Credit, Collections & Insolvency News
More than one in four young parents expect to get into debt this Christmas, as the cost of festivities and austerity take their toll, according to Young Women’s Trust, a charity that supports young women on low or no pay. The charity surveyed 4,000 young people between the ages of 18 and 30 and found that, of…
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With research showing families with children under the age of 18 will spend anything from £1,000 to more than £2,700 in total at Christmas, with gifts making up the vast majority of the spend, consumer debt specilaist WB Debtcare is advising Santa to plan ahead for the true cost of a family Christmas. And with…
Read moreThe Financial Conduct Authority (FCA) has published new rules allowing victims of Authorised Push Payment (APP) fraud to complain to the payment services provider (PSP) receiving their payment. In the case of APP fraud, the PSP is often a bank which holds the accounts of either the victim or fraudster. Currently, the sending PSP, but…
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New research by Moore Stephens suggests that signs of a downturn in the UK housing market is causing distress in the sectors that rely on “a buoyant housing market”. The report says that this could be the start the trigger that increases corporate insolvencies. Lee Causer, Partner at Moore Stephens, said “It seems the impact…
Read moreEquifax has announced that it will launch anintegrated portfolio of data, analytics and visualisation tools. The product named ‘Equifax Ignite’ enables companies to understand and take advantage of data to innovate and inform their business decisions and strategy. John Power, Chief Data & Analytics Officer for Europe at Equifax, said “Equifax Ignite will redefine businesses’…
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1Experian has announced that it has agreed to acquire Compuscan (CSH Group Pty), one of the leading credit bureau and information services businesses in Africa. Established in South Africa in 1994, Compuscan started as a credit bureau, focused on the micro-lending industry. It enabled micro lenders to avoid financial loss by identifying clients’ repayment probability…
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Business lender, Iwoca, has announced it has connected to Barclays and HSBC banks under Open Banking, expanding the the number of Open Banking connections offered by Iwoca to three, including Lloyds Bank, enabling more than 60 percent of the lender’s customers to take advantage of the Open Banking service. Open Banking is the new regulation which…
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UK Finance has published its latest Mortgage Trends Update for October 2018 which reveals that remortgaging is at its highest level since 2008. The figures show that there were 50,500 new homeowner remortgages completed in the month, some 23.2 per cent more than in the same month a year earlier. The £9.2bn of remortgaging in…
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Equifax believes that Open Banking will play a key role in Fintech development in 2019. Jake Ranson, Banking & Financial Institutions Expert and CMO at Equifax UK, believes consumers will begin experiencing the full benefits of Open Banking in the year ahead. “January 2019 marks the first anniversary of Open Banking, and we can expect…
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The Bank of England has published its latest mortgage lenders and administrators return (MLAR) is a quarterly statistical release aggregated from data on mortgage lending activities provided by around 340 regulated mortgage lenders and administrators. The figures show that the value of outstanding mortgage balances with some arrears increased for the first time since 2016…
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Barclays mobile banking customers can now choose to block their ability to spend with certain types of retailer, in a move designed to help vulnerable customers struggling with addictions. The move is designed to help customers take more control of their finances. The new feature could help those dealing with gambling problems, for example, to…
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Measures to increase transparency and prevent abuse of limited partnerships, which some criminals have used to launder dirty money through the UK have been unveiled, as the government published its response to the consultation on the reform of Limited Partnership law. Scottish Limited Partnerships (SLPs) and Limited Partnerships (LPs) are used by thousands of legitimate British…
Read moreBNP Paribas Personal Finance UK has launched a new motor finance solution with Ivendi. BNP Paribas, has a wealth of motor finance experience globally, and currently works with 1800 dealers in over 11 countries, as well as partnering across a network of 16 manufacturers. Working with highly experienced specialist teams at iVendi, a new, digital solution…
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