Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has said that it will continue investigations into the “risk of harm” posed by motor finance. In its motor finance investigation, the FCA revealed that it had already concluded that “the largest lenders’ approach to credit risk and asset values appears robust” and that “consumers in the lowest credit score…
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Banks and card companies prevented £1,458.6 million in unauthorised financial fraud last year, equivalent to £2 in every £3 of attempted unauthorised fraud being stopped, the latest data from UK Finance shows. In 2017, fraud losses on payment cards fell 8 per cent year-on-year to £566.0 million. At the same time, card spending increased by…
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This month marks one year since the launch of the Standard Financial Statement (SFS), an initiative designed to bring greater consistency to the way organisations assess people’s finances when they fall behind on payments. Dan Osmond, Product Owner, Lloyds Banking Group said: “As we explore the future design of customer budgets in a fast changing…
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The Money Advice Trust has launched a new e-learning course and an introductory guide to help creditor staff identify, understand and support customers who have a mental capacity limitation. The course has been developed in partnership with Argos Financial Services and can be tailored to creditor organisations across a range of sectors and in particular…
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The number of remortgages in January 2018 reached a nine-year high while the number of first-time buyers and home movers both increased compared to the same period in the previous year, UK Finance’s latest mortgage trends update reveals. There were 49,800 new homeowner remortgages completed in January 2018, some 19.1 percent more than in the…
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The latest mortgage lending statistics have been published by the Bank of England. The statistics show that new residential mortgage lending activity decreased in Q4 2017 from the previous quarter. In total, £69.1 billion of new residential loans were advanced to individuals during the quarter. This was a 2.5% decrease compared to the previous quarter,…
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Debt Collection Agency, Ardent Credit Services has announced that it has made three senior appointments as its long-term growth plan continues to yield results. Ruth Pointon has been appointed Collections Director, having previously worked as Head of Operations and latterly Client & Solutions Director for Akinika Debt Recovery. Shahaab Afzal (Shabby) has joined the company as…
Read moreThe total value of small claims judgments in Northern Ireland soared last year to the highest levels since 2012, according to figures released today by Registry Trust. There were 8,742 small claims judgments in 2017, 19 percent more than the previous year. The average small claims judgment increased 18 percent to £2,248; combined these increases…
Read moreProvenir has announced the implementation of its risk decisioning and data sciences platform with YapStone, an international Payments-as-a-Service (PaaS) solution provider. To date, YapStone has implemented the Provenir decisioning engine for its Know Your Customer (KYC), Anti Money Laundering (AML), and fraud and risk assessments. Bruce Dragt, EVP of Product at YapStone said “YapStone maintains a…
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The Money Advice Trust and Money Advice Service have today published research into the experiences of people in debt who negotiate with their creditors. The research, carried out by the University of Bristol’s Personal Finance Research Centre, provides insight into the factors affecting successful self-negotiation. It also looks at the roles played by the advice…
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UK consumers are starting to cut back on spending as their personal finances are coming under increasing strain, according to new research by GlobalData. GlobalData’s UK consumer survey found that from January 2017 to January 2018, the net difference between respondents agreeing/disagreeing with the statement, ‘I am visiting the shops less often these days because I…
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Millions of pounds in unpaid debts are being written off by East Renfrewshire council following a hike in council tax rates. Local authority bosses are preparing to accept the loss of £3.363m in historical community charge arrears, dating back more than 20 years. A further £739,000 of ‘bad debt’, including unpaid council tax and housing benefit…
Read moreOmnichannel contact centre technology specialist, Noble Systems has announced that it has completed the acquisition of FidoTrack, a specialist provider of cloud gamification software and services for call centres. Noble Systems will be re-branding the employee engagement products as Noble® Gamification. Over the coming months, Noble will be releasing “Fast Start” connectors that will allow existing…
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