Credit, Collections & Insolvency News
Families with children at home during the coronavirus lockdown are turning to payment holidays to help them through the crisis. According to comparethemarket.com’s Household Financial Confidence Tracker, fewer than one in ten (9%) households without children at home say they have taken a payment holiday, but this figure leaps to over a fifth (21%) among…
Read more
Mortgage lending was flat in the first three months of 2020 compared with a year ago with an increase in buy-to-let activity offset by a drop in first-time buyers, according to UK Finance’s Household Finance Review for Q1 2020 . The report finds also highlighted that there was a modest pick-up in arrears towards the…
Read more
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…
Read more
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…
Read more
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,…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more