Credit, Collections & Insolvency News
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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Monmouthshire Building Society has appointed Will Carroll as its new Chief Executive Officer. Carroll has served as interim Chief Executive at the society since James Bawa stepped down in June. Carroll previously held the role of Finance Director at the society and has been a member of the board for eight years. Chairman Haydn Warman said:“Our financial…
Read moreA rise in interest rates will result in monthly repayment shocks for millions of homeowners who are already living on a tight budget, according to figures from free debt advice provider PayPlan. PayPlan has launched an interest rate calculator this week to help clients find out how a potential mortgage rate rise might affect them.…
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New research suggests over six-and-a-half million people in the UK are wasting billions of pounds every year on regular payments that should be cancelled. These money worries are also the top source of stress for 15% of young adults. Digital banking service B’s independent research shows 1 in 8 (13%) people in the UK have…
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UK Finance has published its latest update on lending figures. The figures showed that Economic growth was subdued in the first half of 2017, and estimates of growth in the three months to September are only expected to be slightly higher, at around 0.4%. This compares with 0.3% growth in the first and second quarter…
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The Financial Ombudsman Service (FOS) has published its latest quarterly complaints figures. The data includes the number of enquiries and complaints passed to an ombudsman for a final decision, and the proportion of complaints resolved in favour of consumers. The data for the second quarter showed that new complaints received during July, August and September 2017.…
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The Financial Conduct Authority (FCA) has published the data on the number of complaints reported by firms for the first half of 2017. In total, 3.32 million complaints were recorded by firms in the first half of 2017. This compares to 3.04 million in the second half of 2016. Since June 2016, firms have been…
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The Intermediary Mortgage Lenders Association (MLA) has announced that it has seen an increase in demand for 35-year mortgages. Highlights from its latest report indicate that: Nearly seven in ten (69%) mortgage brokers report an increase in demand for 35-year mortgages in IMLA’s latest Intermediary Lending Outlook research Over one in ten (13%) report a…
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Here is an overview of The Money Charity’s latest statistics for October 2017: Personal debt in the UK People in the UK owed £1.554 trillion at the end of August 2017. This is up from £1.5 trillion at the end of July 2016 – an extra £1029.82 per UK adult. Per adult in the UK that’s an average debt…
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