Credit, Collections & Insolvency News
Credit risk analytics specialist, Jaywing has announced a partnership with Hitachi Capital Consumer Finance. The Hitachi Consumer Finance division has appointed Jaywing to explore the potential to significantly improve its existing application credit scores using Jaywing’s AI modelling technology, Archetype. Hitachi Capital Consumer Finance wanted to understand the uplifts that may be possible through using…
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People are increasingly struggling with ‘smaller but trickier’ debts on everyday household bills, according to new figures from National Debtline, run by the Money Advice Trust. The charity expects the number of calls to National Debtline to hit 189,000 by the end of the year – the highest level in five years – with webchat…
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Wonga Group and WDFC UK have decided to place themselves into administration. Insolvency Practitioners from Grant Thornton are in the process of being appointed as administrators to manage the firms’ businesses and affairs. An announcement on the website said “A decision has been taken to place Wonga Group Limited, WDFC UK Limited, Wonga Worldwide Limited…
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The annual growth rate of consumer credit slowed in July, to 8.5% but remains elevated relative to 2009-12 according to the latest lending figures from the Bank of England. Households borrowed an additional £3.2 billion secured against their homes in July. Net lending has been relatively stable over the past year but this was the lowest…
Read moreHome credit specialist, Morses Club has provided its latest trading update for the 26-week period to 25 August 2018. The company has reported a 4.3% rise in the credit it issued during the first half of 2018. Trading in line with the Board’s expectations with total credit issued increased to £85.7m compared to the same period last year (H1…
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More than a third of UK young people think they will still be in debt by the time they’re 40, as they report worsening debt levels, finds Young Women’s Trust. The charity, which helps young women on low or no pay, surveyed more than 4,000 young people with Populus Data Solutions to find that one…
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UK Finance has published its July Household Finance update indicating that gross mortgage lending for the total market in July was £24.6bn, some 7.6 per cent higher than a year earlier. Commenting on the data, Peter Tyler, Director at UK Finance, said “July saw steady growth in gross mortgage lending, driven largely by remortgaging as homeowners locked…
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New research from Admiral Car Finance has revealed that the desire to match what’s seen on social media extends beyond personal image and fashion choices, to the cars we choose to drive. And this may have financial implications on younger generations too, as over half of drivers aged 19 – 36 (53%) admit to feeling pressure…
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Credit and eligibility experts TotallyMoney have partnered with the UK’s first online mortgage broker Trussle to offer customers a free and seamless way to get a mortgage online. The partnership builds on TotallyMoney’s success as a Free Credit Report provider and credit card and loan comparison specialists. By integrating Trussle’s mortgage broking service, TotallyMoney now…
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Latest figures from UK Finance’s Mortgage Trends update for Quarter 2 2018 show a continued growth for UK remortgaging with London remortgaging activity reaching a nine-year high. Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance, said “Remortgaging in London reached its highest level in nine years in the second quarter of this year, as…
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Aldermore has announced that it has appointed Damian Thompson as its new Director of Retail Mortgages. Damian has worked in financial services for the last 27 years starting his career with HBOS and then across senior roles in Principality and Newcastle Building Society. At Newcastle, he was Customer Director and a member of the Board. He…
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Personal insolvencies are on track to hit 105,000 per annum by 2022, breaking highs last seen six years ago, according to the latest econometric forecast from Arrow Global’s ‘Debt Britain 2018’ research. Analysis shows that personal insolvencies have been on the increase since 2015 and rising interest rates on the back of the Bank of…
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The Financial Ombudsman Service (FOS) has said Banks should not automatically assume customers are at fault when they have fallen victim to a scam. Caroline Wayman, Chief Executive of the (FOS) said “Today, it’s often loopholes in new technologies, rather than in old ones, that fraudsters are using to their advantage. Your first step toward being…
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