Credit, Collections & Insolvency News
Financial services peer to peer lender Zopa, has announced a 2017 profit after tax of £1.5million. In its latest company report, the company says It was a year of strong and sustainable growth for Zopa, with 2017’s revenue of £46.5m up 40% on 2016 (£33.2m revenue, loss of £5.8m). The rise in revenue sits alongside an increase…
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Six months into Open Banking, online research from Equifax has revealed that two fifths (40%) of consumers willing to share their bank transaction data with a new lender would do so if it provided them with product recommendations which save them money. Other motivations to share transaction data through Open Banking include the ability to…
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Many homeowners ready to take their second step on the property ladder now rely on financial help from family and friends to help make the jump from their first home, according to the new research by Lloyds Bank titled the ‘Second Steppers report’. More Second Steppers are having to borrow from family and friends to…
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Ticket sales and distribution company, Ticketmaster has revealed it has suffered a major data breach in which tens of thousands of people had their card details stolen. The breach has compromised payment card and personal information of customers who made purchases on its UK website. According to the company, the breach was carried out through malicious…
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Guarantor loans specialists Amigo is set to be valued at over £1.3 billion when it floats on the London stock exchange next week. The company provides loans of between £500 and £10,000 for up to a year at a rate of over 40 per cent, with repayments guaranteed by someone connected to the customer, such…
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New regulation aimed at opening up the UK’s current account market could lead to an influx of new players and services for 32.7 million consumers and 4.8m small businesses by 2022, according to new PwC research on Open Banking. New rules came into effect in January 2018 requiring UK banks to share current account holder…
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New figures show that Bath and North East Somerset council authority is owed nearly £5 million in unpaid council tax, The figure includes £2.1 million of arrears relating to 2017/18 that were still outstanding at the end of the financial year. Bath and North East Somerset Council said this debt is still being recovered and…
Read moreLiverpool City Council is owed almost £100m in unpaid council tax, according to the latest government data. The data showed that Liverpool City Council was owed £99.9m of historic unpaid council tax as of the end of March. The City council owed £100m in unpaid tax The data comes from the Ministry of Housing, Communities and…
Read moreThe Irish Central Bank has released its latest money and banking statistics for May 2018 indicating that loans to households for consumption purposes grew by 1.2 per cent in the year to end-May. Other highlights from the report include: · Loans to households, adjusted for loan sales and securitisations, declined by 1.6 per cent in…
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New research from Compare the Market has revealed very low levels of engagement with electricity and gas meters across the UK. The findings show that the majority (80%) of households – over 22 million across the country – do not submit monthly meter readings, while 1 in 10 admit to not knowing who is responsible…
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The Bank of England has published its latest banking statistics which show that consumer credit growth rates continued to slow in May, but remains rapid relative to 2009-12. Although net lending fell slightly on the month, at £1.4 billion, it was in line with the average amount borrowed monthly over the past year. The decrease…
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Over recent years there has been a tendency for the general public to lament the decline in personal interaction within the consumer credit industry that has been afforded by technological advances. People have bemoaned branch closures, increased automation, call centres and what has been seen as a ‘computer says no’ approach to affordability assessments and…
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The HM Treasury (HMT) set out its approach to onshoring financial services legislation under the European Union (Withdrawal) Act (EUWA). The act is intended to ensure that there is a complete and robust legal framework for financial regulation in the UK, whatever the outcome of negotiations between the EU and the UK, when the UK…
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