Credit, Collections & Insolvency News
Vanquis Bank is among the latest firms to be fined by the Information Commissioner’s Office (ICO) for sending illegal marketing texts and emails. Vanquis Bank based in Bradford, instigated a campaign to send 870,849 spam text messages and 620,000 spam emails to promote its credit cards. Both the emails and texts broke the law because…
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The latest figures from Finance & Leasing Association (FLA) have shown a continuing growth in second charge mortgages. Commenting on the August 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 second charge mortgage market reported another…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 4% compared with the same month last year. Credit card and personal loan new business together grew by 4% compared with August 2016, while retail store and online credit new business increased by 7%. Second…
Read moreThe UK new car market declined for a sixth consecutive month in September, with 426,170 new units registered, according to figures released today by the Society of Motor Manufacturers and Traders (SMMT). Registrations fell by -9.3% in this key month, as economic and political uncertainty, and confusion over air quality plans led to a fall…
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The concept of the ‘Bank of Mum and Dad’ is growing in importance but more than half of potential first-time buyers expecting to receive financial help from family to complete their purchase would feel guilty about doing so, new research reveals. The latest First-Time Buyers Report by Yorkshire Building Society shows 66% of UK adults aged 18-40…
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Zopa and Saffron Building Society have teamed up to help more consumers get access to better value, flexible personal loans. The new partnership means that consumers will be able to get access to a Zopa loan at any of Saffron Building Society’s 11 branches across Hertfordshire, Essex and Suffolk and via Saffron’s website. Consumers looking…
Read moreResearch by Saga Money found that while retired people want to save to pass on an inheritance, their children would rather they spent the money on living today.. More than eight in ten children say they would rather their parents spent their money in retirement than leave them an inheritance, yet four in five parents…
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NatWest has become the first bank to launch a paperless mortgage. The bank’s customers can now apply for a completely digital mortgage which uses the latest technology to securely share and verify documents online. The new proposition means customers do not need to post signed paperwork or identification back and forth. This marks the first time…
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Research from independent car buying site, carwow, reveals that nine in ten Millennials are renting or leasing modern day essentials such as cars, homes and mobile phones because it’s the only way to afford to them. Due to soaring living costs, a poll of 2,000 car owners by carwow shows that one in two millennials…
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HSBC is testing a new smartphone nudge app which will help people track what they spend money on and sends out spending limits alerts. Customers can add different back accounts from up to 21 money sources and keep track of all their balances in one app. The app is being trialled with 10,000 customers and will…
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Among growing concerns about high consumer debt levels in the UK, a new study finds that almost a third of credit card and personal loan debt – up to £35bn – is sitting with people who are deemed to have low financial maturity. Aire, which uses Artificial Intelligence (AI) technology to help lenders provide applicants…
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UK finance has published its latest mortgage lending data estimating that overall gross mortgage lending in August was £24.2bn, of which £15.1bn was lent by high street banks. Accounting for seasonal factors, this figure is in the same ball park as monthly lending over the course of 2017 according to it’s latest lending figures. House…
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The Bank of England’s (BoE) Financial Policy Committee (FPC) has said that lenders are creating pockets of risk by placing too much weight on recent benign conditions. In a statement from its policy meeting on 20 September 2017, the BoE said that the overall credit quality of consumer credit has improved significantly since the financial crisis.…
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