Credit, Collections & Insolvency News
CYBG have reached an agreement with Virgin Money to acquire the business confirming a £1.7 billion deal. The agreement will create the UK’s sixth-largest bank. Virgin is the largest shareholder in Virgin Money with a stake of ca. 34.8%. The combination of two of the country’s leading challenger banks will create a powerful competitor to…
Read moreThe popularity of contactless payments, online shopping and smartphones is having a significant effect on how we manage our money and pay for things, leading to debit cards overtaking cash as the most frequently used payment method in the UK, according to the latest research from UK Finance. The latest UK Payment Markets report shows…
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UK Finance has published its latest mortgage trends figures which reveal that there was strong growth in remortgaging in April 2018, with new homeowner mortgages up 36 per cent and buy-to-let remortgages up 32.4 per cent compared to the same month a year earlier. UK Finance has also published a blog analysing the factors driving…
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Here is an overview of The Money Charity’s latest statistics for June 2018: Personal debt in the UK People in the UK owed £1.539 trillion at the end of April 2018. This is up from £1.535 trillion at the end of April 2017– an extra £949.30 per UK adult. Per adult in the UK that’s an average debt of…
Read moreUK’s mortgage lending has dropped significantly in the first quarter of 2018, with the number of new commitments agreed to by lenders at their lowest level since 2016, according to the latest Bank of England statistics. The value of new mortgage loans was £61.1bn, a 5.9 per cent decrease from the fourth quarter of 2017. Steve…
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Online research from Equifax has revealed that over a third (37%) of consumers believe the UK will be a cashless society within the next 10 years. Over half (53%) of 16-34 years olds believe we’ll be reliant on digital and card payments by 2028, compared to just 22% of those aged 55 or above. However, the…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market grew 31% by value and 27% by volume in April, compared with the same month in 2017. 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) have shwon thatsecond charge mortgage have shown that new business volumes up by 8% in April Commenting on the April 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:…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in April grew by 22%, compared with the same month last year. Credit card and personal loan new business together grew by 21% compared with April 2017, while retail store and online credit new business increased by 11%. Second…
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Mobile current account provider Monese has announced that it has become an official member of CIFAS – the UK’S largest cross-sector fraud sharing organisation. Alongside this partnership, Monese are building an in-house team of data scientists to develop sophisticated machine learning that can will catch financial crime absent of human intervention. Banks of all ages…
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Fico and Equifax have announced that they have launched a new risk and affordability decision Suite, which uses advanced predictive analytics to assess a consumer’s repayment risk as well as their ability to afford new credit. The partnership was announced at the Money20/20 Europe conference in Amsterdam. The Risk and Affordability Decision Suite is designed…
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A new Open Banking Expo is set to be launched which aims to bring together a cross-section of the UK’s brightest minds to put the second payment services directive (PSD2) under the spotlight and encourage financial services – and other industry sectors – to embrace the new legislation in order to drive product innovation and…
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The Financial Conduct Authority (FCA) has announced it will investigate TSB over its IT problems. The regulator will launch an investigation over the bank’s failure to be open and transparent with customers when an IT upgrade went wrong, locking as many as 1.9 million customers out of their accounts. In a letter to the Commons Treasury…
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