Credit, Collections & Insolvency News
A new European Consumer Payment Report, from debt collection specialist Intrum, has shown that parents are vulnerable to social pressure, forcing them to spend more money on their children than they can afford. Every third parent in Europe has experienced social pressure during the past year to buy something for their children that they feel…
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Latest figures from the Bank of England have shown lending on credit cards and loans have fallen to an 18-month low. The Bank of England figures showed that unsecured consumer credit grew by 9.6% year on year in October, down from 9.8% in September. Consumers added £1.5bn to the pile of consumer debt, which rose to…
Read moreThe Financial Conduct Authority has released a new report on illegal money lenders. The report titled “Shining a light on illegal money lending: consumer experiences of unauthorised lending in the UK” highlights the real-life consequences of reducing access to responsible, regulated, short-term credit. In a statement, the FCA said “Last year we conducted research with our…
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Credit reference agencies (CRAs), Callcredit, Equifax and Experian are launching an industry-wide Credit Reference Agency Information Notice (CRAIN) in readiness for the implementation of the new General Data Protection Regulation (GDPR) on 25 May 2018. The notice will ensure that the financial industry delivers standardised, clear and consistent information to consumers to explain how credit…
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The effects of a ‘hard’ Brexit will be decisive for the innovation capacity and competitiveness of the British automotive industry according to new research by Coface. After an exceptional peak in production of vehicles recorded in mid-2016 (1.02 million unit sales, up 8.5% for the January-August period compared to the same period in 2015), 2017…
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Guarantor loans specialist, Buddy Loans, has received full accreditation from the Financial Conduct Authority (FCA). The company which is based in Cheadle, Cheshire, was set-up in 2013 by entrepreneur Nicholas Zapolski to provide consumers, who have been refused loans by mainstream lenders, with affordable and accessible credit. Recently Buddy Loans has secured an investment of…
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Italian financial specialist, UniCredit has agreed to sell a portfolio of non-performing loans (NPLs) to Italian merchant bank Mediobanca and New York-based private arm of Cerberus Capital Management. The portfolio of secured and unsecured credits has a gross value of around €715m ($852.7m) and is part of a major drive by UniCredit to clear non-performing…
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Over 50s renters are not saving anywhere near enough to cover their rental costs in retirement, leaving a £43 billion shortfall – five times the cost of the London 2012 Olympics – according to research by Scottish Widows. The projections, calculated for Scottish Widows by Development Economics, predict that one in eight retirees, equating to…
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One in ten UK adults (10%) have cancelled their credit or debit card in the last year due to attempted fraud, according to new research by comparethemarket.com. This equates to over five million people becoming the victims of the cybercrime in the last twelve months, highlighting the worrying levels of online fraud in the UK. In…
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Money advice experts are calling for a change in the law to protect vulnerable people being locked up for council tax debts. Free debt advice service PayPlan and the Institute of Money Advisers (IMA) have joined forces to campaign for an end to the ‘legal anomaly’ that gives courts the power to imprison householders for…
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European debt purchaser, DDM Holding has announced that it has entered into an agreement to acquire a distressed asset portfolio containing secured and unsecured SME receivables in Serbia from a leading bank in the region. The gross collection value of the portfolio amounts to approximately EUR 15 million. The acquisition is financed by cash on hand.…
Read moreMental Health UK has announced the launch of a pioneering service designed to help the UK’s eight million people experiencing both poor mental health and money problems. Mental Health and Money Advice will be the first service to combine support for people with mental illness who are struggling with their money, as well as people whose…
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Online research from Equifax, the consumer and business insights expert, reveals that 43% of British adults don’t have any personal savings set aside for unexpected financial events such as unemployment, illness or urgent repairs to their home. The survey, conducted by YouGov ahead of the recent Bank of England rate rise, found that nearly one…
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