Credit, Collections & Insolvency News
Over two-thirds (70%) of consumers think the use of bots programmed to respond like agents is acceptable in customer service, according to a new report titled ‘Customer engagement – the road to 2020’, commissioned by West’s Unified Communications Services. This shows that consumers are happy to move to digital from voice if it is convenient,…
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1st Stop Group announces its loan book has passed the £150 million mark on its second anniversary since equity investment from Pollen Street Capital. 1st Stop Group said it has seen growth across its secured lending, car finance and personal loan products, lending £100m in the last twelve months. This growth has been driven by…
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Visa has announced that it has resolved the technical payment issues experienced by customers last week. In a statement, the company said Our network is working normally. If you attempted a Visa transaction that did not complete as a result of this issue, you should not be charged. A small number of cardholders may have…
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Following the Financial Conduct Authority (FCA) announcement on reform rent to own and overdraft reforms, industry figures have reacted on the news. Eric Leenders, Managing Director, Personal Finance at UK Finance said “People up and down the country use credit as a helpful means of managing their everyday spending, so we have been working closely…
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The Financial Conduct Authority (FCA) has announced new proposals designed to protect millions of people who use overdrafts and high-cost credit. The changes the FCA are consulting on follow an in-depth review into the high-cost credit market and are expected to reduce the costs for consumers and give them greater control over their finances. These…
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Latest figures from the Financial Ombudsman (FOS) show that complaints about borrowing – ranging from store cards to payday loans – have risen by 40% in the past year. Concerns have been raised about lenders’ treatment of customers with high-cost loans. Excluding complaints about payment protection insurance, almost one in four complaints to the ombudsman…
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Computershare Loan Services has announced that it will continue to administer 45,000 Bradford & Bingley mortgages transferring from UK Asset Resolution (UKAR) to an investor group led by Barclays Bank. UKAR recently announced the sale of two portfolios of buy-to-let and residential owner-occupied mortgages to the investment group. Computershare Loan Services was appointed by UKAR…
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The Bank of Mum and Dad (BoMaD) will be the equivalent of a £5.7bn mortgage lender in 2018, according to new research and forecasts from FTSE100 financial services group Legal & General and Cebr. ‘BoMaD’ remains a major force in the UK housing market in 2018. 27% of buyers will receive help from friends or…
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Latest statistics from the UK Finance’s household finance for April 2018 has revealed that card spending was 9.8 percent higher than a year earlier. Outstanding levels of credit card borrowing grew by 5.2 percent over the year, down from an annual growth rate of 5.7 percent in March. Other key statistics showed that: Gross mortgage lending in April…
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New analysis by StepChange Debt Charity has reveals that two in five clients who received advice in 2017 were behind on at least one of their essential household bills (such as energy bills, council tax, mortgage or rent). Across Great Britain, the charity estimates the number of people behind on priority bills was over three…
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Fraud prevention service Cifas has announced its conference line up for this year’s annual conference. Senior figures from leading fraud prevention organisations across the globe will come together in London to discuss international approaches to tackling fraud and financial crime. CEOs from South Africa, the US, Australia and the Netherlands will come together on stage…
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New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender more 2 life estimates that over 65s will have amassed a record £86bn of debt in 2018, up from £78 billion in 2017. Last year’s research predicted that the total debt of over 65s would only reach £65 billion…
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New research by Consumers’ Association brand Which has revealed that the most expensive overdraft fees cost seven times as much as a payday loan. Which says it first raised the alarm over these fees in 2016 and is concerned that, despite scrutiny from the regulator, not enough has been done to protect consumers from these sky-high fees.…
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