Credit, Collections & Insolvency News
A quarter of all card transactions are now made via contactless, new figures from The UK Cards Association show. 325 million purchases were made using contactless debit and credit cards in November 2016, accounting for 25 per cent of all card payments in the month. The rise in contactless payments led to a record £2.9 billion…
Read moreNew research from Lloyds Bank reveals Britons spent an average of £465 each on Christmas 2016, with a majority admitting to not making an overall budget. Moreover, one-in-ten (11%) respondents spent over £1,000 over the festive period, while almost one in five (17%) of those with children in their household admitted to spending more than £1,000.…
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Demand for debt advice is surging this January, according to new figures from National Debtline,. The news comes as many credit card bills begin to arrive through letterboxes this week. Calls to National Debtline in the first eight working days of 2017 are up 17 percent compared to the same period in January 2016, with…
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The Bank of England has released it’s latest Credit Conditions results. This quarterly survey of bank and building society lenders is an input to this work. Lenders are asked about the past three months and the coming three months. The survey covers secured and unsecured lending to households; and lending to non-financial corporations, small businesses, and…
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New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market grew 13% by value and 7% by volume in November, compared with the same month in 2015. The percentage of private new car sales financed by FLA members through…
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New figures released today by the Finance & Leasing Association (FLA) show growth of 9% in consumer finance new business in November, compared with the same month in 2015. Credit card and personal loan new business together grew by 10% compared with November 2015, while retail store and online credit new business increased by 3%…
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Gateway2Finance has revealed that it has been acquired by Equiniti Group PLC. The acquisition of the Halifax-based loan brokerage is expected to support Equiniti Group’s strategy to promote loan, mortgage and technology solutions to meet the requirements of the fast-moving credit marketplace. Paul Woodworth, managing director of Gateway2Finance.“Everyone within Gateway2Finance is delighted with the move…
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Former V Loans Managing Director Marie Grundy has been appointed as Sales Director of West One Loans. Grundy brings a wealth of knowledge from 20 years in the mortgage sector. That experience spans both broking and lending, where most recently she spent over nine years with second charge master broker V Loans. Stephen Wasserman, Managing Director of…
Read moreThe Scottish Government plans to use its new social security powers for the first time to increase the frequency of Universal Credit payments and offer to pay housing benefits direct to landlords. While Universal Credit itself remains reserved, ministers will use new powers to give claimants the option to be paid fortnightly instead of monthly.…
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Specialist Home Credit Collector (HCC) lender Morses Club has announced the acquisition of Shelby Finance a provider of online instalment loans. Shelby Finance is fully authorised by the FCA to provide online instalment loans and will operate as a subsidiary of Morses Club. Morses Club state that the acquisition is an important strategic development as…
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Target Group has announced the purchase of the operating business of Commercial First. Commercial First are a provider of commercial and residential mortgage servicing, due diligence and property valuations for clients ranging from blue chip banks and fund managers to private equity and mortgage securitisations. Established in 2002 and based in Skipton, Commercial First provides…
Read moreIrish bank KBC has sold loans to credit-servicing and debt-collection firm Cabot Financial Ireland. The sale of the KBC portfolio is understood to involve more than 100 loans – most of which related to buy-to-let properties that have been sold – with money is still owned on the original mortgages. The sale comes weeks before…
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Bob Stefanowski is to be replaced as Dollar Financial Corporation Global (DFC) Chief Executive Officer. Bondholders in Dollar Financial Corporation Global (DFC) were informed late last week that Bob Stefanowski was stepping down as its chief executive, to be replaced by Glen Wakeman, a former GE Money executive in Latin America. The change at the…
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