mortgage activity has been building through the year, helped by increasing numbers of first-time buyers. Gross mortgage lending in the month is estimated to have been £20.2 billion, 1.2 percent more than a year earlier. Credit card spending decreased slightly…
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Household spending increased more rapidly than income growth in the last financial year (2016-17), with the biggest rises taking place among lower-income households, the Resolution Foundation said in response to the latest ONS Family Spending figures. The ONS figures show that households increased their spending by 4 percent in 2016-17, helped by low inflation and…
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Consents Online has announced that it has received authorisation from the Financial Conduct Authority (FCA) as a Registered Account Information Service Provider (“AISP”). At the website consents.online, the company provides a single place where consumers can control the information they share with third parties with complete transparency. Initially managing the sharing of bank transaction data…
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