Credit, Collections & Insolvency News
According to new research, one in ten consumers will put the whole cost of Christmas on their credit card. The research by GoCompare Money, has found that the average British household expects to spend £719 on Christmas festivities this year. Collectively, the Nation will splash out £19.5 billion on gifts, food and drink, parties and Christmas…
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European credit management firm Intrum, has published a new European Consumer Payment report based on a survey with responses from 24 398. European consumers. Intrum, who are in contact with 250 000 indebted consumers around Europe every day, sees a widening gap in the wake of a rising economy. While more and more people are able…
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UK Finance has released its latest household finance update for October 2018 which has revealed that £11.3 billion of credit card spending in October was 12.1 percent higher than last October. Over the past twelve months, the outstanding level of credit card borrowing grew by 5.7 percent. Whilst personal borrowing through loans and overdrafts grew by…
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The Financial Conduct Authority (FCA) has published a further consultation on its approach to the UK’s exit from the EU. The paper sets out additional proposals to prepare for the possibility the UK leaves the European Union on 29 March 2019 without an implementation period. The FCA is working to ensure as smooth a transition…
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One in five (22%) people have been defrauded via their credit card in the last year, according to a survey of 2,000 UK adults commissioned by comparethemarket.com. This equates to 11.4 million people nationwide, highlighting the rising levels of credit card cyber risk in the UK. The Credit Card Fraud Index found that many people…
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Here is an overview of The Money Charity’s latest statistics for November 2018: Personal debt in the UK People in the UK owed £1.605 trillion at the end of September 2018. This is up from £1.560 trillion at the end of September 2017, an extra £870.78 per UK adult and £76.54 higher than the previous month. The average total…
Read moreBusiness process outsourcing and operational transformation provider, Target Group, has signed up to the Women in Finance Charter, an initiative from HM Treasury to build a more balanced and fair financial services industry. The charter sets out three principles to improve gender balance across all levels of financial services – committing firms to support the…
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A whitepaper released by Mitek and authored by Fintech research practice Autonomous NEXT found that the opportunity is ripe for digital lenders to grow – if they continue to invest in digitisation. The whitepaper, entitled ‘European Digital Lenders: How operating efficiency is helping digital lenders attack a $150 billion annual origination market across the Eurozone in 2018’, looked…
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Anti-money laundering (AML) specialist SmartSearch has been named as one of the world’s most innovative financial technology solution providers by RegTech Analyst for the second year running. Each year, specialist research firm RegTech Analyst releases the RegTech 100 list, which recognizes the world’s 100 most pioneering companies that are transforming compliance, risk management and cybersecurity.…
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UK businesses are missing out on £85 billion each year due to a lack of digital capability, according to the latest Lloyds Bank Business and Charity Index. The report highlights that this issue is particularly acute for sole traders, of which 41% have low digital capability. Despite this, UK business looks set to enter a…
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New research from American Express has revealed that consumers are set to spend an average of £1,206 on everything from tinsel to turkey this year, a Santa-sized £60 billion across the nation. Gifts are the top spend items and even though there’s no place like home for Christmas, travel is still on the mind of…
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Almost 80% of mortgage intermediaries expect lending into retirement to be the fastest growing segment in the specialist mortgage market over the next two years according to Paragon’s latest Financial Adviser Confidence Tracking (FACT) Index based on interviews with almost 200 mortgage advisers. Intermediaries say mortgages for the self-employed represent the mainstay of the specialist mortgage market…
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A new report released by the Building Society Association (BSA) has highlighted, how with the right financial support from parents, this type of lending could grow further, without jeopardising the long-term financial well-being of older generations. Recommendations from Building on the Bank of Mum and Dad, report include: More products and innovation: lenders expanding provision, offering…
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