Credit, Collections & Insolvency News
The Government has announced a new breathing Space scheme which will protect Individuals and families struggling with problem debt. Under the new scheme, consumers will be given extra help and time to get their finances under control, City minister John Glen has revealed. The new plans will see the introduction of a 60-day Breathing Space…
Read more
Peer-to-Peer specialist, LendingCrowd has appointed Robbie McKenzie to the newly created post of General Counsel and Chief Risk & Compliance Officer. A dual-qualified lawyer holding practising certificates in both Scotland and England, Robbie will lead LendingCrowd’s legal, risk and compliance function and act as anti-money laundering officer. A particular focus will be ensuring LendingCrowd adheres…
Read moreThe number of interest-only mortgages fell by (13.1 per cent) in 2018 compared to the previous year, UK Finance figures have revealed. It means the total number of pure interest-only mortgages has now fallen by over half (54 per cent) in the past seven years, from 2.5 million in 2012 to 1.23 million in 2018.…
Read more
The Financial Conduct Authority (FCA) has published its first annual perimeter report. The FCA perimeter determines which firms require authorisation and what level of protection consumers can expect for the financial services and products they purchase. The report, which will be published yearly, sets out: what the FCA does and doesn’t regulate what challenges the…
Read more
A new independent survey of more than 2,000 UK adults commissioned by Studio Graphene has revealed the number of people who have fallen victim to fraud and hacking in the past year. The research found that a further 16% have had an online banking, social media, shopping or email account hacked. Consequently, around one in…
Read more
The 2019 Credit & Collections Technology Awards entries close today at 5pm. The Credit & Collection Technology Awards are powered by Credit Connect and judged by an independently selected panel from across the industry, who have the enviable task of celebrating the best and greatest industry innovations. Becoming a finalist provides numerous PR opportunities whilst…
Read more
Virgin Money will become CYBG’s sole brand as it lays out plans to disrupt the status quo with new products and an updated financial, customer service the company has said in an announcement CYBG is setting out its refreshed medium-term strategy at its Capital Markets Day, presenting the first strategic update on the new combined…
Read more
After over thirty years of private ownership, Phoebus Software (PSL) has concluded a management buyout (MBO) backed by NorthEdge Capital. NorthEdge is a private equity firm that supports MBOs, development capital and equity release transactions for companies based in the Midlands and the North of England. PSL is based in Solihull, West Midlands. The transaction…
Read more
Point-of-purchase lending platform Divido has announced that it has been selected by Triumph Motorcycles, to deliver point-of-purchase finance on after-sale products across the UK. Building around 60,000 bikes per year, Triumph Motorcycles is Britain’s largest motorcycle manufacturer and has over 750 dealers across the world. Divido’s lending platform enables Triumph Motorcycles to provide consumers with…
Read more
Citizens Advice has said that it is concerned that loyal customers have been penalised by nearly £3 billion since it submitted its super-complaint. The charity lodged a super-complaint in September calling for the Competition and Markets Authority (CMA) to outline how the loyalty penalty could be fixed in five essential markets (mobile, broadband, home insurance,…
Read more
Prime lenders appear to be tightening their lending rules just at a point in time when used car retailers need greater flexibility from their motor finance, says finance specialist Startline. There are widespread reports across the sector of prime lenders turning down increased numbers of applicants from a wide variety of dealers, says the company,…
Read more
More than half (51%) of homeowners aged 45 and oversee money invested in property as part of their financial plans for later life, according to a new report from the Equity Release Council. The research shows older homeowners – particularly those aged 45 to 64, the retirees of tomorrow – are reassessing the traditional roles…
Read more
Paragon has announced a deal to support specialist car lender Go Car Credit with £12.5 million of lending. Go Car Credit, which launched in 2017, will use the money to support its strategy to increase new motor finance loans in the UK to the underserved and non-prime customer base and raise its presence online. Lewis…
Read more