Credit, Collections & Insolvency News
Capita has announced the sale of the Capita Asset Services businesses (CAS) to Link Administration Holdings (Link Group) for a cash free, debt free consideration of £888 million. Capita Asset Services offers a range of services including mortgage and loan servicing. Capita has previously entered the UK mortgage servicing Crown Mortgage Management and Vertex Mortgage…
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The Finance and Leasing Association’s latest figures see continued growth in second charge mortgage lending during May 2017. Commenting on new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “Second charge mortgage new business has ebbed and flowed over…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in May by 8% compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with May 2016, while retail store and online credit new business increased by 3%. Second charge…
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Hammersmith & Fulham Council and Debt Purchaser 1st Credit have launched a new joint venture: H&F Ethical Debt Collections, at the Local Government Association’s annual conference in Birmingham.The partnership changes the way public sector debts are handled, ending the two-tier treatment of customers in debt by applying Financial Conduct Authority (FCA) standards to public as…
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New research from innovative equity release lender more 2 life has revealed that 41% of over 65 year olds with a mortgage are on an interest-only product. Of these borrowers, almost 4 in ten are 65-74 year olds and over half (56%) are over 75 years old. Individuals who do not have a separate savings…
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A new toolkit to bring consistency to the way creditors work with debt advice agencies when collecting repayments from people who are in debt has been launched by the Money Advice Service today. This is the first time that all major debt advice agencies and creditors have worked together to raise standards of creditor practice…
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UK Asset Resolution Limited (UKAR) which incorporates Bradford & Bingley (‘B&B’) and NRAM has issued its results for the year ended 31 March 2017 (‘2016/17′). UKAR’s mission is to maximise value for the taxpayer, whilst serving our customers well and treating all our stakeholders fairly. Highlights from the results: Balance Sheet reduced by a further…
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Regulated mortgage robo adviser,MortgageGym.com has announced that Henry Ritchotte, former Chief Operating Officer and member of the management board of Deutsche Bank AG, has joined with immediate effect as investor and adviser to the company. Ritchotte has also made a personal investment of £500,000 in MortgageGym. He has over 24 years’ experience in the investment banking…
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Here is an overview of The Money Charity’s latest statistics for July 2017: Personal debt in the UK People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult Based on May 2017 trends, the UK’s…
Read moreThe number of mortgage approvals in Ireland rose by 35 per cent over the year to May 2017, according to new figures from the Banking & Payments Federation Ireland (BPFI). The BPFI Mortgage Approvals Report shows 4,124 mortgages were approved in May 2017. Some 2,148 (52.1 per cent of total volume) were for first-time buyers…
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A new trade body representing over 300 firms in the UK providing credit, banking, markets and payment-related services has launched. The finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. The association’s members offer a wide range of financial and advisory services across both mutual and…
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The Bank of England has announced that it will force banks to find a further £11.4 billion in the next 18 months to beef up their finances against the risk of bad loans. Banks will have to set aside £5.7bn in the next six months in case future economic shocks mean some borrowers cannot keep…
Read moreThe Council of Mortgage Lenders (CML) estimates that gross mortgage lending reached £20.1 billion in May. This is a 12% increase on both April last month and on May last year, in which £17.9 billion was advanced. The CML’s buy-to-let forecast for 2017 and 2018 has been revised down from previous expectations at the end…
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