Credit, Collections & Insolvency News
New data from FICO has revealed the levels of consumer tolerance to new account opening security checks. With 23 percent of respondents admitting to going to a competitor financial services provider if asked to visit a branch or post documents as part of the digital application process. According to the data, if asked to visit…
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Consumer spending was 7.6 per cent higher than in May two years ago according to new analysis by Barclaycard. The data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that spending on essential items grew 11.4 per cent compared to May 2019 – the sharpest increase since before…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 147% in April 2021 compared with the same month in 2020. In the first four months of 2021, new business was 1% higher than in the same period in 2020. The retail store and online credit sector…
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New figures released by the Finance & Leasing Association (FLA) have shown that the consumer car finance market reported growth in new business volumes of 1276% in April 2021 compared with the same month in 2020. In the first four months of 2021, new business volumes were 13% higher than in the same period in…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 176% in April 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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Consumer watchdog Which? says banks should show how many customers are repaid money from accounts lost due to fraud. Most large banks compensate some funds to customers who are defrauded by criminals and publish information on compensation rates as a group, with only Barclays and TSB committing to doing so individually. Which? says Banks must…
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The number of consumers considering personal loans has fallen by a quarter (24%), according to new research by MoneySuperMarket. Figures analysed by the price comparison website show that as pandemic restrictions near their end, the home improvement trend might have peaked. The boom in home improvements under lockdown and loan interest underlines this but between…
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Credit Connect Media will host the latest edition of its Connected News digital free live webinar series on Wednesday 14th July. The webinar titled “Delivering responsible vulnerable communications” will be the latest in the series of webinars looking at the latest thematic innovations enhancing collections strategy. Speakers from Lowell and the Lending Standards Board will…
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Latest Bank of England (BoE) figures show that consumers continued making net repayments of consumer credit in April 2021. The figures show that households collectively made a £377 million net repayment in consumer credit, the repayment figures included credit cards, personal loans and overdrafts. Analysis shows that while people have been making significant net consumer…
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Applications for mortgages in May 2021 are up 8% on 2019 levels, a pre-pandemic year, with just one month to go until the stamp duty holiday extension is phased from 30 June according to new industry data released by Experian. Applications from those under 30 have seen the biggest growth (+11%), and now represent a…
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Sub-prime lender, Amigo has warned that it faces potential collapse after confirming that it will not appeal against a High Court decision that blocked a scheme to cap customer compensation. The firm said it would ‘consider all options’ noting that it is looking at an alternative scheme to manage the costs of customer compensation claims.…
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The Financial Conduct Authority (FCA) has announced a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. The changes mean that people renewing their home or motor insurance will pay no more than they would as a new customer from January. The FCA says that these measures address the…
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The Financial Ombudsman Service (FOS) has published its annual complaints data for the 2020/21 financial year (April 2020-March 2021) with commentary and insight. The overall number of new complaints received increased by 2% to 278,033, compared to the 271,468 complaints received in the 2019/20 financial year. Excluding the number of PPI complaints, the figures reveal a…
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