Credit, Collections & Insolvency News
Four directors of Secure My Money Limited (SMM) have been disqualified following an investigation by the Insolvency Service. The individuals disqualified are: Mark Robert Kennedy for 8 years; David John Carter Mullins for 8 years; Edward John Booth for 7 years; and Christopher Brotherton for 5 years. All four were the directors who had responsibility for…
Read moreUK Finance has released its latest mortgage data. On a non-seasonally adjusted basis, the data shows that total mortgage lending declined in September but remained higher than in the same month last year. On a seasonally adjusted basis, lending to first-time buyers and movers was higher than in August, and there were year-on-year increases by…
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The Financial Conduct Authority (FCA) is planning to increase the amount mortgage finance providers pay towards the Money Advice Service debt advice levy. Mortgage finance providers currently pay £21 million ( 44%) of the levy this year. Under FCA proposal this will increase to £24 million or 50%. A new fee block will also be…
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Commenting on the September 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The fall in new business volumes in September comes amid subdued consumer confidence which has affected the housing market as a whole. It follows six…
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Here is an overview of The Money Charity’s latest statistics for November 2017: Personal debt in the UK People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult. Per adult in the UK…
Read moreThe Financial Conduct Authority (FCA) has published its ‘FCA Mission – Our Future Approach to Consumers’. When the FCA launched its mission, it committed to publishing a series of documents that would explain its approach to regulation in more depth. The FCA’s Approach to Consumers is the first in this series, and explores the approach…
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The Bank of England consumer credit statistics shows that consumer borrowing has risen by 9.9% in the year to September 2017, now totalling £204 billion. Other highlights from the report include: The annual growth rate of consumer credit has remained broadly unchanged since June, at around 10%. The flow was £1.6 billion in September, also…
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Latest figures released by the Bank of England suggest that high levels of consumer credit will ‘increase scrutiny’ on household debt. The Bank of England has published its latest monthly Money and Credit report showing continued growth in consumer credit of 9.9 percent in the year to September. Outstanding balances for consumer credit now stand at…
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A rise in interest rates will result in monthly repayment shocks for millions of homeowners who are already living on a tight budget, according to figures from free debt advice provider PayPlan. PayPlan has launched an interest rate calculator this week to help clients find out how a potential mortgage rate rise might affect them.…
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The Financial Ombudsman Service (FOS) has published its latest quarterly complaints figures. The data includes the number of enquiries and complaints passed to an ombudsman for a final decision, and the proportion of complaints resolved in favour of consumers. The data for the second quarter showed that new complaints received during July, August and September 2017.…
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The Intermediary Mortgage Lenders Association (MLA) has announced that it has seen an increase in demand for 35-year mortgages. Highlights from its latest report indicate that: Nearly seven in ten (69%) mortgage brokers report an increase in demand for 35-year mortgages in IMLA’s latest Intermediary Lending Outlook research Over one in ten (13%) report a…
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Mortgage specialist John Charcol has appointed Mark Fleet as its new Chief Executive. Fleet, was formerly James Hay Partnership Chief Commercial Officerand hass also worked at Skipton Building Society in roles including Distribution Director. John Charcol Executive Chairman Ian Darby says: “Mark brings a wealth of experience and a strong understanding of the mortgage market and…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 8% in August, compared with the same month in 2016, while the value of new business was up by 2% over the same period. The percentage of…
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