Credit, Collections & Insolvency News
One-in-five (22%) British adults have had an outstanding credit card balance for at least six months, including the 4% of British adults who have had an outstanding balance for over five years, according to a survey of over 2,000 British adults by insolvency trade body R3. The research, part of a long-running survey of Britain’s…
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New research from TDX Group has indicated that people living in East Anglia, Brighton and Newcastle residents are the most likely to be insolvent. Commenting on the research Richard Haymes, Head of Financial Difficulties at TDX Group, an Equifax said “Our latest research shows a significant and growing disparity between the level of individual insolvencies across…
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Hinckley & Rugby Building Society has appointed Colin Fyfe as its new Chief Executive. Fyfe is currently Chief Executive at Darlington Building Society, will succeed Chris White who is retiring in early 2019 after 30 years at Hinckley & Rugby. Hinckley & Rugby chairman Colin Franklin said “After a very detailed selection process, the board was…
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 grew 15% by value and 10% by volume in May, compared with the same month in 2017. The percentage of private new car sales financed by FLA members through the…
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Latest figures from the Finance & Leasing Association (FLA) have shown that there is modest growth in second charge mortgage volumes in May. Commenting on the May 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 May figures…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in May grew by 11%, compared with the same month last year. Credit card and personal loan new business together grew by 11% in May, while retail store and online credit new business increased by 8%. Second charge mortgage…
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The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint discussion paper on an approach to improve the operational resilience of firms and financial market infrastructures. The paper follows the payments chaos which followed a hardware failure at Visa that hit millions of transactions across Europe in June,…
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New research from equity release lender More 2 life has revealed that unsecured debt amongst 55 to 74-year-olds has risen by more than a third (+34%) over the last four years – or more than twice as fast as the national average (+14%). While 34% of over 55s have some form of unsecured debt, it…
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The Financial Conduct Authority (FCA) has today proposed a new Directory to help consumers and firms check the status and history of individuals working in financial services. The Directory will include all those who hold Senior Manager positions requiring FCA approval and those whose roles require firms to certify that they are fit and proper.…
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New research from Direct Line Life Insurance reveals consumers are hiding over £69bn of debt from their partners. People are completely in the dark over their loved ones’ finances, with 8.3 million (16 per cent) of consumers having debts their partner knows nothing about. The average debt hidden from a partner in the UK is £8,293,…
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Nearly a quarter of all credit card searches carried out through Experian are for credit builder cards, new analysis from its first Credit Search Barometer has revealed. These cards give those with “thin” credit files or those with low credit scores the chance to get on track and gradually improve their creditworthiness by showing they…
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At least 2.97 million families living in properties across the UK do not have life insurance cover to ensure that their mortgages are paid off should the policyholder pass away, according to new research by Compare The Market. The lack of life insurance protection is particularly concerning given the growing levels of mortgage debt and…
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Millions of Brits are ‘fed-up’ with ‘overly complicated’ web and phone security measures, a new study has found. Researchers who polled 2,000 UK adults found 77 per cent don’t see the need for what they consider ‘unnecessary’ procedures. Around half are sick of having to answer ‘endless’ security questions whenever they call customer service departments.…
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