Credit, Collections & Insolvency News
UK Finance has responded to reports on a call from Macmillan Cancer Research for a change in the law to ensure banks do more to support vulnerable customers – putting a legal and moral obligation on banks to negotiate solutions like mortgage holidays or revised payment plans. UK Finance said in a statement: “Banks and…
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Following an application by the Central Bank of Ireland, the High Court has appointed liquidators to Charleville Credit Union. The Central Bank decided to use its legal power to apply for the winding-up of Charleville having given due consideration to the circumstances detailed in the Resolution Report and Wesley Murphy’s affidavit. These documents detail breaches…
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This week (13th – 19th November) seen the launch of the UK’s second Financial Capability (FinCap) Week. The purpose of this year’s theme #TalkMoney is to encourage people to do just that, to talk about money in the workplace, community and across social media platforms. Co-ordinated by the Money Advice Service (MAS), the week is…
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The use of bailiffs to collect debts owed to local authorities in England and Wales has jumped by 14 percent in two years, according to new research by the Money Advice Trust. More than 2.3 million debts were passed to bailiffs by local authorities in 2016/17 according to the research, based on Freedom of Information…
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Elevate UK trading as online lender ‘Sunny’ has announced the appointment of Alan Lunt as its new Finance Director. Lunt brings over a decade of leadership experience to the business, with a strong record of growing businesses, improving efficiency, and successfully managing process and change. Prior to joining Elevate UK, Lunt held several leadership roles…
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The number of county court judgments (CCJs) against consumers in England and Wales rose during the third quarter according to figures released by Registry Trust today. In Q3 2017, 317,793 consumer CCJs were registered in England and Wales rising 24 percent compared with the same period of the previous year. This followed the general trend…
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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 new car finance market fell by 11% in September, compared with the same month in 2016, while the growth in the value of new business was flat over the same period. In Q3…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q3 2017 was 23, 25.8% lower than in the same quarter in 2016. The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q3 2017 was…
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Italian debt purchaser MBCredit Solutions has completed the acquisition of the “Sherazade” portfolio from Intesa Sanpaolo, comprising a stock of unsecured non-performing exposures (NPEs) with a nominal value of approx €600million. The agreement consolidates the Mediobanca Group company’s leadership position in the retail unsecured NPE segment, with MBCredit Solutions now a leading player in the…
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Commenting on the September 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 “The fall in new business volumes in September comes amid subdued consumer confidence which has affected the housing market as a whole. It follows six…
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Ofgem has announced a £150 cap on charges for installing pre-payment meters under warrant for customers in debt, and banned charges for the most vulnerable. Suppliers can apply to the court and install a prepayment meter under warrant, as a last resort when customers fall into debt. Under current rules, suppliers can charge warrant costs…
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The number of mortgages in arrears of 2.5 percent or more of the outstanding balance fell again in the third quarter of 2017, but cases of possession edged upwards from a historically low level according to new figures released by UK Finance. At 88,300, the number of loans in arrears was two per cent lower…
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New figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016. In September, credit card and personal loan new business together grew by…
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