Credit, Collections & Insolvency News
Home collected credit firm, CLC Finance has entered into administration. CLC Finance is a trading brand of Hamsard 3225 Limited. The company is a high-cost lender operating in various regions in England and Scotland including Yorkshire, Lancashire, Derbyshire, Nottinghamshire, Lincolnshire, North-East, Cumbria, Strathclyde, Tayside, Mid Lothian, Kilmarnock and Ayrshire. Robert Maxwell and Julian Pitts of…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in June 2023 by 2% compared with the same month in 2022. The corresponding value of new business grew by 2% over the same period. In the first half of 2023, new business fell 5% by…
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A survey of agents and surveyors suggests that high mortgage rates have hit property sales, with a net 44% saying they saw a decline in sales agreed in July. The Royal Institution of Chartered Surveyors (RICS) poll saw a net 45% of estate agents and surveyors say inquiries from new buyers fell last month, with…
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More than half of firms in emerging finance sectors do not always check who is running the businesses they take on as new clients, new SmartSearch data has revealed. Almost one-in-three respondents (28%) said they often carry out verification checks, 21 percent of firms only did so sometimes, while nine percent say they rarely identify…
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Hastings & Rother Credit Union Limited, trading as 1066 Community Bank has entered administration The Financial Services Compensation Scheme (FSCS) declared Hastings & Rother Credit Union as failed (in default). Dina Devalia and James Varney of business advisory firm Quantuma have been appointed as Joint Administrators of financial cooperative. The East Sussex credit union with…
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The Financial Conduction Authority (FCA) is warning consumers to watch out for signs of loan fee fraud as summer spending fuels financial pressure. FCA research shows over half of UK adults (55%) are more worried about their finances this summer than they were last year with a quarter of all consumers surveyed (24%) turning to…
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Almost one in five motorists (18%) are no longer “brimming” their tank when they fill up with petrol or diesel thanks to rising mortgage and rent costs according to research by Startline. The impact of high housing expenditure on personal finances also means 12% have stopped using their car altogether while 10% want to swap…
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Using a credit card to withdraw money from an ATM (cash advance) comes with costly charges and higher interest rates. They can also impact one’s ability to borrow in future new research from TotallyMoney has found. Most big lenders charge interest rates close to 30%, with additional charges of up to 5%, or a minimum…
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The Association of Short Term Lenders (ASTL) Bridging Mortgage loan books continued to grow in Q2 2023, increasing by more than 5% to an all-time high of just over £7.1bn. This is following the latest data collection information provided by its member lenders. The figures, compiled by auditors from data provided by members of the…
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The Bank of England has raised its key interest rate by a quarter of a percentage point to a 15-year peak of 5.25%. The increase to 5.25%, the fourteenth rate rise in a row, taking the base rate to the highest it’s been since April 2008. The MPC voted 6 to 3 in favour of…
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Vanquis Banking Group has announced that it has acquired fintech firm Snoop for an undisclosed sum. Snoop provides customers with personalised insights using AI and open banking data to manage their finances. The deal will give Snoop access to Vanquis’ 1.7 million customers. Ian McLaughlin, Incoming Chief Executive Officer, Vanquis Banking Group said “Vanquis Banking…
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Latest Bank of England (BoE) data has shown that consumer credit rose to a five-year high in June. This follows a £500 million decrease in lending in May. Net borrowing of consumer credit by individuals rose to £1.7 billion in June, the highest since April 2018. Of the £1.7 billion borrowed £1 billion was borrowed…
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The Financial Conduct Authority (FCA) says that it prepared to take action against firms failing to comply with a new duty to justify charges to customers. The rules cover all financial products and services and mean that firms must deliver good outcomes for customers. The regulator has since set out a 14-point plan to ensure banks appropriately…
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