Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that new business in the point-of-sale (POS) consumer new car finance market grew 9% by value and 5% by volume in August, compared with the same month last year. The percentage of private new car sales financed by FLA members through the POS reached…
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New figures released today by the Finance & Leasing Association (FLA) show growth of 16% in consumer finance new business in August, compared with the same month last year. Credit card and personal loan new business together grew by 17% compared with August 2015, while retail store and online credit new business increased by 6%…
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The Government has announced that they will be creating a new single public body responsible for delivering advice to consumers on money, debt and pensions. The new service will replace the Money Advice Service (MAS). The government thinks a single advisory body will be more efficient but has yet to decide how the new service will…
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Aphility has introduced a secure, real time, certified digital bank verification capability by integrating DirectID from the online trust company. The IDCo to enable the verification of business and consumer income and expenditure data from UK Banks. This enhancement will enable customers and partners to undertake faster and more accurate affordability assessments and credit decisions delivering…
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South West law firm Clarke Willmott LLP has announced the appointment of a new Marketing Development Manager for its Debt Recovery team in Taunton. Emma Kitchen joins the firm having previously worked in the Energy and Financial Services industries and has a background in marketing communications, strategy and planning. Kitchen, who has extensive knowledge and experience…
Read moreFollowing a decision by the United States Department of the Treasury(link is external) to designate the PacNet Group as a ‘significant transnational criminal organisation’, we understand that the ceasing of PacNet Group firms’ operations has led to some customer payments, including direct debits, not reaching creditors and firms. Firms affected by this should assess their payment…
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Financial services firms recorded a 2.6% reduction in new complaints between January and June 2016 compared to the previous six months, according to new complaints data published today by the Financial Conduct Authority (FCA). The total number of complaints was 2.05 million. Payment protection insurance (PPI) is still the most complained about product. Complaints about current accounts…
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TalkTalk has been issued with a record £400,000 fine by the ICO for security failings that allowed a cyber attacker to access customer data “with ease”. The ICO’s in-depth investigation found that an attack on the company last October could have been prevented if TalkTalk had taken basic steps to protect customers’ information. ICO investigators…
Read moreThe government has resumed the sale of a failed bank’s £15.65 billion pound mortgage portfolio after it was delayed in the aftermath of the country’s vote to leave the European Union. UK Asset Resolution, which is selling off the Bradford & Bingley loans, is planning to send out non-disclosure agreements to prospective bidders this week,…
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Aire, a credit scoring startup has confirmed authorisation with the Financial Conduct Authority (FCA). The company also announced that it raised a further $2 million in funding earlier this year led by White Star Capital alongside Sunstone Capital and Accion Venture Lab. Co-founder and Chief Executive Officer Aneesh Varma said: “It’s a huge step for us and also for…
Read moreWonga has admitted that it double-charged 7,000 customers for their loans on Friday. It says an internal system error resulted in extra payments being taken from bank accounts. Wonga has promised that extra costs and charges incurred will be refunded. The short-term lender said that the rogue payments were refunded later on Friday, but may not yet…
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New research shows that millions of working-age people across the UK are at financial risk due to their low levels of savings The research by the Money Advice Service, shows that 4 in 10 (40%, 16.8 million) working-age people across the nation lack a savings buffer, with less than £100 in savings available to them at…
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Intelligent Lending, trading as Ocean Finance has been fined £130,000 after sending more than seven million texts offering a new credit card powered by a major lender. Manchester-based Ocean Finance believed it was complying with the law because the third party firm it obtained names and phone numbers from claimed it had people’s consent to send…
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