Mortgage loyalty costs £1,000 a year

20th April 2021 Banking and Loans |

New analysis has indicated that 42% of people whose fixed-term mortgages have ended since lockdown began in March 2020 may be paying a ‘loyalty penalty’ of high interest according to new Citizens Advice research. The charity found one in five (21%) customers who did not switch said the process was too time-consuming. Many have also…

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Loan surge triggered by lifting of lockdown

19th April 2021 Consumer Collections |

Applications for finance have soared since the lifting of lockdown restrictions, according to intelligent decisioning technology provider LendingMetrics. The company has seen traffic rise 60-65% on its LMX platform during the first two weeks of April, compared to levels during the same weeks in March. Lenders that use its automated decisioning platforms witnessed loan applications…

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Average spend on credit cards falls by 16%

19th April 2021 Consumer Collections |

Latest figures from FICO have indicated that the average spend on credit cards fell by £33 to £547 in February 2021, with sales 16 percent lower than a year ago. Stacey West, Principal Consultant for FICO Advisors said “This drop is opposite to the usual trend we see at this time of year,” continued West. “However,…

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Lending Technology Think Tank confirms line up

19th April 2021 Alternative Consumer Lending |

The Lending Technology Think Tank has confirmed its agenda and speaker line-up ahead of the event next Thursday (22nd April). The inaugural Lending Technology Think Tank has been created as an online event platform so that lending and creditor professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…

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Government loans create broker lending capacity fear

19th February 2021 Alternative Business Lending |

The volume of Government loans granted to help SMEs through the COVID-19 crisis will be having a potentially devastating impact on the availability of ‘traditional’ lending, causing alarm in the lender broker community according to new research by Allica Bank. The Bank suggests that SMEs could be starved of funding to fuel future growth because…

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Consumer finance new business falls by 18%

12th February 2021 Arrears and Recoveries |

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in December 2020 by 18% compared with the same month in 2019, and decreased by 18% in 2020 as a whole. The retail store and online credit sector reported new business 6% lower in December than in the…

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Lenders warned to prepare for credit applications surge

11th February 2021 Banking and Loans |

Lenders risk being overwhelmed by credit applications when the UK lifts lockdown restrictions, according to data specialist LendingMetrics. The company behind the award-winning ADP automated underwriting platform fears a leap in demand for finance when the country returns to more normal conditions. It predicts this to be likely by June or July, if the vaccine…

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Confusion and concern raised over debts and payment holidays

10th February 2021 Banking and Loans |

New research released by Resolver has revealed widespread confusion over payment holidays and the potential impact on people’s future finances. The company says to help people face down the financial challenges posed by the pandemic, the Financial Conduct Authority (FCA) introduced clear rules for lenders so they could offer people ‘holidays’ from mortgage, loan, credit…

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Consumers looking to cut interest rates on debt

1st February 2021 Arrears and Recoveries |

A growing proportion of consumers are taking control of their finances by seeking financial products for debt consolidation, according to the latest findings from Experian’s Credit Barometer. Searches for balance transfer cards via Experian’s comparison services have risen in January, from 31% of the total credit card searches in December 2020 to 37% in January…

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Consumers plan to spend less to improve their financial health

20th January 2021 Arrears and Recoveries |

Research from credit-builder credit card, Vanquis reveals the average consumer wants to save more (27%), spend less (24%), pay off debts (15%) and make a budget plan (13%) this year, while one in three (33%) of those with existing debt say they want to start paying it off. The research comes as an estimated 1.2…

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Loans Warehouse adds to bridging team

18th January 2021 Appointments |

Loans Warehouse has announced that it has appointed Greg Chase to its Short Term Finance team. Chase will be tasked with further expanding the specialist brokers bridging proposition – an area that Loans Warehouse has been bolstering over recent months. Most recently Chase was a broker, specialising in commercial and bridging finance, with the Commercial…

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68% of credit card holders don’t understand APR

13th January 2021 Banking and Loans |

According to KIS Finance’s financial survey, only 31% of adults in the UK could correctly identify what an APR (Annual Percentage Rate) is, including its purpose and how it should be used. Whilst 68% of credit card holders don’t know what an APR is, bearing in mind that the APR is undoubtedly one of the…

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FCA report identifies 4000 financial services firms at risk of failure

7th January 2021 Arrears and Recoveries |

The Financial Conduct Authority (FCA) has warned that up to 4,000 financial services companies were at a ‘heightened risk’ of collapse even before the second wave of coronavirus struck. The Financial Conduct Authority (FCA) has published the results of its coronavirus financial resilience surveys. The surveys were sent to solo-regulated firms to inform the FCA…

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