Credit, Collections & Insolvency News
The likelihood of consumers securing credit has overtaken pre-pandemic levels, according to latest analysis by Experian. The number of people who have a strong chance of being approved for a credit card is currently 5% higher than in March 2020, while people’s chances of being approved for a loan is 6% higher. Consumers now have…
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Here is an overview of The Money Charity’s latest statistics for May 2021 Personal debt in the UK People in the UK owed £1,712.9 billion at the end of March 2021. The average total debt per household, including mortgages, was £61,435 and per adult was £32,326, around 110.3% of average earnings. Net mortgage lending rose by…
Read moreConsumers have been warned that the housing affordability option offered by 40-year mortgages isn’t a solution and could actually create more problems. High (and rising) house prices have recently prompted plenty of potential home affordability solutions, among them, a 40-year fixed mortgage launched by lender Habito. Jinesh Vohra from Sprive.com says that given where prices currently…
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New research by the Financial Conduct Authority (FCA) has highlighted the borrowing patterns of consumers during the pandemic, with men have borrowed more during the crisis (9% of men and 6% of women). The research looked at the impact on the finances of men and women during the pandemic and showed that before the pandemic,…
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The Information Commissioner’s Office (ICO) has fined American Express Services Europe Limited (Amex) £90,000 for sending more than four million marketing emails to customers who did not want to receive them. The ICO began investigating when it received complaints from Amex customers who were getting marketing emails despite having opted out from them. The emails included…
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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 research from Diebold Nixdorf has found that over 50% of the public are still using cash on a weekly basis, reinforcing the importance of access to cash as lockdown restrictions ease. The use of cash across age groups remained relatively consistent, with 61% of 55 year-olds and using cash in the last week, compared…
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Online banking fraud victims lost over £160 million in the past year (2020-21) according to new research by Moneytransfers.com The research says that for many of us, online banking and credit/debit cards are an essential part of our everyday lives as they allow us to pay for a multitude of necessities such as food and…
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The Credit & Collections Technology Awards has confirmed the judging panel for the 2021 event. Launched in 2017, the fifth annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial…
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Legal technology firm Exizent has announced a partnership with Experian to automate the asset discovery process involved in probate. Exizent says that the milestone partnership paves the way for future institution connectivity, with the ultimate goal of making things easier and more efficient for all involved. The company says that the major challenge right now…
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Figures obtained by RSM under a Freedom of Information request demonstrate a 28 per cent rise in cyber-attacks reported to the FCA by financial services companies last year. The top cause of incidents was phishing emails, reported by 37 per cent of affected firms, followed by attacks via third-party companies (21 per cent) and DDoS…
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Rising house prices enabled older homeowners to release more than £1 billion in property wealth in the first three months of the year – the equivalent of more than £11.3 million a day, data from equity release adviser Key shows. The average customer received £103,710 – a 25% increase over the £83,242 released in the…
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Four new banks were launched in the UK in the first ten months of the pandemic, adding to the 41 launched over the previous seven years, according to analysis by ACP Altenburg Advisory. The debt advisory specialist says that the new banks provide a sign of the growing options available to businesses looking for finance as…
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