Credit, Collections & Insolvency News
Barclays Partner Finance has announced that it will be pulling out of motor finance market as a result of an internal strategic review. The company has issued termination notices to dealer partners within the industry explaining its decision. In a statement, Barclays Partner Finance said “Barclays Partner Finance is currently number one in UK retail…
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HSBC has voluntarily agreed to extend its redress scheme for customers who may have lost out by paying an unreasonable debt collection charge imposed by HFC Bank and John Lewis Financial Services (JLFS) the Financial Conduct Authority (FCA) has announced. Both HFC and JLFS are now part of HSBC UK Bank. The redress scheme relates…
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The Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…
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Research by the Stepchange debt charity has found that almost one in five people who have taken out a high-interest rate, sub-prime credit card were unemployed at the time it was issued. Around four million people have a sub-prime credit card (defined as cards with an interest rate APR of 30-70%). The research found a…
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Councils across England and Wales have today (Monday 8th July) launched a pilot a scheme that will help local authorities recover unpaid Council Tax – currently costing local authorities tens of millions every year. Twenty-nine local authorities will take part of the trial working with the Department of Work and Pensions (DWP) and Revenue and…
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The majority of consumers are still living in the ‘age of austerity’, more than 10 years after the recession, a study has found. The study has found that 96 per cent are looking for ways to reduce their spending on a daily basis. Shopping in the reduced section, using price comparison sites and withdrawing cash…
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Wells Fargo Bank International (WFBI) has been reprimanded and fined €5,880,000 by the Central Bank of Ireland for regulatory reporting breaches and related governance failings. The company has admitted five breaches. The breaches varied in duration from 1 January 2014 to 28 February 2019. The breaches include failure to accurately report the Firm’s capital position…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage market reports volumes up by 22% in May. Commenting on the May 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes fell by 3% in May compared with the same month in the previous year. The value of new business fell by 1% over the same period. New business in the POS consumer new…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May by 2%, compared with the same month last year. The retail store and online credit sector reported new business up in May by 2% compared with the same month in 2018, while credit card and personal…
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Almost half of consumers are currently in debt and believe the rising cost of independent living is to blame. A survey of 1,000 UK adults published in The UK Spending Report, commissioned by a leading personal insolvency practice, Creditfix, has revealed that almost 1 in 2 consumers(46%) are currently in debt. Those who admitted to…
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Bank of Ireland has announced that it is selling its UK credit cards business for £530 million. The portfolio, which includes cards for the Post Office and the AA. The portfolio will be sold to special purpose investment vehicles advised by affiliates of Centerbridge Partners Europe and Jaja Finance. The acquisition is part of Jaja’s…
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New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender, more 2 life, has revealed that the later life lending market is set to almost double in size over the next decade. By the end of 2019, lending is expected to reach £295bn – rising to more than half…
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