Credit, Collections & Insolvency News
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…
Read moreThe Financial Conduct Authority (FCA) has today launched a market study to consider whether competition in the mortgage sector can be improved to benefit consumers. The FCA wants to understand whether consumers are empowered to choose on an informed basis between products and services and are in a position to understand whether these represent good…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point-of-sale (POS) consumer used car finance market grew 12% by value and 9% by volume in October, compared with the same month last year. The POS consumer new car finance market also reported new business up 8% by value…
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New figures released by the Finance & Leasing Association (FLA) show growth of 6% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 7% compared with October 2015, while retail store and online credit new business fell by 4%. Second charge…
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Castle Trust Capital plc (CTC) has entered into an agreement to acquire Omni Capital Retail Finance Limited “Omni Capital). Completion of the transaction is expected during the first quarter of 2017 and is subject to the approval of the Financial Conduct Authority. Sean Oldfield, CTC’s chief executive officer, said: “The Omni Capital Retail Finance business…
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The number of British consumers who have taken on more debt over the last five years has risen sharply to 37%, up from 27% just a year ago, according to a UK-wide survey by Arrow Global. The findings come from a survey of 2,008 consumers with debt, including 804 debt defaulters (borrowers have been late with…
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The Bank of England has announced the results of our 2016 stress test of the UK banking system. The 2016 stress test incorporated a synchronised UK and global recession with associated shocks to financial market prices, and an independent stress of misconduct costs. The test, which is the first conducted under the Bank’s new approach to stress…
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Two companies responsible for millions of spam texts offering easy access to loans have been fined by the Information Commissioner’s Office (ICO). Separate ICO investigations into Dorset-based Silver City Tech Ltd and Oracle Insurance Brokers Ltd, in London, found the firms had broken the law because they did not have the consent of the people…
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Masthaven has launched as a digital bank. The bank will offer savings and lending products, saying it is committed to offering what people want, not just what is available. Masthaven says at the heart of the bank is a people business – which at launch sees 80% of employees already shareholders in the business. Access to…
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The BBA has released high street bank figures for October. Dr Rebecca Harding, BBA Chief Economist, said “Consumer credit is now growing at its fastest rate since November 2006, reflecting strong retail sales growth. Consumer confidence remains robust as borrowers take advantage of record low interest rates. Mortgage approvals ticked up a little October. There has only…
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Paragon Bank has announced plans to launch a new range of specialist residential mortgages. In a report for the year ending 30th September 2016, the bank revealed that it intended to follow the launch of its development finance proposition and two acquisitions in the asset finance market with new specialist residential products in the first…
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