Credit, Collections & Insolvency News
Furness Building Society has announced the appointment of Euan Ballantyne in a new role as Head of Products. Ballantyne joins the Furness as a financial services business leader with experience and achievements across a range of Retail and Business banking sectors. Most recently he was Head of Mortgage Intermediaries programme for Tesco Bank, leading their development…
Read moreThe British Bankers Association (BBA) has released February 2017 figures for the high street banks. The data shows that household borrowing of £13.4 billion in February was 4.6% higher than in the same month last year. Main highlights included: The BBA’s latest high street banking data show that consumer credit is growing at an annual rate…
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The Council of Mortgage Lenders (CML) has published it’s latest monthly statistics. The CML estimates that gross mortgage lending reached £18.2 billion in February. This is 8% lower than January’s lending total of £19.8 billion, and closely matches the £18.1 billion lent in February last year. Commenting on market conditions in this month’s market commentary, CML…
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Research from the last three years shows that consumers are throwing away an astonishing amount of money on subscriptions they rarely use including gym memberships, credit reports and TV streaming plans. However, the 2017 data finds that consumers are becoming savvier, with the number of people wasting money on subscriptions falling from 42 per cent…
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Intelligent Environments has released new research suggesting that half of consumers are left scratching their heads thanks to the complex processes they have to go through to apply for vehicle financing. The research identified that: 50 per cent of drivers think vehicle finance agreements are complicated and difficult to understand 29 per cent believe it is…
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Mortgage sales for the UK jumped to £14.1 billion in February, up 23.6% on the previous month. Residential sales stood at £11.8 billion and buy-to-let sales at £2.3 billion, according to Equifax Touchstone analysis of the intermediary marketplace. North Yorkshire led the way for the highest regional mortgage sales growth in February with a 27.9%…
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London fintech startup TransferWise has teamed up with UK-based, digital-only Starling Bank in a partnership aimed at providing easier and cheaper international money transfers. Launching in the UK this summer, the service will enable customers to make transfers from the UK across the 35 currencies available in the TransferWise app, including the euro, US dollars,…
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The UK Card Payments Association has releases the latest card expenditure statistics for January 2017. Highlights include: Payment card spending in January 2017 was £57.1 billion, up by £0.5 billion (0.8 per cent) on December pending was up by £5 billion year on year The number of purchases reached a new monthly record of 1.3 billion…
Read moreEuropean Union banks may face increasing risks from bad loans totalling 1 trillion euros (902.8 billion pounds) when the European Central Bank cuts back its economic stimulus programme according to Reuters. Banks have been saddled with more so-called non-performing loans (NPLs) following the 2008 global financial crisis, as companies and households have struggled to pay…
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The Council of Mortgage Lenders (CML) has released January’s mortgages figures. The latest report revealed that home buyers borrowed £8.4bn in January, down 28% on December and unchanged on January 2016. This came to 45,700 loans, down 28% on December and 1% on January 2016. First-time buyers borrowed £3.6bn for home-owner house purchase, down 29%…
Read moreHSBC Holdings plc announces the appointment of Mark Tucker as a director and Group Chairman Designate from 1 September 2017. Tucker will take over as non-executive Group Chairman on 1 October. He is currently Group Chief Executive and President of AIA Group Limited (AIA). He joined AIA in July 2010, and led its successful IPO in October…
Read moreLatest figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market grew 9% by value and 3% by volume in January, compared with the same month in 2016. The percentage of private new car sales financed by FLA members through…
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New figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in January, compared with the same month in 2016. Credit card and personal loan new business together grew by 11% compared with January 2016, while retail store and online credit new business increased by 1%.…
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