Credit, Collections & Insolvency News
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 13% compared with October 2016, while retail store and online credit new business increased by 3%. Second…
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Here is an overview of The Money Charity’s latest statistics for December 2017: Personal debt in the UK People in the UK owed £1.562 trillion at the end of October 2017. This is up from £1.504 trillion at the end of October 2016 – an extra £1,106.13 per UK adult. Per adult in the UK that’s an average debt…
Read moreThe winners of the inaugural 2017 Credit & Collections Technology Awards have been revealed. There were sixteen winners (three of which were partnership wins) from the sixteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The Credit & Collections Technology Awards were launched in the Summer and…
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Moneybarn (owned by Provident Financial) has been informed that the Financial Conduct Authority (FCA) has commenced an investigation in relation to the processes applied to customer affordability assessments for vehicle finance and the treatment of customers in financial difficulties. It is thought that Moneybarn has around 50,000 customers. In a statement, Provident Financial Group said “it…
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Startline Motor Finance has secured a new £250 million credit facility from J.P. Morgan. The Glasgow-based company is known for its flexible approach to motor finance. CEO Paul Burgess said “We have been talking to several major financial institutions for some time to secure our next funding facility. Interest was widespread but we are very…
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The effects of a ‘hard’ Brexit will be decisive for the innovation capacity and competitiveness of the British automotive industry according to new research by Coface. After an exceptional peak in production of vehicles recorded in mid-2016 (1.02 million unit sales, up 8.5% for the January-August period compared to the same period in 2015), 2017…
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Bank of Ireland UK has confirmed, the completion of its acquisition of Marshall Leasing Ltd which will become part of Northridge Finance. Recently named Fleet Leasing Company of the Year 2017 by the Association of Car Fleet Operators, Marshall Leasing Ltd provides a range of contract hire fleet services including fleet management, risk management, contract…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 11% in September, compared with the same month in 2016, while the growth in the value of new business was flat over the same period. In Q3…
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New figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016. In September, credit card and personal loan new business together grew by…
Read moreThe Financial Conduct Authority (FCA) has published its ‘FCA Mission – Our Future Approach to Consumers’. When the FCA launched its mission, it committed to publishing a series of documents that would explain its approach to regulation in more depth. The FCA’s Approach to Consumers is the first in this series, and explores the approach…
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MotoNovo Finance has started a recruitment drive for more than 200 roles. The roles include dealer development, customer care, collections, marketing, and credit analytics as well as department heads and senior leadership positions. The recruitment drive supports MotoNovo Finance’s continued expansion in existing and new areas such as the forthcoming launch of its findandfundmycar.com sales…
Read moreResearch by MotoNovo Finance has found that 89% of Consumers are positive ‘Promotors’ of the dealer Finance The findings have been generated by an independently managed customer monitoring programme run on behalf of MotoNovo Finance, assessing feedback from consumers financing their vehicle with the business. The latest quarterly update to the end of September shows that…
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Financial software specialist Sword Apak have appointed Kris Turner to head up their global expansion sales efforts, where sales momentum has seen the business expand across the USA, Europe and Australasia over the last three years. Commenting on the appointment, Sword Apak’s Vice President of Global Sales Jeff Bunch notes; “The capabilities of our technology are…
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