Credit, Collections & Insolvency News
Among growing concerns about high consumer debt levels in the UK, a new study finds that almost a third of credit card and personal loan debt – up to £35bn – is sitting with people who are deemed to have low financial maturity. Aire, which uses Artificial Intelligence (AI) technology to help lenders provide applicants…
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The FCA has rejected calls to cap interest rates charged on credit cards saying that planned measures to help people avoid excessive debt should be given time to work. Speaking at Reuters Financial Regulation Summit Andrew Bailey, Chief Executive of the Financial Conduct Authority said “We are not there at the moment,” said in response…
Read moreThe Bank of England’s (BoE) Financial Policy Committee (FPC) has said that lenders are creating pockets of risk by placing too much weight on recent benign conditions. In a statement from its policy meeting on 20 September 2017, the BoE said that the overall credit quality of consumer credit has improved significantly since the financial crisis.…
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RBS has announced its plans to postpone the introduction of cut-price credit cards and the Labour Party has pledged to back legislation limiting the amount of interest that can be charged on credit card debt. Key industry groups have responded to the developments in the consumer credit landscape. Steve McNicholas, Managing Director – Credit and…
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Rising debt levels and the continued struggle to meet essential household bills are among the key findings from the latest statistical research released today by StepChange Debt Charity. The Statistics Mid-Year Book which examines the latest trends from the charity’s client data, highlights how increasing numbers of the under-40s, lone parents and people in rented…
Read moreThe UK’s high street banks have been ranked among the poorest performers for customer satisfaction and complaints handling, according to new analysis by Which?. Lloyds was the worst performing big bank with an overall score of 58% – is in joint bottom place with Danske Bank. The results make disappointing reading for many of the…
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Here is an overview of The Money Charity’s latest statistics for September 2017: Personal debt in the UK People in the UK owed £1.548 trillion at the end of July 2017. This is up from £1.489 trillion at the end of July 2016 – an extra £1033.06 per UK adult. Per adult in the UK…
Read moreEquiniti has announced the launch of Equiniti Credit Services. Richard Carter is to lead the new business – supplying digitally enabled loan and mortgage solutions – which combines Equiniti Pancredit, Equiniti Gateway and the newly-acquired Nostrum Group. Equiniti Credit Services builds innovative solutions that are transforming the credit industry, offering a complete outsourced credit management…
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The Money Advice Service has announced its 2017 over-indebtedness figures for the UK. This year’s report by the Money Advice Service and CACI reveals that 8.3 million (15.9%) people in the UK are living with a debt problem – the figures show a moderate increase from figures released in 2016 (15.4%). The statistics from the…
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UK Finance has released the latest card expenditure statistics for July, the highlights include: The number of card payments increased to 1.39 billion in July, largely because of the migration of cash payments to card and the increased use of contactless. Total spending was £57.8 billion, up from £54.2 billion in July 2016. Contactless payments…
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The Payment Systems Regulator (PSR) and Bank of England (BoE) have announced that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to deliver against the mandate that the regulators tasked it with. Following the appointment of Melanie Johnson as its first chair, work will continue at pace to deliver the New…
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Women are more likely than men to switch to an online-only bank, but both genders support new payments innovation, figures released by international law firm Paul Hastings show. The survey of over 2,000 consumers in the UK, part of a study into the future of alternative payment methods, shows that 24% of men and 30%…
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New figures released tby the Finance & Leasing Association (FLA) show growth of 13% in consumer finance new business in July, compared with the same month last year. Credit card and personal loan new business together grew by 16% compared with July 2016, while retail store and online credit new business increased by 11%. Second…
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