Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has written to credit card firms telling them to review their approach to borrowers who are stuck in persistent debt, where they are paying more in interest, fees and charges than they are paying of their balance. New FCA rules require firms to help people who have been caught in…
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In the year up to November 2019, UK households borrowed almost as much as the Government, demonstrating that debt remains both a private and public sector issue, according to the January 2020 Money Statistics, produced by The Money Charity. The latest data available from the Bank of England and ONS shows that UK households borrowed almost…
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Here is an overview of The Money Charity’s latest statistics for January 2020 Personal debt in the UK People in the UK owed £1,669 billion at the end of November 2019. The average total debt per household, including mortgages, was £59,982 and per adult was £31,643, around 111.6% of average earnings. Net mortgage lending rose…
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New research from TransUnion has highlighted the importance of trust and says that empowering and educating consumers is essential for lenders to compete in a changing financial landscape TransUnion’s new white paper, which examines consumer credit behaviour in the UK, unveils key trends and themes for lenders to note as we embark on a new…
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Credit card spending rose by 7.3% and personal borrowing through loans jumped by 14% in December, trade body UK finance has revealed in its latest Household Finance Update. Figures from the trade body of the UK banking and finance industry have revealed that the credit card spending of £11.8 billion in December 2019 was 7.3%…
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The latest figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in November 2019 by 1% compared with the same month in 2018, and remained stable in the eleven months to November 2019. The consumer new car finance market reported a fall in new business…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in November 2019 by 2% compared with the same month in 2018, and held steady in the eleven months to November 2019. Credit card and personal loan new business together grew in November 2019 by 2% compared with…
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Research from credit experts TotallyMoney and MoneyComms reveals how just making minimum repayments on credit card balances costs customers thousands in interest and takes over two decades to clear. The research shows that only making the minimum repayment each month will take over 26 years to clear a credit card balance with customers expected to…
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An increasing number of people aged over 65 are using equity release products to pay off debts and mortgages. Customer data from LV= shows that 27% of customers in 2019 used equity release to clear their mortgage, loans or debts compared to 15% in 2016. Helping family and friends has risen from 8% to 16%…
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Brightstar Financial has appointed Maria Harris as Technology Consultant. Harris has been formerly Director of Retail Mortgages at Atom Bank. In her new role, Harris will support the development of Brightstar Financials’ technology platforms. Brightstar Group group chief executive Rob Jupp said “Technology plays a big role in this proposition and there are few people…
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Evolution Funding has expanded its field sales team with the appointment of four key personnel from former Barclays Partner Finance (BPF). The new arrivals follow hot on the heels of BPF’s national accounts director Keith Bell taking the role of sales director, with previous Sales Director, Chris Coverdale, becoming Group Sales Director. Neil Holland takes…
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One in three consumers expects to retire with an average debt of £17,460 this year according to new research by Key. The research has found that the debt will take three-and-a-half years to clear. Initial findings from this work suggest that the ‘Retirement Class of 2020’ faces significant debt challenges with more than one in…
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Louisa Sedgwick has been promoted to Managing Director mortgages at Vida Homeloans. Sedgwick has been Director of Sales at Vida since its launch in 2016 and is well known in the mortgage industry, having recently become the first female chair of the Intermediary Mortgage Lenders Association. Sedgwick said: “In just three years Vida has successfully completed…
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