Credit, Collections & Insolvency News
Consumers would leave it up to three years or more before seeking professional help if they were in debt, new research has revealed. A survey of 1,000 UK adults, carried out by Creditfix, the UK’s largest personal insolvency practice, found that 59% of consumers would wait over two years before asking for help, while almost half (48%)…
Read more
The Financial Conduct Authority’s (FCA) decision to ban unarranged overdraft fees could help thousands of people from staying stuck in debt, Citizens Advice says. The national charity also says the proposed crackdown on the way interest is charged on “buy now pay later deals” will help the thousands of consumers who are rocked by these…
Read more
UK Finance has announced the appointment of Charlotte Crosswell, CEO, Innovate Finance, and Mark Parsons, Chief Executive Officer and Executive Director, Coventry Building Society, to its Board. Charlotte Crosswell is CEO of Innovate Finance, the industry body representing the UK FinTech sector. She has spent most of her financial services career in market infrastructure roles. She has…
Read moreMetro Bank has announced it has appointed Andy Piggott as Director of Lending. Piggott has over 12 years of retail banking experience and joins from TSB where he spent two years as head of personal current accounts, before being appointed as head of cards. Piggott will report to Chief Commercial Officer, Paul Riseborough and will…
Read more
Latest figures released by the Finance Leasing Association (FLA) indicate that second charge mortgage lending grew by 5% in October. Commenting on the October 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “In October, the second charge…
Read more
New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market remained stable in October, compared with the same month in 2017, while the value of new business grew by 5% over the same period. The percentage of private new…
Read more
New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 10% compared with October 2017, while retail store and online credit new business increased by 15%. Second…
Read more
Data from the winners and finalists of the second annual Credit & Collections Technology have been collated and are now available as part of a report reviewing the 2018 event. The Awards report highlights the unique and transparent ethos of the scheme by providing graphs, statistics and judges comments which highlight the results. The Awards event,…
Read moreCredit Fintech provider TotallyMoney has agreed £29 million of funding from Elliott Advisors (UK) and existing investors Scottish Equity Partners (SEP). The investment, which is subject to FCA approval, will be used to accelerate customer acquisition, build out the market leading technology platform and, through continued innovation, provide better credit for UK consumers. TotallyMoney has accelerated quickly, at a time…
Read more
The Financial Conduct Authority (FCA) has announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts, which would bring to an end to banks charging higher prices for unarranged overdrafts which ammounted to over £2.4 billion for banks last year alone. The FCA…
Read moreThe Financial Conduct Authority (FCA) has published new rules and fees that will apply to all claims management companies (CMCs) from April 2019. That’s when the FCA takes over responsibility for regulating the firms, which help thousands of people every year. From next April, all CMCs set up or serving customers in England, Scotland and Wales will…
Read more
Shieldpay has announced that it has agreed a partnership with Visa to deliver secure card payments across peer to peer marketplaces and classified ad sites. The partnership will open up the use of debit and credit cards to the £120bn classified industry.1 Shieldpay’s instant digital escrow solution mitigates the risk of fraud by verifying the…
Read more
The latest European Consumer Payment Report from European credit management firm Intrum presents a worrying picture when it comes to rising indebtedness and the ability of consumers to meet their financial obligations. Over 1,000 UK consumers took part in the survey of more than 24,000 Europeans. While more and more people are able to save…
Read more