Credit, Collections & Insolvency News
Credit bureau Nova Credit has announced that it has partnered with HSBC to provide the bank with global access to its cross-border credit data product,. The partnership will allow HSBC to access the translated credit history of new-to-country consumers as part of their credit applications, upon their permission. The solution will enable the bank to…
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Almost two-thirds of consumers believe banks and other financial providers should be doing more to help their customers during difficult economic times. While the majority of people in the UK plan to cut back on both essential and non-essential spending, one in five (19%) people in the UK say they still plan to borrow more…
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As a reflection of long-term fixed-rate mortgages rising in popularity during the cost-of-living crisis, almost a third (32%) of homeowners coming to the end of their fixed term within the next three years will only consider remortgaging to a long-term fixed rate deal, according to new research by Comparethemarket. Traditionally, a two-year fixed rate deal…
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New statistics published by the Office For National Statistics (ONS) has revealed fraud offences increased by 25% (to 4.5 million offences) compared with the year ending March 2020, driven by large increases in advance fee fraud and consumer and retail fraud. The proportion of fraud incidents that were cyber-related increased to 61% from 53% in…
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Banks including Santander, HSBC and Yorkshire Building Society have suspended mortgage deals after a fall in the pound prompted forecasts of rising interest rates, with the lenders joining Virgin Money and Skipton Building Society in halting mortgage offers for new customers. Meanwhile, Nationwide said it will lift rates on a range of fixed mortgages, Lloyds…
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The Financial Ombudsman Service (FOS) received the most complaints in the first half of this year regarding banking and credit concerns. In the first half of 2022, there were roughly 44,200 complaints regarding banking and credit, which was a small decrease from the 46,220 complaints in the second half of 2021. Credit cards and current…
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The Birmingham Inner Circle Community Credit Union has entered administration following regulatory breaches under the PRA/FCA prudential and conduct rules and solvency issues. Founded in July 2002, the credit union is based in Ladywood, Birmingham and acts as a financial cooperative, offering its members financial security through saving and borrowing. In 2020 it recorded a…
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Monevo has announced the launch of credit card products on its UK platform, to help improve access to credit for UK consumers. The personal credit platform and API – which is co-owned by Quint Group and TransUnion – empowers credit providers to deliver highly personalised credit offers to consumers via comparison websites and other third…
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Close to one million consumers will experience severe and long-term damage to their credit scores if they cancel their energy payments in October according to research by Credit Karma. Credit Karma says combining data on the damage caused to scores from missing just one utility bill payment and polling to estimate the number of consumers…
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Only one-fifth of women studying at degree level are currently thinking about pursuing a career working in data, a new study from Experian has revealed. The research, which surveyed 1,204 UK consumers in education, found that most female students are put off because they don’t think they have the right set of skills, with nearly…
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The latest Bank of England figures have revealed that quoted household interest rates on consumer credit products continued to rise in August amid an economic environment of rising interest rates, mortgage rates and inflation. The analysis from Freedom Finance has highlighted the impact of the rising cost of borrowing on households and they urged consumers to…
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The cost of running a car for young drivers has increased by an average of £385 in the past year, primarily driven by higher fuel and insurance costs, according to Comparethemarket. On average, a 17- to 24-year-old motorist will now pay £2,448 to run a car for a year, this is the highest figure since…
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Specialist lending and savings bank ALdemore has appointed Richard Jones to be the new Managing Director of its MotoNovo Finance business. Jones joins from Lloyds Banking Group where he’s been CEO of their Motor Finance and Leasing businesses since 2018, which encompasses the market leading Black Horse and Lex Autolease brands and online car finance.…
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