Credit, Collections & Insolvency News
AccountScore and Equifax have announced the release of a new credit risk index for the consumer lending sector which allows financial institutions to more effectively understand consumers applying for credit products. The index is based upon the transactional information found within a consumer’s bank account and takes advantages of the opportunities provided by Open Banking…
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Here is an overview of The Money Charity’s latest statistics for October 2019: Personal debt in the UK People in the UK owed £1,650 billion at the end of August 2019. This is up from £1,604 billion at the end of August 2018, an extra £876 per UK adult over the year. The average total…
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The Finance & Leasing Association’s (FLA) Chairman and board have announced that Stephen Haddrill has been appointed Director General of the FLA and will take up his role in early December. Haddrill has had an extensive Whitehall career, and also held numerous senior industry positions, including Chief Executive Officer of the Financial Reporting Council and…
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The Financial Conduct Authority (FCA) has confirmed that it has removed barriers that stop some mortgage customers from finding a cheaper mortgage deal. The rule change means that around 30,000 homeowners now have the freedom to move elsewhere. In some cases, so-called “mortgage prisoners” have previously been told that they cannot afford a new mortgage…
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The Treasury Committee has published a unanimously-agreed report on IT Failures in the Financial Services Sector. The report was agreed when Catherine McKinnell MP was Interim Chair. Rt Hon. Mel Stride MP has since been elected as the Chair of the Treasury Committee. Steve Baker MP has been the Committee’s lead member for this inquiry…
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The Bank of England has set out its proposed changes to the capital requirements that apply to Credit Unions. The reforms propose a move from the current approach to a new system that applies graduated capital requirements as Credit unions move through size bands on their assets. The changes include: Capital requirements based on membership…
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A significant number (32%) of 18-34 year olds have had financial help from grandparents to get on the property ladder according to new research by Trussle. Nearly one-in-four prospective buyers expect help from their grandparents, whilst the research also identifies a growing trend of assistance with just 3% of over 55s previously receiving help from…
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Credit card spending in September 2019 reached was 10.1 per cent higher than in September 2018 according to the latest Household Finance Update from UK Finance, with over £11 billion spent on cards. The level of credit card borrowing grew by 3% in the year to September 2019. Repayments have remained in line with credit…
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CashEuroNet UK’s owner Enova has announced that the UK arm of its business is to close. High-cost short term lender, CashEuroNet brands include QuickQuid and On Stride – a provider of longer-term, larger loans and previously known as Pounds to Pocket. Enova Chief Executive David Fisher said “Over the past several months, we worked with…
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The Irish Central Bank has published its Household Credit Market Report for 2019 as well as data and commentary on new mortgage lending under the mortgage measures during the first half of 2019. The report has found that Household debt-to-disposable-income (DTI) continued to decline, but remains the fifth highest in the EU. Household debt stood…
Read moreAccountant in Bankruptcy (AiB) has released official statistics reporting personal insolvencies in Scotland for the second quarter (July to September 2019) of 2019-20. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland fell by 1.7% in July-September 2019 compared with the previous quarter (April-June 2019), but rose by 12.6% compared with the…
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Without support, people in their 70s and 80s are vulnerable to making decisions that lead to financial deprivation according to a new report by the Pensions Policy Institute. The Pensions Policy Institute (PPI) has published ‘Supporting later life’ report which suggests that preparing for later life requires people to make complex plans for the unpredictable…
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Consumers say banks should track their personal data to help them avoid debt problems according to a new report published by the Money and Mental Health Policy Institute, supported by Barclays. It explores how banks and building societies could monitor customer data to spot signs that people are at risk of falling into debt, such…
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