Credit, Collections & Insolvency News
Paragon Banking Group has reported underlying profits of £145 million as it unveiled its full-year results for the period ended 30 September 2017. Total lending grew by 29% to £1.9 billion and included a 21% increase in buy-to-let mortgage lending, with buy-to-let completions reaching £1.4 billion for the year. This strong growth highlights Paragon’s favourable…
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UK Finance has released its latest mortgage data. On a non-seasonally adjusted basis, the data shows that total mortgage lending declined in September but remained higher than in the same month last year. On a seasonally adjusted basis, lending to first-time buyers and movers was higher than in August, and there were year-on-year increases by…
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Vernon Building Society has appointed Adam Evetts to the newly created role of Chief Risk Officer. Evetts joins from West Bromwich Building Society where he held the role of head of financial and credit risk for almost five years. Prior to that he was head of credit risk at the Yorkshire Building Society and has…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 11% in September, compared with the same month in 2016, while the growth in the value of new business was flat over the same period. In Q3…
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Commenting on the September 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The fall in new business volumes in September comes amid subdued consumer confidence which has affected the housing market as a whole. It follows six…
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New figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016. In September, credit card and personal loan new business together grew by…
Read moreHere is an overview of The Money Charity’s latest statistics for November 2017: Personal debt in the UK People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult. Per adult in the UK…
Read moreThe Financial Conduct Authority (FCA) has published its ‘FCA Mission – Our Future Approach to Consumers’. When the FCA launched its mission, it committed to publishing a series of documents that would explain its approach to regulation in more depth. The FCA’s Approach to Consumers is the first in this series, and explores the approach…
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New research, conducted by specialist business consultancyCtrl-Shift, and Callcredit suggests that Open Banking will expose banks to new competition, by forcing traditional banks to open their API (Application programming interface) to third parties. This will give competitors access to banks’ enormous data collections. According to the research, banks have underused this data, due to their complex…
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Households on variable rate mortgages with the lowest levels of disposable income are at risk of sinking further into debt if interest rates increase by 0.25 per cent devt advise specilaist PayPlan has warned . Even a modest rise could have a ‘devastating’ impact on millions of Brits, especially those with a poor credit rating…
Read moreThe Bank of England consumer credit statistics shows that consumer borrowing has risen by 9.9% in the year to September 2017, now totalling £204 billion. Other highlights from the report include: The annual growth rate of consumer credit has remained broadly unchanged since June, at around 10%. The flow was £1.6 billion in September, also…
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Ahead of the Bank of England interest rate decision this Thursday (2 November) research from Equifax, the consumer and business insights expert, reveals 42% of Brits are worried about an interest rate rise. The online survey, conducted by YouGov, found that only 5% of people expect a rate hike within the next month, with 21%…
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Latest figures released by the Bank of England suggest that high levels of consumer credit will ‘increase scrutiny’ on household debt. The Bank of England has published its latest monthly Money and Credit report showing continued growth in consumer credit of 9.9 percent in the year to September. Outstanding balances for consumer credit now stand at…
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