Credit, Collections & Insolvency News
Freedom Finance and Optimum Credit agree on a new identity partnership with Nivo meaning that customers applying for a second charge mortgage can now use Nivo’s secure communications platform to Nivo ID Passport their personal details and biometric identity profile from broker to lender, cutting out days of effort and speeding up approvals. Freedom Finance…
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Two financial services experts with more than three decades of combined industry experience have joined Together as it expands its intermediary relationship team. Phil Quinn started his new position as Head of National Accounts with the specialist lender this month as it continues to grow its share of the UK mortgage market. He will be…
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Finance specialists TotallyMoney have revealed figures that show many are being handed a credit card offer very different to the one they applied for. Although it’s not unusual for lenders to assess a borrower’s creditworthiness when they apply for credit, the latest research from TotallyMoney and MoneyComms reveals that many customers end up with a very different product to…
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Digital mortgage broker, Trussle has announced that it has appointed Ian Larkin as its Chief Executive Officer (CEO). Larkin has held senior roles at Lloyds, Virgin Money, McKinsey and Accenture, most recently served as CEO of Target Group. During his five years at Target Group, the business delivered significant growth using technology to improve productivity, risk…
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Here is an overview of The Money Charity’s latest statistics for Febrruary 2020 Personal debt in the UK People in the UK owed £1,675 billion at the end of December 2019. The average total debt per household, including mortgages, was £60,213 and per adult was £31,766, around 112% of average earnings. Net mortgage lending rose…
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The results of TotallyMoney’s Financial Awareness Survey has revealed that myths surrounding interest payments, credit limits and how often you need to use your card are clouding the judgement of UK consumers. One statistic shows that over half of UK adults (54%) didn’t know that paying off an outstanding balance in full each month may…
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The Financial Conduct Authority (FCA) has published its annual Sector Views, an assessment of the risks and potential harm to consumers across financial services markets. The Sector Views look at the impact of macroeconomic developments and common drivers of change emerging across financial markets. They also outline areas where there may be a negative impact…
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Improving data and the quality of decisions are two of the top strategic priorities for credit management professionals in the next three years. A new study of credit management professionals from Equifax Ignite reveals nearly three quarters (72%) believe there is scope for future improvement of data analytics at their current companies. The study, in…
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More than three out of ten consumers (34%) say they would be most likely to take on extra debt if they were faced with a sudden gap in their finances, according to new research from R3, the insolvency trade body. Thirteen percent of over 2,000 people surveyed by Savanta ComRes for R3’s latest Personal Debt…
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A new investigation from Admiral Car Finance has revealed a range of hidden and unexpected costs consumers could unwittingly be hit with when purchasing their next car on finance, which could see them spending almost £1,200 more than they need to. With 2.4 million people spending a total of £37.6 billion on car finance last year, consumers…
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UK Finance has published its latest Card Spending Update, outlining the data for spending on card transactions by UK cardholders in November 2019. The update shows there were 1.6 billion transactions on debit cards in November 2019, 8.8 per cent more than on the same month in 2018. This reflected a total spend of £51.2…
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New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided a record £140 billion of new business which helped businesses invest in new equipment and households manage purchases. 2019 saw growth across FLA markets with asset finance and consumer finance new business up by 6% and 1% respectively, compared…
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Latest research from Cifas, the UK’s leading fraud prevention service, has revealed that the number of people failing to disclose a previous address in an attempt to hide their adverse credit rose by just over a quarter (26%) in 2019. Adverse credit refers to a poor repayment history – usually on loans or credit cards.…
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