Credit, Collections & Insolvency News
A new report by the Institute of Fiscal Studies (IFS) has found that 40% of young adults cannot afford to buy one of the cheapest homes in their area even with a 10% deposit. The report said house prices in England have risen by 173% over two decades. Average pay for 25-34 year-olds has grown…
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New research from Direct Line Life Insurance has revealed that over 6.9 million parents percent) have given their children ‘their inheritance’ early, to try to reduce the amount of inheritance tax payable on their estates. This amounts to a total of £227 billion, at an average of £32,920.10. A further 6.5 million (19 per cent) parents…
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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 grew by 9% in August, compared with the same month in 2017, while the value of new business was up by 14% over the same period. The percentage of…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance second charge mortgage market reports volumes up by 6% in August Commenting on the August 2018 new business figures for the second charge mortgage market, Geraldine Kilkelly, Head of Research and Chief Economist at the Finance & Leasing Association (FLA), said…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 10% compared with the same month last year. Credit card and personal loan new business together grew by 9% compared with August 2017, while retail store and online credit new business increased by 7%. Second…
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New statistics published by StepChange Debt Charity have laid bare the alarming scale and changing nature of problem debt in the UK. They show that 326,897 people contacted the charity for help with their debts in just the first six months of 2018. Of the 180,644 who received full debt advice and a recommended debt…
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Morses Club the UK’s second largest home collected credit lender, has announced its interim results for the twenty-six-week period ended 25 August 2018. The company says its pre-tax profits will hit £10 million. Pre-tax profits rose from £6.7m in the same period last year to £10m in the latest period of trading, while statutory revenues…
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Latest Bank of England consumer lending figures have been revealed which show that household borrowing growth moderated slightly in August. Annual consumer credit growth slowed to 8.1%, while secured lending growth ticked down to 3.1%. The number of approvals for remortgaging, which has been volatile in recent months, increased to 53,125 in August. Net finance…
Read moreOver 1.5 million renters across the UK could be at risk of losing their deposits after new research from comparethemarket.comreveals that one third (33%) of renters know that their landlord has not placed their money into a Government-backed deposit protection scheme (DPS). Despite the legal obligation which requires landlords to put deposits into schemes such…
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The Financial Conduct Authority (FCA) has fined Tesco Personal Finance (Tesco Bank) £16.4 million for failing to exercise due skill, care and diligence in protecting its personal current account holders against a cyber attack. The cyber attack took place in November 2016. Cyber attackers exploited deficiencies in Tesco Bank’s design of its debit card, its…
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Responding to the publication by the Authorised Push Payment (APP) Steering Group of its draft Voluntary Code for consultation, Stephen Jones, Chief Executive of UK Finance said “The finance industry is committed to ensuring consumers are better protected from the threat of authorised payment scams. Today marks an important milestone in helping us achieve that. Over…
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Darlington Building Society has announced the appointment of Andrew Craddock as its new Chief Executive Officer (CEO). Craddock will join the Society, subject to regulatory approval, on December 1st Craddock has over 30 years of experience in the industry and joins directly from Buckinghamshire Building Society, where he has been the Chief Executive for the…
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Buckinghamshire Building Society has announced that subject to regulatory approval, Gerard O’Keeffe will become its new Chief Executive Officer (CEO). O’Keeffe will begin the role on 19th November. Current Chief Executive Andrew Craddock will leave to join Darlington Building Society. Robin Bailey, Chairman of the Buckinghamshire Building Society said “We are delighted to have Gerard O’Keeffe joining…
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