Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published an updated consultation on rules to help customers in persistent credit card debt. This follows an April 2017 consultation paper on proposed remedies to help millions of people get out of expensive longer-term credit card debt. These include firms, at designated timeframes, prompting customers to make faster repayments…
Read moreNew figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 13% compared with October 2016, while retail store and online credit new business increased by 3%. Second…
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Non-seasonally adjusted data released by UK Finance today shows that the number and value of loans for remortgaging and for house purchases rose in October in comparison with a month ago and with the same period in 2016. Capital and interest payments for new loans remain near record lows for both home movers and first-time…
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A ground-breaking fraud prevention scheme aimed at identifying and protecting potential fraud victims when they visit a bank or building society branch has stopped more than £9 million being passed to criminals in its first year of operation, figures from UK Finance show. The Banking Protocol, developed as a partnership between the finance industry, police…
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Here is an overview of The Money Charity’s latest statistics for December 2017: Personal debt in the UK People in the UK owed £1.562 trillion at the end of October 2017. This is up from £1.504 trillion at the end of October 2016 – an extra £1,106.13 per UK adult. Per adult in the UK that’s an average debt…
Read moreThe winners of the inaugural 2017 Credit & Collections Technology Awards have been revealed. There were sixteen winners (three of which were partnership wins) from the sixteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The Credit & Collections Technology Awards were launched in the Summer and…
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TSB has announced he appointment of Lorna Curry as General Counsel of TSB Bank. Curry’s appointment follows the announcement by Susan Crichton, TSB’s current General Counsel, that she intends to retire at the end of January 2018. Paul Pester, Chief Executive Officer at TSB, says: “Susan has been with TSB for four years and has made…
Read moreThe number of people dying without making any specific provision to pay for their funeral has risen by 11%1according to SunLife’s Cost of Dying report. The average cost of the cremation or burial, including the fees for the funeral director, the doctor, and the minister or celebrant is now £4,078. The send-off costs (order sheets,…
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Over two million people in the UK are stuck in a constant cycle of persistent overdraft debt, according to a new report – ‘Stuck in the Red’ – by StepChange Debt Charity. The report also highlights evidence of unaffordable lending in the overdraft market and cases where banks have failed to offer their customers a…
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Risk and data science specialist Jaywing, has launched Archetype, a new risk technology product that uses Artificial Intelligence (AI), machine learning and deep neural nets to help lenders generate transparent statistical models and predict almost any outcome on almost any data set. Archetype uses true AI to generate more powerful models, significantly reducing the time…
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Latest figures from the Bank of England have shown lending on credit cards and loans have fallen to an 18-month low. The Bank of England figures showed that unsecured consumer credit grew by 9.6% year on year in October, down from 9.8% in September. Consumers added £1.5bn to the pile of consumer debt, which rose to…
Read moreOver 50s renters are not saving anywhere near enough to cover their rental costs in retirement, leaving a £43 billion shortfall – five times the cost of the London 2012 Olympics – according to research by Scottish Widows. The projections, calculated for Scottish Widows by Development Economics, predict that one in eight retirees, equating to…
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Bank of Ireland UK has confirmed, the completion of its acquisition of Marshall Leasing Ltd which will become part of Northridge Finance. Recently named Fleet Leasing Company of the Year 2017 by the Association of Car Fleet Operators, Marshall Leasing Ltd provides a range of contract hire fleet services including fleet management, risk management, contract…
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