Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in July by 9%, compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with July 2017, while retail store and online credit new business increased by 4%. Second charge…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes up by 5% in July. Commenting on the July 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 “The second charge…
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Changing credit conditions can favour dealer finance according to new analysis by software supplier Sword Apak. The analysis suggests that even with tighter credit conditions, dealers can succeed by adopting a more targeted approach to used car financing opportunities. Executive Vice President James Powell said “The recent increase in the UK Base Rate will impact motor retailing…
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An increased focus on compliance risks detracting businesses from making investments to protect their organisation against fraud, according to new research by TransUnion (formerly Callcredit). The research, part of which forms the Fraud Fortress report, revealed that compliance is the area most commonly expected to drive increased expenditure (64%), potentially at the expense of prevention…
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A report by the National Audit Office (NAO) has revealed that problem debt costing the economy £847 million a year. The report has found that £248m of that sum came from increased use of housing and health services Problem debt – defined as the inability to pay debts or household bills – affects an estimated…
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One-in-five (22%) consumers in Scotland has had an outstanding credit card balance for at least six months, according to a survey by R3 in Scotland, the insolvency trade body. The research, part of a long-running survey of Britain’s personal finances by R3 and ComRes, also found that, of the 35% of Scottish adults are concerned…
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One in four (23%) consumers have been victims of fraud when shopping online – with 8% duped more than once, according to the inaugural Shieldpay Fraud Tracker. The cost of online scams is significant. Those which were tricked whilst purchasing an item online lost £608 on average – with one in seven (14%) victims defrauded…
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Londoners are more likely to be struggling with debt than the rest of the UK despite average higher incomes. That is according to London in the Red, a new report from StepChange Debt Charity, that reveals 100,000 Londoners sought their debt advice, meaning one in six of its clients last year came from London. The…
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Experian has announced that it is introducing a “real rates” service to the credit card market so consumers will now know exactly what deal they’ll be getting. In a transformative change to the way consumers shop for credit cards, those using Experian’s comparison services will see the actual rate they’ll get when shopping for cards…
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Computershare Loan Services has confirmed it has become the first domestic third-party administrator to act as standby servicer for a ‘Sukuk’ or Islamic Certificate issued in sterling in the UK. Al Rayan Bank recently made history with Tolkien Funding Sukuk, which is the largest that has been issued in sterling in the UK. Andrew Jones,…
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Almost 10% (9.08%) of UK consumers have been in debt during their life due to the price of household bills, research conducted by Vanquis Bank has revealed. The survey of 1,311 UK consumers, conducted on 3rd August 2018, analysed the factors behind debt, taking into account household bills, rent, overspending, unemployment, medical costs and high…
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Rent recognition platform CreditLadder and financial network Bud have launched a new partnership designed to help customers become more creditworthy and get on the property ladder. Bud offers a connected network that helps banks to collaborate with fintechs on creating new experiences for their customers. It’s a service that Bud has developed and piloted with HSBC/First…
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LendingMetrics has announced a new free open banking service. The company has been granted FCA permissions as a Registered Account Information Service Provider and have now officially launched the only OpenBanking service to credit providers which is free of charge. As an FCA authorised AISP the company will now be utilising the direct APIs of…
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