Credit, Collections & Insolvency News
Households made an unprecedented £23.3 billion of mortgage overpayments last year, or £64 million per day, as mortgage rates spiked in the wake of the mini-budget new data from the Equity Release Council has revealed. The September fiscal statement prompted those able to do so to make lump sum payments and reduce their loan sizes…
Read more
New data published by TransUnion, shows that consumer over four in ten (43%) UK consumers who said they have been targeted by fraud were targeted by phishing in the period between September and December 2022. The data also showed that smashing, fraudulent text messages meant to trick you into revealing data (40%) and vishing fraudulent…
Read more
The Equity Release Council has announced that it has appointed Michelle Highman, Chief Executive of The Money Charity and a former member of the Financial Inclusion Commission’s advisory panel as the Chair to its standards committee. Highman also spent 13 years with the then Financial Services Authority playing a leading role in the implementation of…
Read more
New analysis of UK credit card activity from FICO has revealed worrying payment patterns amongst customers who have held their cards for between one and five years, known as the established vintage. This group is showing increased rates of missed payments and other signs of financial stress. The research found that established vintage of credit…
Read more
TransUnion has announced that it has appointed Mark Molyneux as its new Strategy and Planning Director for the UK and Europe. As part of the UK executive team, Molyneux will be responsible for identifying and developing new growth opportunities that align to TransUnion’s strategy, both in the UK and globally. Having joined TransUnion in 2019,…
Read more
Latest market analysis by Octane Capital has found that since the Bank of England began to increase interest rates in December 2021, the total number of mortgage lending transactions has declined by 7.1% when compared to the same time period prior. The figure of 95,405 total mortgage lending transactions seen in February of this year…
Read more
The Financial Conduct Authority (FCA) says that improved overdraft rules that reduced high fees for unarranged borrowing removed complex charging structures and helped consumers who were repeatedly using their overdrafts. Rules introduced in April 2020 meant that banks couldn’t charge more for unarranged overdrafts than for arranged ones. They also had to remove high fees…
Read more
New research from TransUnion has found that nearly four in 10 (38%) adults are using buy now, pay later i(BNPL) when shopping online, which is consistent with the previous year. More than half (53%) of those that used buy now, pay later in the past 12 months spent a total of between £100 and £499…
Read more
New UK Finance data has indicated that there were 45,367 cases of impersonation scams last year, costing £177.6 million. The research also found that only 51 per cent of people always check if a request for money or personal information is legitimate before responding. Impersonation scams take place when a criminal contacts you pretending to…
Read more
Education lender Knoma has announced that it will use Fuse by Pave’s Open Banking insights to enhance credit decisioning through a new partnership agreement. The partnership will enable Knoma to improve acceptances, making education more accessible for millions across the UK through interest-free financial solutions. Open Banking data will empower Knoma to more accurately collect…
Read more
The Financial Conduct Authority and the Payment Systems Regulator have launched a fresh push to encourage more competition in banking services via third-party firms. As co-chairs of the Joint Regulatory Oversight Committee, the regulators issued a joint statement saying: “While significant progress has been made, there is more to be done to deliver the full…
Read more
Wiltshire and Swindon Credit Union have announced that they completed a merger agreement. The Credit Union will now be called Wiltshire and Swindon Credit Union (WASCU) says that the name change will reflect a new focus on encouraging savings and will continue to offer the same high level of service. Wiltshire and Swindon Credit Union…
Read more
Credit provider, Non-Standard Finance (NSF) has provisionally agreed on a deal with its lenders which it hopes will underpin rescue efforts to save the group. Its secured lenders have provisionally agreed to release £71 million of secured debt in exchange for 20% of the company. NSF plans to raise £95 million through a share placing…
Read more