Credit, Collections & Insolvency News
Six out of 10 people (62%) don’t know how their credit report is used, according to TransUnion. When it comes to student loans, nearly a third (32%) aren’t sure whether it would affect their credit score, whilst 18% wrongly believe a student loan would have a negative impact. This year will see record numbers of…
Read more
New research from KPMG has found that 30% of the UK public have changed their spending as a result of Brexit uncertainties. A fifth (22%) have avoided making big ticket purchases with almost one in ten (9%) missing out on overseas holidays and 6% avoiding investing in the economy via stocks & shares. Meanwhile, 8%…
Read more
The number of residential and buy-to-let mortgages taken out in June 2019 has fallen as has pound-for-pound remortgaging, according to UK Finance. The mortgage trends update also showed that there was a ten per cent drop in overall remortgaging activity in June 2019, compared to the previous year. This has been driven largely by a…
Read more
Analysis from Barclays Mortgages shows the average upfront cost of moving home in the UK, including estate agent, legal and surveyor fees, land registry, EPC and stamp duty, is £7,641, on top of the purchase price. Meanwhile, the average unexpected associated costs can add up to £1,690, meaning homeowners are stumping up £9,331 on average…
Read more
A new system designed to tackle fraud in online shopping has been delayed for 18 months. Banks and retailers had been expected to introduce a new layer of security from mid-September that would normally see a passcode sent to a customer’s mobile phone at the point of checkout for online purchases of £28 or more.…
Read more
New figures released by UK Finance has shown that whilst the numbers of homeowners in arrears have remained at a historic low there has been an increase of 15% (1,270) in the number of repossessions in the second quarter (Q2) of 2019. UK Finance said repossessions were still well below levels experienced between 2009 and…
Read more
Mortgage repossession claims from Lenders have risen 39 per cent from Q2 2018 to Q2 2019, according to new data collected by the Ministry of Justice (MOJ) surging to its highest rate since 2014. The increase represents the fourth consecutive month in which mortgage possession claims rose, reaching 6,179 in Q2. The research also shows…
Read more
The Competition and Markets Authority (CMA) has ordered Nationwide to refund £6 million to current account customers after it broke rules which state that people should receive a text alert before banks charge them for unarranged overdrafts. The CMA has told Nationwide to take immediate action and improve its practices and compliance with the instruction. The…
Read more
New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q2 2019 was 24, 38.5% lower than in the second quarter of 2018. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.07% in the twelve months to June…
Read more
Up to half of older homeowners are using equity release to repay debt as they struggle to meet payments, new analysis from independent equity release adviser Key shows. Analysis of customer data suggests that 30% of people are using equity release to repay unsecured debt while 20% are using it to repay mortgages. Debt is a…
Read more
TriLine GRC and 1st Stop Group have announced a new partnership. Investment in TriLine’s fully integrated GRC and SMCR solution forms part of 1st Stop Group’s commitment to further enhance governance culture, systems and controls in preparation for the FCA’s new accountability regime. The TriLine solution will future-proof 1st Stop’s approach, using technology to move…
Read more
Online businesses across the retail, travel and hospitality sectors have set the bar high when it comes to delivering a strong digital customer experience. They understand that to win over consumers, those people need to have an amazing experience at every online interaction and touchpoint. In line with consumer demand, the ultimate experience is seamless,…
Read more
Hanley Economic Building Society has announced that it has appointed Larne Payne as its new Financial Director. Payne has been with the Society for over seven years after joining as a Financial Controller in March 2012 and she was subsequently promoted to the position of Head of Finance in 2017. Mark Selby, CEO at Hanley…
Read more