Credit, Collections & Insolvency News
The Bank of England has published its latest Mortgage Lenders and Administrators Statistics which indicate that arrears figures have decreased slightly. The proportion of total loan balances in arrears has continued to decrease, reaching 0.99%, the lowest since the series began in 2007 The figures indicated that the outstanding value of all residential mortgage loans…
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The Financial Conduct Authority’s decision to introduce reforms to the overdraft market should help thousands of people from getting trapped in a debt spiral according to Citizens Advice which says it has helped almost 30,000 people with overdrafts last year Citizens Advice statistics show that overdraft issues overwhelmingly affect socially-disadvantaged people: 2 in 5 had…
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Over two fifths (44%) of consumers in Scotland are worried about their current level of personal debt, a new survey of over 2,000 British consumers by insolvency trade body R3 in Scotland and ComRes has found. This is notably higher than in April last year when 35% of consumers in Scotland said the same thing.…
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Ikano Bank has announced that it has promoted Henrik Eklund to Chief Executive Officer (CEO) Eklund is currently Chief Operations Officer (COO) and has been interim CEO for Ikano Bank since the beginning of the year. Eklund joined Ikano Bank as Chief Operations Officer in May 2018. Before that, he was COO of Resurs Bank…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market fell 2% by value and 7% by volume in April, compared with the same month in 2018. The percentage of private new car sales financed by FLA members through the…
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New figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage market reports volumes up by 24% in April. Commenting on the April 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 “In…
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Households have been pushed nearly £2,000 into the red in the period since Theresa May became prime minister, according to TUC analysis as she prepares to resign the Conservative Party leadership. In every reported quarter since her arrival in Downing Street (2016 Q4 to 2018 Q4), families’ outgoings have outstripped their incomes. This has resulted…
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The Financial Conduct Authority (FCA) has confirmed it is introducing reforms to fix a dysfunctional overdraft market. These changes will make overdrafts simpler, fairer, and easier to manage and will protect the millions of consumers that use overdrafts, particularly more vulnerable consumers. The changes represent the biggest overhaul to the overdraft market for a generation.…
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Consumers are taking a ‘pick n mix’ approach to how they make payments, with mobile banking, mobile payments and contactless all becoming increasingly popular, research by UK Finance has revealed. Just as digital technology has allowed people to customise the way they listen to music or read the news, it is now transforming the world…
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UK Asset Resolution (UKAR) has announced that it has now repaid its £48.7 billion taxpayer loan. The loan was not expected to be repaid until the mid-2020s but has been able to do so more quickly by selling off packages of loans to private equity buyers. UKAR which incorporates Bradford & Bingley was created in October…
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Consumer credit increased by £0.9 billion in April, in line with the monthly average increase since July 2018. The annual growth in consumer credit continued slowing, to 5.9% from 6.4% in March – its slowest rate since 2014 – as households limited spending on credit cards and cut back on finance deals. The figures highlighted…
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The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined Raphael Bank (Raphaels) for failing to manage its outsourcing arrangements properly between April 2014 and December 2016. Raphaels has received separate fines of £775,100 from the FCA and £1,112,152 from the PRA in respect of these breaches (resulting in a combined fine of…
Read moreDebt charity, StepChange has raised concerns that consumers with long-standing debts on credit cards, who have received letters encouraging them to make more than the minimum payments are could be unclear in their messaging. Rules set by the Financial Conduct Authority (FCA) mean that many people will now be receiving a second reminder suggesting they…
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