Credit, Collections & Insolvency News
A new report from Juniper Research has found that global contactless card transaction values will reach $2.5 trillion in 2021, from $1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021. The pandemic has significantly accelerated an existing contactless card usage trend, and these value increases…
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Starling Bank has agreed to a £50 million deal to acquire for buy-to-let mortgage group Fleet Mortgages. The deal is the first acquisition by the Goldman Sachs-backed start-up that is targeting an initial public offering within two years. Fleet Mortgages, based in Hampshire, focuses on providing mortgages to professional and semi-professional buy-to-let landlords, only via…
Read moreRVU, owners of Uswitch, Confused.com and Money.co.uk has agreed to acquire Mojo Mortgages. Mojo, based in Manchester, is a free online mortgage broker, delivering personalised mortgage recommendations through a hybrid of smart tech and human mortgage experts. The growing company of over 60 employees has won numerous industry awards for innovations such as Mortgagescore, an…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 116% in May 2021 compared with the same month in 2020. In the first five months of 2021, new business was 15% higher than in the same period in 2020. The retail store and online credit sector…
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Broker firm, Just Mortgages, has announced the recruitment of almost forty new brokers in the past month. Nineteen brokers have graduated from Just Mortgages most recent training academy to join its employed division. These brokers enter the business from varied backgrounds, including banking and estate agency and will be based in its extensive estate agency…
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New research from leading equity release lender, more2life, has revealed that over three-quarters (78%) of advisers think more of their customers will look to equity release to support basic retirement needs over the next year. More than half (59%) of advisers also think a greater number of their clients will enquire about equity release as a…
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A Director of a broker company has been banned for taking money despite owing creditors £140,000. The broker who traded while insolvent and failed to pay creditors £140,000 has been disqualified for 7 years. Kathleen Shepherd, from Southampton, was the sole Director of Shepherd Site Services Limited, a company that acted as a broker to…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 147% in April 2021 compared with the same month in 2020. In the first four months of 2021, new business was 1% higher than in the same period in 2020. The retail store and online credit sector…
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Latest Bank of England (BoE) figures show that consumers continued making net repayments of consumer credit in April 2021. The figures show that households collectively made a £377 million net repayment in consumer credit, the repayment figures included credit cards, personal loans and overdrafts. Analysis shows that while people have been making significant net consumer…
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The Financial Conduct Authority (FCA) has announced a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. The changes mean that people renewing their home or motor insurance will pay no more than they would as a new customer from January. The FCA says that these measures address the…
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Mortgage and insurance network, Stonebridge has announced the appointment of a new Operations Director. Gavin Earnshaw joins the business on the 1st June and will lead Stonebridge’s strategy to deliver operational efficiencies across the Group and help it scale the business to achieve further substantial growth. Reporting into Stonebridge Chief Executive, Rob Clifford, Earnshaw will…
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New analysis by EY ITEM Club’s Interim Bank Lending Forecast expects consumer credit to grow 10.5% in 2021 and 9.1% in 2022 as consumer spending rebounds post-lockdown. Net lending via credit cards and personal loans turned negative in 2020 and remained in negative territory in the first three months of this year. Annual growth in February…
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EQ Credit Services has released its latest UK research report into the unsecured lending sector which has revealed some startling consumer attitude shifts including a ‘new nervousness’ characterising the current credit market. This appeared most acute amongst the youngest generation (age 18-24), with over half of this group responding that they would only be prepared…
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