Credit, Collections & Insolvency News
New figures released today by the Finance & Leasing Association (FLA) show second charge mortgages increased by 21% in November. Commenting on the November 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said: “The market has reported a…
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The Financial Conduct Authority (FCA) has revealed plans to free ‘mortgage prisoners.’ Mortgage prisoners are defined by around 140,000 homeowners are trapped on loans with high interest rates. The plans were revealed by the FCA’s Chief Executive Andrew Bailey’s letter to the Treasury Committee on improving switching options for mortgage customers who are currently unable to do so,…
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A new industry careers site for the credit industry and collections industry has been launched by Credit Connect Media. The website is a careers platform which aims to connect the UK’s top credit and collections industry talent with the best career options. Credit-connection.co.uk is an industry careers website sharing the latest job vacancies and a training course…
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Unsecured debt has hit a new peak of £15,400 per household according to new analysis by the Trade Union Congress (TUC) with a further threat of families being pushed further into the red, Debt levels are now higher than before financial crash. The new analysis by the TUC shows that household debt rose sharply over 2018, with…
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UK Finance, the trade organisation representing the banking and finance industry operating in the UK, has announced the appointment of Bank of Ireland’s Richard Rowntree as the new chair of its Mortgages Product and Service. He will replace outgoing Chair Miguel Sard, Managing Director of Mortgages at Santander, in January 2019. The UK Finance Mortgages…
Read moreThe Central Bank of Ireland has published its latest residential Mortgage Arrears & Repossessions Statistics from Quarter 3 2018. The figures have revealed that the number of family homes being repossessed has fallen, with the improving economy helping to cut the number of mortgages in arrears. The figures show 191 homes were repossessed in July…
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omputershare Loan Services has launched Zephyr Homeloans: a dedicated buy-to-let lender that provides a range of mortgage products for professional portfolio landlords and other specialist property investors. The underlying funding is arranged separately. Computershare says that Zephyr aims to support intermediaries by offering proactive guidance and providing mortgage solutions that will help them meet the…
Read moreHere is an overview of The Money Charity’s latest statistics for December 2018: Personal debt in the UK People in the UK owed £1.613 trillion at the end of October 2018. This is up from £1.564 trillion at the end of October 2017, an extra £928.44 per UK adult and £142.69 higher than the previous month. The average…
Read moreLatest figures released by the Finance Leasing Association (FLA) indicate that second charge mortgage lending grew by 5% in October. Commenting on the October 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “In October, the second charge…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 10% compared with October 2017, while retail store and online credit new business increased by 15%. Second…
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Data from the winners and finalists of the second annual Credit & Collections Technology have been collated and are now available as part of a report reviewing the 2018 event. The Awards report highlights the unique and transparent ethos of the scheme by providing graphs, statistics and judges comments which highlight the results. The Awards event,…
Read moreThe Financial Conduct Authority (FCA) has announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts, which would bring to an end to banks charging higher prices for unarranged overdrafts which ammounted to over £2.4 billion for banks last year alone. The FCA…
Read moreNew research by Moore Stephens suggests that signs of a downturn in the UK housing market is causing distress in the sectors that rely on “a buoyant housing market”. The report says that this could be the start the trigger that increases corporate insolvencies. Lee Causer, Partner at Moore Stephens, said “It seems the impact…
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