Credit, Collections & Insolvency News
The number of low-income households in England and Wales receiving financial help from their water company has almost doubled to more than 400,000 in the past year, according to the Consumer Council for Water (CCWater). The water watchdog has welcomed the rise in support for cash-strapped customers but warned that it remains a drop in…
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The Bank of Ireland has released its latest arrears and repossessions statistics. The Residential Mortgage Arrears and Repossessions Statistics for Q2 highlights indicate: The number of mortgage accounts for principal dwelling houses (PDH) in arrears fell further in the second quarter of 2017; this marks the sixteenth consecutive quarter of decline. A total of 73,706 accounts…
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UK Finance has released the latest remortgaging date which shows that lending for house purchases in July was lower than in the preceding month but higher than a year earlier. Highlights from the statistics show: First-time buyers borrowed £5 billion, 15% lower than in June but 14% higher than in July 2016. They took out…
Read moreChallenger Bank, Instabank has announced a partnership with Provenir. Instabank is using Provenir’s technology to aggregate credit applicant data from structured and unstructured data sources, including credit bureaux and its core banking system, to provide customers with an instantaneous credit decision. Robert Berg, CEO, Instabank said “Our entire approach is built on simplifying banking, making…
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250,000 private renting families in England are becoming burdened with serious debt because they have to move house so frequently, according to Shelter. New research from the housing charity says private renting is so unstable, short and expensive that families are being forced to move too frequently. One in four (255,944) renting families are taking…
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Commenting on the July 2017 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 second charge mortgage market reported its fifth consecutive month of growth in July, with new business up 23% by value and 21% by volume.…
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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…
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