Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market increased 7% by volume and 13% by value in February, compared with the same month in 2017. New business volumes in the POS consumer new car finance market fell by 2%…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in February, compared with the same month last year. Credit card and personal loan new business together grew by 10%, compared with February 2017, while retail store and online credit new business increased by 9% over…
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The UK new car market declined in March, according to figures released by the Society of Motor Manufacturers and Traders (SMMT), with registrations falling 15.7% compared with the same month last year. March 2017 was the biggest month ever for new car registrations, as buyers seized the chance to purchase cars before new Vehicle Excise…
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Following a detailed consultation and analysis, Account in Bankruptcy (AiB) has announced that it is recommending to Scottish Ministers that it introduces the Standard Financial Statement (SFS) for assessing the income and expenditure of debtors from October 2018. The Standard Financial Statement has been introduced across the UK as a unified method for assessing a debtor’s…
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Masthaven Bank has announced the appointment of Alan Margolis as Credit and Operations Director for the short-term lending side of the business. Alan has been appointed to the newly created role as part of Masthaven’s ongoing expansion and brings over 20 years of financial services experience, particularly within the short-term lending sector. Margolis will be involved…
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Corporate recovery and business advisory firm Quantuma has announced that it has acquired south coast insolvency practice.Ashtons Business Recovery. The teams will continue to operate through its Ringwood and Weymouth offices, with all of its existing team of seven, as part of Quantuma. David Meany was one of the founder partners of the original practice…
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The Government is to launch a call for evidence following concerns that a minority of bailiffs are still acting aggressively when collecting money from debtors –, particularly from vulnerable people. The call for evidence, which will be launched shortly, will look to those directly involved to share their experiences to help stop this in its…
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The Department for Business, Energy & Industrial Strategy ( BEIS) has announced that it expects a million more low-income households are set to benefit from innovative energy saving measures under new plans outlined by the Minister for Energy and Clean Growth Claire Perry, as part of the Clean Growth Strategy. A consultation has been launched to…
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Citizens Advice has today announced that Sir David Varney will be stepping down as chair of the national charity. It has also announced it has welcomed Ann-Marie Harkin to its trustee board. Sir David Varney has confirmed that he will be stepping down from his role due to health reasons, but will remain in post…
Read moreIreland’s Central Bank has released its latest money and banking statistics for February 2018. The loan-to-deposit ratio for households stood at 0.90 in February, equalling the previous series low, with household deposits exceeding household loans by 10.2 billion. The decrease in this ratio in recent years has occurred due to deposits reaching near series highs, while…
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The Bank of England has published its latest monthly Money and Credit report showing a slight jump in growth in consumer credit of 9.4 percent in the year to February 2018, up from 9.3 percent in January. Outstanding balances for consumer credit now stand at over £209.4 billion. Joanna Elson OBE, chief executive of the…
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The Financial Conduct Authority (FCA) has published its policy statement and finalised guidance on staff incentives, remuneration and performance management in consumer credit firms. In the latest Policy Statement, the FCA has responded to feedback arising from CP17/20 and published final rules for staff incentives, remuneration and performance management in consumer credit firms. These come into force on…
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Morses Club has responded to recent reporting on the Home Collected Credit sector calls for the tighter regulation. In a statement Morses said that it offers transparent fixed interest rate products and does not charge its customers any fees or penalties for late payments, ensuring they never pay more than their original agreement, regardless of…
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