Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in July by 9%, compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with July 2017, while retail store and online credit new business increased by 4%. Second charge…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes up by 5% in July. Commenting on the July 2018 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 charge…
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Experian has announced that it is introducing a “real rates” service to the credit card market so consumers will now know exactly what deal they’ll be getting. In a transformative change to the way consumers shop for credit cards, those using Experian’s comparison services will see the actual rate they’ll get when shopping for cards…
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Computershare Loan Services has confirmed it has become the first domestic third-party administrator to act as standby servicer for a ‘Sukuk’ or Islamic Certificate issued in sterling in the UK. Al Rayan Bank recently made history with Tolkien Funding Sukuk, which is the largest that has been issued in sterling in the UK. Andrew Jones,…
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LendingMetrics has announced a new free open banking service. The company has been granted FCA permissions as a Registered Account Information Service Provider and have now officially launched the only OpenBanking service to credit providers which is free of charge. As an FCA authorised AISP the company will now be utilising the direct APIs of…
Read morePeople are increasingly struggling with ‘smaller but trickier’ debts on everyday household bills, according to new figures from National Debtline, run by the Money Advice Trust. The charity expects the number of calls to National Debtline to hit 189,000 by the end of the year – the highest level in five years – with webchat…
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Wonga Group and WDFC UK have decided to place themselves into administration. Insolvency Practitioners from Grant Thornton are in the process of being appointed as administrators to manage the firms’ businesses and affairs. An announcement on the website said “A decision has been taken to place Wonga Group Limited, WDFC UK Limited, Wonga Worldwide Limited…
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The annual growth rate of consumer credit slowed in July, to 8.5% but remains elevated relative to 2009-12 according to the latest lending figures from the Bank of England. Households borrowed an additional £3.2 billion secured against their homes in July. Net lending has been relatively stable over the past year but this was the lowest…
Read moreNew research from Admiral Car Finance has revealed that the desire to match what’s seen on social media extends beyond personal image and fashion choices, to the cars we choose to drive. And this may have financial implications on younger generations too, as over half of drivers aged 19 – 36 (53%) admit to feeling pressure…
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Aldermore has announced that it has appointed Damian Thompson as its new Director of Retail Mortgages. Damian has worked in financial services for the last 27 years starting his career with HBOS and then across senior roles in Principality and Newcastle Building Society. At Newcastle, he was Customer Director and a member of the Board. He…
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Personal insolvencies are on track to hit 105,000 per annum by 2022, breaking highs last seen six years ago, according to the latest econometric forecast from Arrow Global’s ‘Debt Britain 2018’ research. Analysis shows that personal insolvencies have been on the increase since 2015 and rising interest rates on the back of the Bank of…
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The Financial Ombudsman Service (FOS) has said Banks should not automatically assume customers are at fault when they have fallen victim to a scam. Caroline Wayman, Chief Executive of the (FOS) said “Today, it’s often loopholes in new technologies, rather than in old ones, that fraudsters are using to their advantage. Your first step toward being…
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New research from LiveLend has revealed that more than one in four (26%) people who took out a loan in the last five years were stung by extra costs they’d not noticed. The research showed that most consumers are most likely to be caught out by fees for ‘same day money’ followed by missed or…
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