Credit, Collections & Insolvency News
New figures released tby the Finance & Leasing Association (FLA) show growth of 13% in consumer finance new business in July, compared with the same month last year. Credit card and personal loan new business together grew by 16% compared with July 2016, while retail store and online credit new business increased by 11%. Second…
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Less than 2% of the UK car finance market by value would be considered subprime lending, research has revealed. According to a study produced by Apex Insight, sub prime finance only occupies a thin slice of the market, squeezed between bank-owned car lenders and manufacturer’s financial services divisions, which hold 51% and 47% of share respectively.…
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Mobile & single sign-on access pose the biggest risk to future ID verification and fraud prevention according to latest research by Callcredit Information Group. The research reveals that whilst 73% of fraud professionals think mobile devices will be the key facilitator of identification in the future, over half (60%) feel that they will present the…
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A new study by GoCompare Mortgages has revealed that 31% of tenants in rented accommodation cannot imagine ever owning their own home. The survey also revealed that more than a fifth (21%) of renters think that the removal of mortgage interest tax relief on buy-to-let properties, which came into force in April 2017, will reduce…
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The Financial Ombudsman Service (FOS) has published its latest six-monthly complaints data relating to banks, insurers and other financial businesses. The figures show that the ombudsman took on a total of around 170,000 new cases in the first six months of this year. This represents a 13% increase in complaint figures when compared to the…
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Business and personal insolvency experts, Fortis Insolvency have announced a Partnership with Encompas Corporation to support and enhance their Know Your Customer (KYC) compliance processes. Manchester based Fortis Insolvency provide advice and support to business and individuals across the north-west who may be facing financial and operational issues. Chris Parry, Managing Director at Fortis Insolvency said “Evolving regulations, not…
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Debt Purchaser, Motormile Finance (MMF) have been awarded a Silver rating for ‘outstanding’ customer service – from Investors in Customers (IIC). IIC, a customer experience consultancy, surveys customers, staff and senior management to assess how well a business understands its customer needs and how well it delivers services that meet those needs. Denise Crossley CEO…
Read moreThe growth in borrowing by consumers appears to be slowing amid a squeeze on households according to the Bank of England’s latest consumer statistics. The annual rate of growth for consumer borrowing through credit cards, overdrafts and personal loans decreased to 9.8% in July, the lowest rate of expansion since April 2016. The growth rate…
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Research by The Royal London National Funeral Cost Index 2017 reveals funeral debt has also risen to £160 million. One in six (16%) said they struggled with funeral costs, with people taking on an average debt of £1,680. Amongst those who struggled, one in four said they borrowed money from family and friends (26%) and…
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Research by Citizens Advice has found that nearly 1 in 5 people struggling with debts have had their credit card limit raised without them requesting it, a practice the charity would like to see banned. After the Bank of England issued a warning to lenders about how they are granting credit to consumers, Citizens Advice…
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Fraud prevention service, Cifas has released new figures showing that identity fraud has continued to rise at record levels in the first six months of 2017. A record 89,000 identity frauds were recorded, up 5% from last year. Representing over half of all fraud recorded by the UK’s not-for-profit fraud data sharing organisation, 83% of…
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A new report released by Saga Money has revealed that the Bank of Gran and Grandad has donated a total of over £37 billion in funds to their grandchildren and one in ten grandparents say this money was to be spent on a deposit for a house. At a time when estate agents are warning that house…
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A high number of British adults have found themselves unprepared for unexpected costs and have had to rely on friends, family or even credit to pay for them in the past 12 months, according to new research. The survey of 1,035 UK adults carried out by home heating oil supplier, SuperSaverOil.com, found that almost half…
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