Credit, Collections & Insolvency News
The Scottish Building Society has pledged a 12-month pause on repossessions as it looks to support customers amid the coronavirus pandemic. It is also extending a three-month mortgage break to six months. Scottish Building Society is also encouraging landlords to help those struggling to pay rent, by offering mortgage holidays if they pass on the…
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More than eight in ten consumers have spent significantly less money during lockdown by not being able to buy treats and everyday items, according to new research from AA Financial Services. The analysis shows those that have saved money, 75% intend to pay off outstanding credit card debts, build up their investments and or add to…
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Fiat has become the first car firm in the UK to launch a ‘Pay As You Go’ finance deal. Research by Fiat has revealed that 35 per cent of motorists are considering driving more to avoid using public transport. The car manufacturer has responded with what it calls ‘a groundbreaking deal’ on the Fiat 500,…
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UK Finance has today announced the appointments of Anne Boden, CEO at Starling Bank, Ruth Leas, CEO at Investec Bank, Beatriz Martin Jimenez, Global IB COO & UK Chief Executive at UBS, Steve Hughes, CEO at Coventry Building Society, Anne Marie Verstraeten, UK Country Head BNP Paribas to its board. In line with the expiration…
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Hanley Economic Building Society has announced that it has made two senior appointments and added two new members to its board. The company has appointed Jenny Jones as Head of Finance and Anna Guy as Head of Risk, while adding Ian Henley and Liz Whitfield to its board. Jenny Jones joined the society as a…
Read moreCard and contactless payments continued to increase in 2019, with card payments accounting for over half (51 per cent) of all payments for the first time, according to the latest UK Payment Markets report from UK Finance. Debit cards were the most used payment method in the UK with 17 billion payments, of which 7…
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Consumers repaid £7.4 billion debt in April, the largest net repayment since the series began according to the latest figures from the Bank of England’s monthly Money & Credit statistical release data. This is the largest net repayment since records began in 1993 and double that of March, which was the previous record. The figures…
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Vulnerable people risk being left with no way to pay for essential products and services as the coronavirus crisis further accelerates the UK’s shift to a cashless society, according to new research by Which? as it calls for government action to ensure that the cash system does not collapse at a time when millions of…
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The Financial Conduct Authority (FCA) has opened an investigation into subprime lender Amigo Loans (The Richmond Group), the company has announced In a stock market update. Amigo said the FCA started an investigation on Friday into whether Amigo’s creditworthiness assessment process and its governance oversight of this was compliant with regulations. News of the investigation…
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New research from the Centre for Community Finance Europe (CFCFE) looks at how Credit Unions in Britain have continued to serve members during the Covid-19 crisis. The Credit Union Difference: Responses to COVID-19 in Great Britain report is based of responses from 24 British Credit Unions and support organisations and covers March and April. It…
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The Financial Conduct Authority (FCA) has extended the mortgage payment holiday application deadline for customers struggling to meet payments. Mortgage customers now have until the end of October to request a break from payments while repossessions are further blocked. The FCA has confirmed the support firms should give to mortgage customers who are either coming…
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New research from challenger credit bureau, Credit Kudos, has revealed the strain that financial pressures can put on people’s mental health. With many people losing their jobs or being furloughed, people need access to affordable credit to help them deal with the financial difficulties posed by the COVID-19 crisis. The research reveals a quarter (26%)…
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Car manufacturer, Alfa Romeo has become the first in the UK to cover finance payments on new cars in the event the owner loses their job due to the coronavirus pandemic. In a groundbreaking move, Alfa Romeo has pledged to pay up to seven months of payments on its models at no cost to the…
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