Credit, Collections & Insolvency News
Consumers using credit to buy their insurance cover are increasing the amount they borrow in response to rising premiums and a growing squeeze on household finances, new research from Premium Credit has shown. The study found that over the past year, nearly seven out of 10 (69%) people used some form of credit to pay…
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The Financial Ombudsman Service (FOS) is to review offers made by firms to their clients in early settlement cases. FOS that in light of concerns that taking a more neutral stance could jeopardise fairness and consistent outcomes it had proposed to present proactive offers from businesses ‘neutrally’ to customers, essentially making clear that in putting…
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Latest Bank of England data has shown that individuals borrowed £9.5 billion of mortgage debt on net in September, the highest since June 2021. This was a rise from £4.4bn in August, and the highest figure since June 2021, when net borrowing reached a record of £17.1bn. Consumers borrowed an additional £0.2 billion in consumer…
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An estimated 7.7 million consumers have significant outstanding balances with buy-now, pay-later (BNPL) companies, as consumers continue to be drawn in by unregulated, interest-free borrowing according to research by Credit Karma. The research has indicated that BNPL has continued growing, despite concern amongst industry experts and government, with research indicating providers have acquired another 1.6…
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Homeowners are set to access more than £4 billion of property wealth this year via equity release for the first time on record according to latest figures from the Equity Release Council. Latest analysis from the Council found that over-55 homeowners unlocked £1.15 billion of property wealth via equity release during Q3 2021, down 2%…
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Credit Connect has confirmed the line-up for next week’s Credit & Collections Technology Awards which takes place at the Midland Hotel in Manchester next Thursday (4th November). The awards are judged by a panel of industry experts who have reviewed technological excellence in four different categories sections: creditor and lender, collections and recoveries, applied technology, and…
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HM Treasury has launched a consultation on possible Buy Now, Pay Later (BNPL) regulation. The consultation is seeking views to inform the scope and nature of the regulation, but the document suggests that some existing regulation can be applied to BNPL. and picks up on all the most important elements that can cause consumer detriment. The…
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Credit Connect’s hosted its second Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of business transformation, credit risk, affordability and open banking were discussed by panellists and Chair Chris Warburton from ROStrategy The…
Read moreUK households will be over £1,000 worse off next year new research from the Resolution Foundation has found. The research found that household incomes are set to fall by about 2% amid the cost of living squeeze. The UK is set for its biggest ever current-year economic growth upgrade next week as a result of a…
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Risk analytics consultancy, 4most, has announced that it has partnered with financial services provider, Fair Finance, to deliver a more automated approach to decisioning and improve decision quality by expanding its lending activity. 4most has been working closely with the risk team at Fair Finance to create a series of initiatives designed to improve the…
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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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