Credit, Collections & Insolvency News
Online shoppers are being bombarded with Buy Now Pay Later (BNPL) payment options at the checkout, often with little or no information about late fees, credit checks and the risk of falling into debt, a Which? investigation of more than 100 major retailers has found. Which? looked at 111 of the biggest online retailers in…
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Credit Kudos, the Open Banking credit reference agency, has launched Signal, a highly accurate, explainable Open Banking credit score to help lenders serve more customers, reduce defaults and evidence risk decisions. Available now, the score enables lenders to move beyond the limitations of traditional credit data, allowing them to accurately score all applicants, not just…
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Latest card spending figures from global analytics software provider FICO has indicated that the summer holidays and continued reliance on pandemic savings probably contributed to a growth in average spending on cards. The analysis shows that the average spend on credit cards increased £23 to £711 in August 2021. This is the highest level since…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 103% in August 2021 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said:…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 13% in August 2021 compared with the same month in 2020. In the eight months to August 2021, new business remained 15% higher than in the same period in 2020. The retail store and online credit sector…
Read moreNational Westminster Bank Plc (NatWest) has entered guilty pleas at Westminster Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007). The court heard around £356m, £264m in cash, from one Bradford-based business customer was deposited in its NatWest account over a five-year period. The…
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One in five (20%) key workers say that they have had to reduce their spending during the Covid-19 outbreak, according to a new TUC poll. The polling, carried out for the TUC by BritainThinks, revealed a fifth of key workers said they cut back their spending at the end of the week or month because…
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The Online Lending Technology Think Tank has confirmed its agenda and speaker line-up ahead of the second event next Tuesday (12th October). The Online Lending Technology Think Tank is 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, adjusting…
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Latest Bank of England data has shown that net mortgage lending increased by £5.293 billion in August, bouncing back from July’s net repayment of £1.758 billion. Gross mortgage lending increased to £21.5 billion, recovering from a low seen in July when lending came in at £16.6 billion. Meanwhile, mortgage approvals fell to the lowest level…
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The amount spent on credit cards has fallen, compared to pre-pandemic times according to the latest UK Finance card spending figures. Debit card usage has soared by 22% in June while contactless payments have leapt 70% in the past two years. The figures showed that there were 1.9 billion debit card transactions in June, 46.6…
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Monzo is to launch a buy now, pay later product called Flex that will let customers borrow up to £3,000 and spread the cost of purchases over three, six or 12 months. The digital bank said those who repay over three months will be charged no interest, while those spreading costs over six or 12 months…
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Financial app, Curve has announced has launched new product called Flex which it says is a new unique rival to Buy Now Pay Later (BNPL). Curve says following FCA approval it has launched Curve Flex to simplify and unify credit. It offers customers the power to pay later for almost any purchase made at any…
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New insights from Experian suggest that consumers have a better chance of finding a pre-approved credit card or loan than they did at the start of this year. Following the lifting of lockdown restrictions in July, lenders have continued to bring new products to market. 61% of customers using Experian’s Marketplace saw a credit card…
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