Credit, Collections & Insolvency News
A drop in the average UK house price of the scale seen in the last financial crisis would put nearly half a million households at risk of negative equity according to analysis by third-party mortgage servicer Computershare. Computershare has forecast that the value of 4.12% of properties – or approximately 458,000 households – would drop…
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Open Banking is now a reality and its set to revolutionise the credit industry, especially credit assessment. Access to such data will facilitate better affordability checks and will help identify fraudulent applications as well as potential customers who are already in financial difficulty. But the sheer volume and granularity of the data is exciting and…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in second charge mortgages continued to grow in 2017. Commenting on the 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “Second charge…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer car finance market in 2017 were at a similar level to 2016, while the value of new business was up by 6% over the same period. New business in December 2017 fell 2%…
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New figures released by the Finance & Leasing Association (FLA) show growth of 6% in consumer finance new business in 2017. New business in December 2017 increased by 1% compared with the same month in 2016. Credit card and personal loan new business together grew by 6% in 2017, while retail store and online credit…
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European debt purchaser Intrum has announced that Thomas Moss has been appointed acting Chief Financial Officer (CFO). Current CFO Erik Forsberg will leave the company next week Moss is currently the Director of Group Business Control at Intrum, a role that he has held for the past 4 years. Before he joined Intrum he held the…
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Latest figures from UK Finance have revealed that the number of home-owners’ properties being repossessed fell to a 36-year low last year. In 2017, 4,700 owner-occupied mortgaged properties were repossessed – down from 5,300 in 2016. Meanwhile, the number of landlords behind on mortgage payments has risen by 20%, with 1,200 buy-to-let mortgages in “significant…
Read moreThe trial of Dharam Prakash Gopee has been concluded at Southwark Crown Court with the jury returning a guilty verdict to the charges brought by the Financial Conduct Authority (FCA) for offences under the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000. Gopee described himself as “a lender of last resort”…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in 2017 was 105, 27% lower than in 2016. In the final quarter of 2017, the number of repossessions was 27, down by almost 31% compared with the same period in 2016. The rate of second…
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It is estimated that there could be over £25 million worth of fraud being perpetuated by businesses falsely claiming Small Business Rates Relief across England, according to data analytics specialist Destin Solutions. Small Business Rates Relief (SBRR) is provided to a number of businesses across England on the basis that they either only use one property…
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The number of debt judgments recorded in the Four Courts of Ireland fell to a historic low during 2017, according to figures released today by Registry Trust. There were 2,157 judgments registered against consumers in 2017, two percent fewer than the previous year and a record low. The mean average consumer judgment’s value fell 11…
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Aire, which provides an alternative way for lenders to understand and score credit applicants, today announces that it is launching an evaluation with Toyota Financial Services (TFS) for its Artificial Intelligence (AI) platform. The collaboration is designed to prove the effectiveness of Aire’s technology to assess the financial situation of TFS customers within ‘customer delinquency’.…
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British consumers are increasingly struggling to cope under an ever-growing mountain of credit card debt, according to new research by the New Economics Foundation (NEF) think-tank. Using data from the Financial Conduct Authority, R3 and its own modelling, NEF finds that credit card debt is increasingly becoming as unmanageable as payday lending debt was for…
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