Credit, Collections & Insolvency News
UK Finance has published a new report in association with EY which indicates that today’s social media savvy consumer taking advantage of more banking webchat services than ever before. The Way We Bank Now report, reveals that the popularity of services such as Twitter, Facebook Messenger and WhatsApp, is encouraging banks to invest in similarly fast and…
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The speed and scale of digital transformation within the financial services industry is contributing to the emergence of new non-financial risks, according to a new report Sustainable Financial Services in the Digital Age, a joint report from UK Finance and Parker Fitzgerald, comes only days ahead of the introduction of the General Data Privacy Regulation (GDPR) and…
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HSBC has created the first live use case of open banking for credit applications using the InterConnect platform from Equifax. The solution will facilitate quick affordability assessments by allowing individuals to submit their bank transaction information electronically, in less than five minutes, during an application for credit. Each submission is presented directly to HSBC UK…
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Just under seven million Brits believe they are living debt free despite owing millions, according to the first consumer debt profile from uSwitch.com. The research shows that while three quarters (74%) of consumers are in debt, one in five (14%) don’t realise their monthly bills, for example, their car insurance or store card payments, is actually repaying…
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Account Information Service Provider (AISP), consents.online, a subsidiary of leading bank data analytics platform, AccountScore, has entered into an agreement with HSBC to provide it with access to the transaction data of consumers from other organisations under the UK’s Open Banking programme. In addition, HSBC UK will utilise consents.online’s leading consent management architecture whereby the…
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UK Finance’s Mortgage Trends Update for March 2018 has revealed a small increase in lending to first-time buyers compared to a year earlier while remortgaging levels softened slightly after a busy start to the year. Separate figures from the Bank of England show that gross mortgage lending in the first quarter of 2018 was £61.1 billion, up…
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Here is an overview of The Money Charity’s latest statistics for May 2018: Personal debt in the UK People in the UK owed £1.584 trillion at the end of April 2018. This is up from £1.53 trillion at the end of April 2017– an extra £1,026.74 per UK adult. Per adult in the UK that’s an average debt of £30,601 in…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in March was at a similar level to that reported in March 2017, and grew 6% in Q1 2018 as a whole. Credit card and personal loan new business together grew in March by 7%, compared with the same…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market fell 5% by value and 10% by volume in March, compared with the same month in 2017. In Q1 2018, new business grew 3% by value, while volumes fell by 1%…
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The amount of new credit issued in the UK went sharply negative in Q1 2018, dipping to a level it has not seen in six years according to research by Pantheon Macroeconomics. The research suggests that consumers also abruptly increased their repayments of loans at the highest rate since records began in 2013, according to Pantheon Macroeconomics…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2018 was 46, up from 25 in the first quarter of 2017. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.09% in the twelve months to March 2018.…
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The Bank of England has announced that it has made a decision to keep interest rates at 0.5%. The news will provide respite to debtors as latest figures from Stepchange reveal that Outstanding lending to individuals is £1,584 billion as at end March 2018. With £209.2 billion is outstanding consumer credit (£70.7 billion on credit cards).…
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Credit Kudos has announced that it has successfully rolled-out of Open Banking connections with the largest UK banks, becoming the first credit bureau to offer Open Banking services to lenders and individuals. Borrowers can now use Credit Kudos to verify income and demonstrate creditworthiness using their financial history data, giving individuals more control over their…
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