Credit, Collections & Insolvency News
Only half of UK consumers currently feel that they have sufficient access to credit, according to figures revealed in TransUnion’s latest Consumer Pulse study. Despite the majority of consumers (71%) acknowledging the importance of credit in helping them achieve their financial goals, just 49% say that they have sufficient access. Almost a fifth(18%) state they…
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Virgin Money has announced the appointment of Sarah Wilkinson as Chief Operating Officer. Wilkinson will join Virgin Money from Thomson Reuters, where she is the Chief Information Officer and Head of TR Labs, Thomson Reuters’ technology research and innovation centres worldwide. Prior to joining Thomson Reuters, Wilkinson was CEO of NHS Digital, responsible for systems…
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A new report out today from GoCompare Car Insurance has revealed that the cost of getting a young driver on the road has risen to £6,574 – the highest since 2019, representing a shift backwards to pre-pandemic costs. Costs for young drivers – those aged between 17- 21 – and their families dipped to £6,394…
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A reduction in desire for car ownership is a growing issue, according to dealers according to research by Startline. Each month, the research asks used car retailers about the future challenges facing their sector and this factor has jumped to second place since last month, being named by 42% of respondents against 18% in August.…
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Gloucestershire Credit Union Limited has been placed into administration and has now stopped trading. James Sleight and Peter Hart of PKF Geoffrey Martin & Co Limited have been appointed as joint administrators. Gloucestershire Credit Union is a financial co-operative owned by its members. It is regulated as a deposit taker by the Prudential Regulation Authority…
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The Financial Conduct Authority (FCA) has warned that unauthorised claims management firms are targeting consumers with ‘write-off debt’ schemes which could leave them paying fees even if they’re unsuccessful. The unauthorised claims management services say they can write off debts but often charge fees to do so, even when the scheme fails. These firms offer…
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2.2 million homeowners are set for 0.75% interest rate shock with the Bank of England set to announce the rate increase this Thursday (23rd September). TotallyMoney and Moneycomms have calculated the potential impact of the MPC’s expected interest rate hike on homeowners without a fixed rate mortgage deal. The research has found that for the…
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Businesses are failing to strike the right balance between innovation and user experience, according to new research from Studio Graphene. The digital agency found the majority (58%) feel that businesses are too eager to move to new digital platforms without properly considering whether users will be able to adapt to the new system. Three in five…
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Credit Connect’s hosted its fourth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by fourteen leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
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New figures released by the Finance & Leasing Association (FLA) has shown that consumer car finance new business volumes fell in July 2022 by 3% compared with the same month in 2021. However, the corresponding value of new business increased by 5% over the same period. In the first seven months of 2022, new business…
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New figures released by the Finance & Leasing Association (FLA) have indicated that consumer finance new business grew by 11% in July 2022 compared with the same month in 2021. In the first seven months of 2022, new business was 22% higher than in the same period in 2021. The credit card and personal loan…
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UK Finance has today published its Household Finance Review Q2 2022, which explores trends in household spending, saving and borrowing through the second quarter of 2022. Consumer spending remained stable in Q2 and house purchase activity returned to pre-Covid-19 trends, but data indicates that there are tough times ahead. Household savings remained stable but did not…
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The 2021 European Fraud Map produced by global analytics firm FICO, with data from Euromonitor International and UK Finance has indicated that the UK and the Nordic region continue to lead Europe both in terms of digital transformation and fraud loss reduction. Denmark and Sweden achieved the highest percentage decreases in losses while the UK…
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