Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in May by 8% compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with May 2016, while retail store and online credit new business increased by 3%. Second charge…
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New research from innovative equity release lender more 2 life has revealed that 41% of over 65 year olds with a mortgage are on an interest-only product. Of these borrowers, almost 4 in ten are 65-74 year olds and over half (56%) are over 75 years old. Individuals who do not have a separate savings…
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Here is an overview of The Money Charity’s latest statistics for July 2017: Personal debt in the UK People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult Based on May 2017 trends, the UK’s…
Read moreThe Bank of England has announced that it will force banks to find a further £11.4 billion in the next 18 months to beef up their finances against the risk of bad loans. Banks will have to set aside £5.7bn in the next six months in case future economic shocks mean some borrowers cannot keep…
Read moreCallcredit Information Group has acquired the Spanish Confirma group of companies, comprising Confirma Sistemas and Soluciones Confirma, which specialise in fraud prevention and anti-money laundering (AML) software solutions. The acquisition, sees Callcredit take a majority shareholding in the Madrid- headquartered business. Callcredit entered the Spanish market in 2015 and has been developing its business and…
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A TDX Group Consumer Debt Report has revealed that over a quarter (28%) of Brits fear they may not be able to keep up with repayments on their personal debt. The online survey, conducted by YouGov, also found that unsecured debt now tops average monthly earnings¹, with more than one in four (28%) owing in…
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More than half of Scots (51%) say they occasionally run out of money before payday, with 15% saying they do so ‘most of the time’ or ‘always. The figures are part of a new report by Citizens Advice Scotland which aims to take a snapshot of the financial realities facing Scots in 2017, and in particular,…
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A new guide that helps finance providers identify and support customers in vulnerable situations during the credit application process is being launched today by the Finance & Leasing Association (FLA) and The UK Cards Association. Developed by the University of Bristol’s Personal Finance Research Centre (PFRC), in partnership with both Associations, Vulnerability: a guide for…
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Callcredit is partnering with specialist business consultancy, Ctrl-Shift, to interrogate the shifting dynamics in the personal information economy. The collaboration will look to combine Ctrl-Shift’s proven experience and knowledge base with Callcredit’s pedigree in innovation in data application, to explore and highlight practical ways businesses can thrive in a rapidly changing data economy. The announcement…
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UK household spending has fallen for the first time since 2013. Kevin Jenkins, UK & Ireland Managing Director at Visa said “Consumer spending fell for the first time in nearly four years in May, following some marked slowdowns in growth since the beginning of the year. Our Index clearly shows that with rising prices and stalling…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in April, compared with the same month last year. Credit card and personal loan new business together grew by 3% compared with April 2016, while retail store and online credit new business fell by 4%.…
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Equifax has unveiled a new toolset of creditworthiness and affordability indicators. The indicators incorporate borrower current account turnover data to help lenders make informed, responsible lending decisions through enhanced understanding of a customer’s financial background and estimated income level. The combined insight on a borrower’s income, outstanding debt and credit usage will provide lenders with a…
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The British Bankers Association (BBA) latest high street banking data shows that consumer credit growth was 6.4% in April, compared with 6.1% in the previous month. Gross mortgage borrowing totalled £13.4 billion in April.* Net mortgage borrowing was 2.4% higher than a year ago. Eric Leenders, BBA Managing Director for Retail Banking said “As the…
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