Credit, Collections & Insolvency News
Jaja Finance has announced that it has agreed a new £250 million warehouse lending facility that will enable the digital credit card provider to continue to accelerate its growth. The announcement follows Jaja’s recent funding announcement of £120 million from private equity investors, and majority shareholders, KKR and TDR, made earlier this year. The…
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Mark Fiander, CEO of Gain Credit LLC and Consumer Credit Trade Association (CCTA) Council member, has been appointed as the new Chair of the Association. Fiander has taken up the position having been involved with the CCTA and related associations for several years. The role of the Chair is to provide strategic advice to the…
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New Google trends have indicated 400% rise in people searching for ‘interest rate’ according to research by Loan Corp. The company says that the rise in the search term comes after the Bank of England put it up in August to 1.75% to stop prices rising so fast and to bring down the rate of…
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US bank, Citi, has forecast that CPI will hit 18.6% in January, the highest rate in nearly 50 years. as it expects the energy price cap to rise to £3,717 in October, then to £4,567 in January and £5,816 in April. The banks says higher prices for the essentials will hit those on lower incomes harder – because they…
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More than 80 per cent of regulated firms in the legal, property and finance and banking sectors are considering a switch to electronic verification of their customers new research from SmartSearch has found. The ‘big switch’ to technology comes as firms feel the growing weight of compliance around anti-money laundering (AML) and sanctions regulations –…
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Key has agreed to work collaboratively with MorganAsh on a pilot scheme to use its new adviser tool to support later life lending advisers in identifying, assessing and managing client vulnerability. MorganAsh launched its MorganAsh Resilience System (MARS) in April,but had been working with Key since last year to test and refine the interaction with…
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The rising cost of living is driving a significant increase in credit card reliance according to new research by Money.co.uk. The research examined the spending habits consumers are using to cope with the increased cost of living. The research found that 1 in 4 (24.60%) Brits said that the cost of living is the main…
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Quarterly fraud analysis from global information and insights provider TransUnion found that the rate of suspected digital fraud attempts coming from the UK increased by 32% when comparing Q2 2021 and Q2 2022, with financial services and insurance having seen the biggest increases. In financial services, the rate of suspected digital fraud attempts has more…
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The Financial Conduct Authority (FCA) has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated after finding that some lenders were using web adverts and posts from social media influencers that are breaking rules. The FCA also reminded the businesses that the financial promotions of all BNPL products…
Read morePpoint-of-sale payment solutions specialist Duoloi has announced a partnership with LendingMetrics’ to use its ADP platform. Duologi says it had previously outsourced the build of an engine to an external IT company, which meant it was hard-coded and the company had limited control over changes and wanted to bring decisioning in-house and were looking to…
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Digital bank Perenna says it has received its banking licence and plans to offer customers fixed-rate 30-year mortgages. The digital bank has been granted a banking licence with restrictions from the Prudential Regulation Authority and the Financial Conduct Authority, adding that once its banking infrastructure is in place it will begin selling long-dated fixed-rate mortgages…
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Spending on credit cards has increased by a third as more people have turned to borrowing cash amid the cost-of-living crunch. The research by UK Finance found that credit card holders spent just under £20 billion in May, a 33 per cent jump in the total spend compared to the same month last year. Debt…
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New research on inequalities, carried out for the IFS Deaton Review of Inequalities and funded by the Nuffield Foundation, finds that disadvantaged pupils start school behind their better-off peers, and the education system is not succeeding in closing these gaps. Educational inequalities result in substantial differences in life chances, leaving millions disadvantaged throughout their lifetime.…
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