Credit, Collections & Insolvency News
New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in April, compared with the same month last year. Credit card and personal loan new business together grew by 3% compared with April 2016, while retail store and online credit new business fell by 4%.…
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The importance of addressing the priority digital collections needs within your business “New and improved” technology is touted as the solution to the collection industry’s growing complexity. But just as endless “improvements” overhyped in grocery products lead to consumer distrust, technology-solution claims deserve a similar sceptical reaction. Consumers and collectors alike would benefit from taking…
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The British Bankers Association (BBA) latest high street banking data shows that consumer credit growth was 6.4% in April, compared with 6.1% in the previous month. Gross mortgage borrowing totalled £13.4 billion in April.* Net mortgage borrowing was 2.4% higher than a year ago. Eric Leenders, BBA Managing Director for Retail Banking said “As the…
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Non-Standard Finance has announced that Loans at Home, the group’s home-collected credit business, had received its full FCA authorisation. Loans at Home was established in 1938 and occupied the number three position in UK home credit, according to Non-Standard Finance. A Non-Standard Finance statement said “Since acquisition, Loans at Home’s management team has completely revitalised all…
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The Council of Mortgage Lenders (CML) has released its latest member data and shows that the number of outstanding residential interest-only loans has been falling by between 10 and 13 per cent a year since 2012. In the CML survey covers well over 90% of all residential mortgages outstanding, reflecting the industry’s ongoing commitment to…
Read moreNew figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in March, compared with the same month last year, and 6% growth in Q1 2017 as a whole. Credit card and personal loan new business together grew in March by 7%, compared with the same month…
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Here is an overview of The Money Charity’s latest statistics for May 2017: Personal debt in the UK People in the UK owed £1.529 trillion at the end of March 2017. This is up from £1.484 trillion at the end of March 2016 – an extra £886.84 per UK adult. The average total debt per…
Read moreThe Bank of England’s latest money and credit statistics have revealed that mortgage approvals have fallen to a six month low. The statistics also show an increase in consumer debts such as credit cards and loans. The Bank of England’s figures for March 2017 show consumer credit increased by 10.2% in the year to March, to…
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Morses Club PLC, the UK’s second largest home collected credit lender, has announced that it has received full FCA authorisation following a period of operating under interim permission. Paul Smith, Chief Executive Officer of Morses Club, commented “We are delighted to have received full FCA authorisation, marking a significant step in the development of the…
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The Financial Conduct Authority (FCA) has published data on the number of complaints reported by firms under new rules which came into force on 30 June 2016. The total number of complaints reported by firms in the second half of 2016 was 3.04 million. This number is higher than previous reporting periods because under the…
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The Financial Conduct Authority (FCA) has published its Business Plan and Mission. The Mission gives firms and consumers greater clarity about how the FCA prioritises its interventions in financial markets. For the first time, the FCA has also published its Sector Views, which highlight the issues and developments the FCA sees in the sectors it regulates.…
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Here is an overview of The Money Charity’s latest statistics for April 2017: Personal debt in the UK People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra£964.450 per UK adult. Based on February 2017 trends, the…
Read moreSomeone taking out a personal loan pays on average twice the advertised APR according to the analysis of loan interest rates by The Centre for Economic and Business Research (CEBR) on behalf of Saga Money. The average loan APR available on the High Street is 3.5%, but Bank of England data shows that effective interest…
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