Credit, Collections & Insolvency News
The Bank of England has released it’s latest Credit Conditions results. This quarterly survey of bank and building society lenders is an input to this work. Lenders are asked about the past three months and the coming three months. The survey covers secured and unsecured lending to households; and lending to non-financial corporations, small businesses, and…
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New 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 13% by value and 7% by volume in November, compared with the same month in 2015. 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 9% in consumer finance new business in November, compared with the same month in 2015. Credit card and personal loan new business together grew by 10% compared with November 2015, while retail store and online credit new business increased by 3%…
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Irish bank KBC has sold loans to credit-servicing and debt-collection firm Cabot Financial Ireland. The sale of the KBC portfolio is understood to involve more than 100 loans – most of which related to buy-to-let properties that have been sold – with money is still owned on the original mortgages. The sale comes weeks before…
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Aldermore has announced the appointment of Petrina Oliver as the Head of Enterprise Risk. Oliver, has over 20 years of banking experience, including 13 years in financial services risk management. She joins Aldermore from Royal Bank of Scotland where she has worked since 2010, most recently as Head of Prudential Regulation & Frameworks, Risk Analytics…
Read moreAs the six month countdown to implement the fourth EU Money Laundering Directive (MLD4) begins, companies need to ensure they are ready for the new requirements, or they risk hefty penalties. John Marsden, Head of ID and Fraud at Equifax said “At least a hundred billion pounds, equivalent to the GDP of Ukraine, is reportedly being…
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The loan market in the UK is not fit for purpose according to research by Saga Money. The practice of offering teaser rates to tempt people into applying for a loan, only to be hit with a much higher rate on application, is rife in the market and is unfair to consumers. The average of…
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New analysis published by the TUC shows that household debt rose sharply over 2016, with unsecured debt (debt other than mortgages) reaching new highs. The TUC says weak wage growth has left more families reliant on borrowing to support their living standards. The analysis finds that: Unsecured debt per household rose to £12,887 in the…
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The Managing Director of RBS’s personal and business banking division said customers would benefit if the power to open basic accounts was broadened A greater number of vulnerable customers would take up basic banking services if challenger banks could offer no-frills accounts, a Government committee has heard. Moray McDonald, managing director of Royal Bank of…
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http://www.cityam.com/255938/lloyds-banking-group-snaps-up-bank-americas-mbna-credit
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Future Finance, a specialist student loans company, has raised concerns surrounding students’ abilities to finance their educations. In a survey, which questioned 1,000 full-time students, said that 31% have had to use credit cards, payday loans and overdrafts to finance their university experience. John Hudson, manager of Funding and Financial Support at the University of Nottingham: “While…
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The Council of Mortgage Lenders (CML) has published its new latest findings and reports that gross lending of £21 billion in November – up by an estimated 3% on October, and also 3% up on a year ago. The CML’s lending forecasts for 2017 have been revised downwards from the previous expectations of a year ago, reflecting economic…
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The latest Money Stats indicate that consumer credit has risen above £190 billion, the highest level seen since 2008. The report by the Money Charity says that’s £7,042 for every household in the UK in credit cards, personal loans and other borrowing not secured against property. Day-to-day, people have more control over how much they borrow…
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