Credit, Collections & Insolvency News
Selwyn Cooper has been appointed Head of Financial Services of Volvo Car UK. The new role will see Cooper heading up the Volvo Car Financial Services division, with responsibility for the management and delivery of the expanding range of finance and insurance products offered by Volvo in the UK. Cooper has worked at Volvo for…
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Here is an overview of The Money Charity’s latest statistics for June 2017: Personal debt in the UK People in the UK owed £1.532 trillion at the end of April 2017. This is up from £1.485 trillion at the end of April 2016 – an extra £886.84 per UK adult Per adult in the UK…
Read moreA new guide that helps finance providers identify and support customers in vulnerable situations during the credit application process is being launched today by the Finance & Leasing Association (FLA) and The UK Cards Association. Developed by the University of Bristol’s Personal Finance Research Centre (PFRC), in partnership with both Associations, Vulnerability: a guide for…
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The Financial Ombudsman Service (FOS) has published it’s annual Complaints report which indicates a continued rise in complaints about payday loan companies. FOS said there were 10,529 complaints about payday loan companies in 2016/17. This is more than a three-fold increase since the 3,216 complaints in 2015/16. Complaints about consumer credit rose by 89%. 25,984 complaints…
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UK household spending has fallen for the first time since 2013. Kevin Jenkins, UK & Ireland Managing Director at Visa said “Consumer spending fell for the first time in nearly four years in May, following some marked slowdowns in growth since the beginning of the year. Our Index clearly shows that with rising prices and stalling…
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New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market fell 19% by value and 28% by volume in April, compared with the same month in 2016. This mirrored a reduction in private new car sales in April which…
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Peer-to-Peer lender RateSetter has cancelled a deal to lend directly to guarantor George Banco’s customers. Last month RateSetter and George Banco entered a lending agreement as Ratesetter also announced the acquisition of Vehicle Stocking and Vehicle Credit. The partnership with George Banco was designed to build relationships with lenders. RateSetter announced its decision to pull out of…
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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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Ignition Credit, a UK provider of vehicle and asset finance for SMEs, is continuing to expand with the appointment of three new senior members to its team. With more than 20 years’ experience working in the finance industry both in the UK and internationally, Alan O’Connor has relocated to Cornwall to take up the position…
Read moreFigures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market grew 13% by value and 5% by volume in March, compared with the same month in 2016. In Q1 2017, new business was up 10% by value and 3% by volume,…
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RateSetter has announced a strategic partnership with personal loans provider George Banco and the acquisition of two specialist motor finance businesses as the platform widens its direct lending distribution network. Peter Behrens, RateSetter’s Chief Operating Officer said “Our focus on direct lending supports our goal of delivering excellent risk-adjusted returns for investors and attractive finance…
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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 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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