Credit, Collections & Insolvency News
A third of buy-to-let landlords expect to sell property this year, according to the National Residential Landlords Association (NRLA). The research found that almost a third of private landlords with a buy-to-let mortgage face the prospect of significantly higher costs this year. The data also found that 63 per cent of landlords have a buy-to-let…
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Zopa has announced that it is set to acquire buy now pay later (BNPL) specialist DivideBuy. Dividebuy provides point-of-sale (POS) finance technology and lending platforms. The transaction, which will complete in the next few months, marks Zopa’s first acquisition and follows just weeks after the digital lender raised a £75 million to fund acquisitions. DivideBuy…
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Almost seven in ten (68%) landlords plan to raise rents if their mortgage rate goes up when they come to remortgage, new data from Landbay has revealed. The research found that 44% of landlords said they expect to increase rent by 6-10% if their mortgage rate increases. Of those who intend to raise rents, 70%…
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The total value of alleged fraud cases £100,000 or above heard in UK courts increased by 151% from £444.7m in 2021 to £1.12bn in 2022, according to data released in KPMG UK’s latest Fraud Barometer. The figure for 2022 is similar to pre-pandemic values which saw a total value of £1.1bn for alleged fraud cases…
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A third of drivers (32%) say that they are far less likely to replace their existing car by committing to a long-term (three-year) lease than they were 12 months ago, an independent study has research by Mmobility provider Sogo has found. The findings also indicate that only 14% of drivers would be much more likely to…
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The government has announced its intention to regulate interest-free Buy-Now Pay-Later (BNPL) products. The government consulted on policy options to deliver a proportionate approach to regulation in October 2021, followed by a consultation response in June 2022. It is now consulting on the proposed draft legislation that will bring BNPL into Financial Conduct Authority regulation.…
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Pepper Money has announced the appointment of Andrew Voss as its new Chief Financial Officer (CFO). Voss has over 20 years’ experience in financial services and a proven track record of establishing, managing and driving performance in specialist lending businesses. He joins Pepper Money from Bluestone Mortgages, where he has been CFO for 14 years.…
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Consumers Spent £8 billion online in January whilst the use Use of Buy Now Pay Later (BNPL) rose to 12% according to research by Adobe analytics The data shows that UK consumers spent £8 billion online in January, 26.7% less than in December 2022, and a year-on year decrease of 1.4%. It also identified an…
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The Financial Conduct Authority (FCA) has publicly censured Amigo Loans for failing to conduct adequate affordability checks on borrowers and guarantors. The FCA says it would have imposed a fine of £72.9 million however Amigo demonstrated that this would cause it serious financial hardship. A fine would also have threatened Amigo’s ability to meet its…
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Credit card application fraud rose to its highest-ever recorded level in 2022, new analysis from Experian reveals. Credit card application fraud rose by 18% in the last quarter of 2022, with fraudsters looking to take advantage of people’s Personally Identifiable Information (PII) and take out credit and borrowing in their name. The rise means the…
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New research by Institute for Fiscal Studies (IFS) has found that billions of pounds loaned by the ‘bank of mum and dad’ to help with property purchases and to boost the finances of newly married offspring are helping to fuel rising levels of inequality. The research found that £17 billion is gifted or loaned informally…
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A new study from Juniper Research has found that global Open Banking payments transaction values will exceed $330 billion globally by 2027; up from $57 billion in 2023. Juniper predicts that the development of new use cases, such as bill payments via Open Banking, will drive adoption, given Open Banking’s simplicity of use versus alternatives,…
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The Payment Systems Regulator (PSR) has published its latest consultation on guidance to support payment service providers (PSPs – like banks and building societies) with providing correct data when they report their Authorised Push Payment (APP) scams data to the regulator. The PSR wants to see better protections for everyone from APP scams and last…
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