Credit, Collections & Insolvency News
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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The Financial Conduct Authority (FCA) has published its interim report into the mortgage market. The FCA found that competition in the mortgage market is working well for many people. The FCA has identified a number of ways in which the market could work better for some people. The FCA’s proposals are particularly aimed at helping…
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The Credit & Collections Technology Awards has confirmed the judges for the 2018 event. Launched in 2017, the second annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial through to lending and collections.…
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More than half of consumers with debt are struggling according to a new poll that reveals most people take on the strain themselves rather than seek help. The Nationwide Building Society poll of more than 2,000 UK adults reveals that of those in debt, 57 percent are experiencing debt problems and feel like they are…
Read moreThe Bank of England has published its latest monthly Money and Credit report showing consumer credit growth was 8.6 percent in the year to March 2018, down from 9.4 percent in February. Outstanding balances for consumer credit stand at £209.2 billion exceeding the previous quarterly peak of £208.2 billion in the third quarter of 2008. The…
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Ireland’s Central Bank has released its latest money and banking statistics for March 2018. The figures show that lending for house purchase increased by €184 million. This represents the fifth consecutive month of positive annual growth. Other highlights include: Developments in Household credit and deposits Loans to households, adjusted for loan sales and securitisations, declined…
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Prudential Regulation Authority (PRA) rules introduced at the end of September 2017 are having a significant impact on the buy-to-let mortgage market according to Paragon’s latest PRS Trends research. The research is based on interviews with 203 experienced landlords in Q1 2018. The new rules comprise the second phase of the PRA’s buy-to-let underwriting standards and…
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The Irish Central Bank has published its April update on the Tracker Mortgage Examination, showing that, at end-March, banks and smaller lenders had paid out €459 million to customers affected by their failings. This is an increase of €162 million since the December update on the Examination. The update also showed that an additional 3,400…
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Illegal lending loan sharks will face a fresh new crackdown today as the government announces new funding to tackle unlawful lending. Over £5.5 million will be spent to fund the fight against loan sharks, helping to investigate and prosecute illegal lenders and support their victims. 100,000 of money already seized from loan sharks will also…
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Levels of arrears and repossessions are expected to grow this year, according to Jackie Bennett, Director of Mortgages at UK Finance, at the UK Finance Speaking at a UK Finance annual mortgage lunch, Bennett noted that arrears were at a historic low in 2017 with 89,000 people with arrears balances of 2.5% or more of their…
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Greater organisational collaboration across the financial services sector, working alongside law enforcement and Government agencies, will be the key means of putting cybercriminals out of business according to the latest report from UK Finance and KPMG launched today. The report, “Staying Ahead of Cybercrime” discusses how greater cooperation both within businesses and between firms, law enforcement…
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The Financial Conduct Authority (FCA) is urging the public to be alert to the growing threat of loan fee scams targeting borrowers. This plea comes as last year over £3.5 million was lost to loan fee fraud and reports to the FCA consumer helpline increased by 44%. Victims of loan fee fraud are often targeted…
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