Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes fell by 40% in September 2020 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said “The second…
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The Financial Conduct Authority (FCA) has announced proposals for further support to consumer credit borrowers impacted by coronavirus. In September, the Financial Conduct Authority (FCA) announced tailored support for borrowers affected by coronavirus (Covid-19) after 31st October, which it would keep under review as the pandemic evolved. As a result of increasing restrictions announced in…
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A new study by GoCompare has revealed that 9.7million households are facing Christmas on a reduced income, compared with this time last year, with 13% saying that Christmas is going to be financially very difficult indeed. The research carried out ahead of the festive season, found that 35% of UK households are living on less…
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Digital mortgage platform Koodoo has announced that it has selected challenger credit reference agency Credit Kudos as Open Banking provider to deliver a better end-to-end digital mortgage journey. Koodoo works with over 40% of the UK mortgage lending market and powers the mortgage categories for 45% of the UK price comparison market to intelligently connect…
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Four in five UK consumer credit applicationswere declined due to lack of data with UK lenders declining up to 1.8 million consumer credit applications worth £10.6 billion last year. The credit applications were rejected to a lack of information about the consumer, rather than poor credit histories or genuine affordability concerns, according to a study…
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The Consumer Finance Association (CFA) has expressed concerns as information about Woolard Review panel emerges. In September 2020, the FCA Board asked Christopher Woolard to review change and innovation in the unsecured credit market and to report to them in early 2021. The Review will concentrate on how regulation can better support a healthy unsecured…
Read moreWith England entering a second coronavirus lockdown on Thursday (5th November), the Financial Conduct Authority (FCA) has told mortgage, loan and credit card providers to offer borrowers extended repayment holidays. Consumers who have not yet had a credit payment deferral for a mortgage can request one that lasts for up to six months, while those…
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THE number of people missing card and loan repayments has jumped in recent weeks, according to Which? An estimated 370,000 more people defaulted on a credit card or loan in October than in September, increasing from 410,000 to 780,000, the consumer group’s UK survey findings indicate. The latest findings from Which?’s consumer insight tracker reveal…
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The Financial Conduct Authority (FCA) is expected to announce more details of an extension to the mortgage holiday scheme, with the initiative originally set to have expired on Saturday (31st October) but extended due to the national lockdown announced for England at the weekend. The FCA has already said that those who have yet to…
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The Bank of England has reported that consumers made net repayments of £600 million in September whilst approvals of mortgages for house purchase increased to 91,500 last month from 85,500 a month earlier, with pent-up demand and the stamp duty holiday cited as reasons for the housing market boom. September’s figures total marks the highest…
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Here is an overview of The Money Charity’s latest statistics for October 2020 Personal debt in the UK People in the UK owed £1,684 billion at the end of August 2020. The average total debt per household, including mortgages, was £60,526 and per adult was £31,972, around 111.5% of average earnings. Net mortgage lending rose by…
Read moreFinance experts TotallyMoney have warned that those experiencing financial hurt due to coronavirus could see their credit scores suffer for six years as protections are taken away for over quarter of a million people still on payment holidays. A blanket end on 31st October to granting payment holidays on mortgages, credit cards, loans, and overdrafts…
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A new business survey by Fico has revealed that Financial Services companies are severely lagging in online consumer services with the vast majority of traditional banks and fintechs are either far behind their transformation goals, or missing them outright. The report and underlying survey found that three percent of traditional bank executives feel their company…
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