Credit, Collections & Insolvency News
The latest quarterly Moneyfacts UK Credit Card Trends Treasury Report, which studies the UK personal finance market (unsecured personal loans, credit cards and overdrafts), highlights that average unsecured personal loan rates have increased, with the lower tiers particularly impacted over the last quarter. In the past quarter, tiers to have seen average rates rise include…
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The Credit Services Association (CSA) the trade association for the debt collection industry, has made a series of significant changes to its future governance which will see the CSA Board led by a new, independent Chair. The changes mean that those seeking future election to the post of Independent Chair cannot be a current practitioner,…
Read moreData On Demand has announced the appointment of Mark Davison as its new Non-Executive Chair. Davison was a Board Level Director at Callcredit for over 20 years and was part of the Executive Team that oversaw three major transactions – for values of £100 million, £400 million and £1 billion. Davison exited his role as…
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The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic. It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%. Interest rates are now at the lowest…
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Further to the Chancellor’s announcement regarding the mortgage industry’s support for homeowners who are experiencing financial issues due to COVID-19, lenders representing banks, building societies and other specialist lenders have come together to announce additional support for homeowners and residential landlords. In a joint announcement UK Finance and the Building Society Association (BSA) said that…
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The government has announced a radical package of measures to protect renters and landlords affected by coronavirus. As a result, no renter in either social or private accommodation will be forced out of their home during this difficult time. Emergency legislation will be taken forward as an urgent priority so that landlords will not be…
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Ofgem has announced that Gnergy, a gas and electricity supplier with around 9,000 domestic customers and a small number of non-domestic customers is ceasing to trade. Under Ofgem’s safety net, the energy supply of Gnergy’s customers will continue and outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to…
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The Financial Conduct Authority (FCA) has published information for firms on Coronavirus (Covid-19) In a statement, The FCA said that it stands ready to take any steps necessary to ensure customers are protected and markets continue to function well. We are working closely with the Government, the Bank of England, the Payment Systems Regulator and…
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European leader credit management specialist, Lowell has announced its annual results. The results show strong growth in three key metrics: Cash Income, Cash EBITDA and £120m ERC with collections continue to perform ahead of forecast. Colin Storrar, Group CEO, said “2019 was a year of delivery for Lowell. We have continued our growth by doing…
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Debt Purchaser Arrow Global Group has reported record investment volumes of £303.7 million in its full-year results, with investment volumes at a consistent 17% net internal rate of return. The company also saw that its profits before tax increase by 28.3 percent. Estimated remaining collections for the next 84-month period is at £1.8bn, which is…
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The Spring Budget, and the Bank of England interest rate cut and liquidity support, will provide some direct and indirect support during the uncertain period ahead according to StepChange. The debt charity says that it is almost inevitable that demand for debt advice is set to increase – and that the structural problems exposed by…
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Buy Now Pay Later (BNPL) debts included on debt solutions have jumped by over 300% in the past six months, according to new data from debt advice provider Financial Wellness Group. The average BNPL debt added to a debt solution is around £250 and customers will typically have more than one BNPL account (and in…
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New figures released by UK Finance have shown that gross mortgage lending dipped for the first time in almost a decade last year. Lending dropped from £268.7 billion in 2018 to £267.6 billion in 2019 was only 0.4 per cent, it was the first annual decline since 2010. The Household Finance Review for Q4, 2019…
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