Credit, Collections & Insolvency News
Consumer group Which? has urged the Financial Conduct Authority (FCA) to extend loan repayment holidays and interest-free overdrafts until January 2021, saying demand for support will surge after the job retention scheme winds up on 31st October. The consumer champion’s submission to the FCA’s consultation makes four key recommendations that the regulator should adopt to…
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Digital payment solutions provider, PayPoint has launched a new collection tool for the motor finance sector. Named PayByLink, the platform allows lenders to engage with customers on a personal level, sensitively and responsibly, collecting due or arrears payments with care. With the majority of finance companies granting payment freezes to customers, PayByLink gives lenders an…
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House prices are projected to fall in the wake of the coronavirus crisis – but, for many young people looking to buy their first home, this trend won’t make things easier. Instead, falling incomes and the risk of more restrictive lending look set to make buying a home for the first time every bit as…
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Latest figures from UK Finance have indicated that property repossessions have fallen by more than 90%, with homeowners opting for mortgage holidays amid the coronavirus crisis and banks banned from seizing homes amid the pandemic. There were just 90 owner-occupied homes repossessed in Quarter 2 (Q2), a 93% decline on Q2 2019, while 130 buy-to-let…
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Mortgage arrears number fall in second quarter of this year, according to latest figures from UK Finance. The figures showed that there were 73,580 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the second quarter of 2020, this was 3 per cent fewer than in the same quarter…
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Data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, has revealed that spending on essential items grew 3.2 per cent year-on-year. This increase was largely driven by supermarket shopping, which rose by 15.0 per cent, helping to offset a 22.2 per cent drop in fuel spend. While spending on…
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One in three (31%) consumers used the enforced lockdown to pay down their debt, according to new analysis from Experian. The proportion of Experian’s customers that had high balances across their credit accounts stood at 12.6% around the start of lockdown (23rd March). This dropped to 8.6% at the beginning of June, just before measures…
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Around three in ten millennials (30%) and generation Z’ers (31%) (those born after 1996) who use buy now, pay later (BNPL) cited not wanting to take out or use a credit card as a factor in choosing these services according to new research by finder.com This figure drops to 23% for gen X’ers (born between…
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Consumer credit technology and outsourced services provide, .EQ Credit Services (EQCS) has announced it has delivered a flexible loan management solution for direct online lender, MYJAR. Lender, MYJAR helps customers facing temporary financial shortfalls, offering loans from £100 to £2,000, repayable over three, six or twelve months. EQCS worked with the lender to quickly replace…
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The stock of consumer credit is forecast to fall by almost 16% this year as net lending for credit cards and personal loans turned negative during the lockdown period according to analysis by EY ITEM Club. The lockdown has caused a significant slowdown in bank lending to household with demand for consumer credit is predicted…
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Alternative lending specialist, Morses Club says that collections in its Home Collected Credit (HCC) division for July increased to 98% of normal historic expectations when measured against expected terms, an increase from 91% at the end of June and anticipates to reach pre-Covid levels by the end of August 2020. In the company’s latest trading…
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One in four over 50s worry cash will run out but new data reveals they have £127,000 tied up in their homes. New research fromSunLife has revealed that many over 50s are struggling financially and have concerns about the future; one in four say they are worse off than they expected to be at this…
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Latest research from Cifas, the UK’s fraud prevention service, has revealed that 2019 saw the highest ever number of cases of fraudulent conduct recorded to the National Fraud Database. In 2019 there were 364,643 cases recorded to the database, and this represents a 13% rise when compared to 2018. More specifically, there were three areas…
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