Credit, Collections & Insolvency News
A surge in consumer credit growth and the prospect of faster-than-expected interest rate rises have recently prompted concerns about the possibility of a fresh debt-bust in the UK, but it is the continuing overhang from the last crisis that is of more concern, according to a new Resolution Foundation report published today. With levels of…
Read more
The government has launched a consultation asking for views on amending the Digital Economy Act to bring in data-sharing measures that could help bring down the bills of those most at risk of fuel poverty. The consultation will explore the use of powers which would allow the sharing of information between public authorities and energy…
Read more
During 2017, 22,763 debt decrees were registered against Scottish consumers, nine percent more than in the previous year according to latest figures by The Registry Trust. The combined value of all consumer decrees was £64m, just two percent higher than 2016. The mean average value of a consumer decree decreased seven percent. Dropping 10 percent,…
Read more
Trade association Energy UK has launched a new independently-chaired commission which will hold hearings across the UK over the coming months to hear from consumer, elderly, disability and mental health groups as well as experts on financial vulnerability. It will consider how vulnerability affects a customer’s ability to engage with the energy market and how…
Read more
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…
Read more
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…
Read more
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…
Read more
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%…
Read more
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…
Read more
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…
Read more
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”…
Read more
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…
Read more