Credit, Collections & Insolvency News
New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender more 2 life estimates that over 65s will have amassed a record £86bn of debt in 2018, up from £78 billion in 2017. Last year’s research predicted that the total debt of over 65s would only reach £65 billion…
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New research by Consumers’ Association brand Which has revealed that the most expensive overdraft fees cost seven times as much as a payday loan. Which says it first raised the alarm over these fees in 2016 and is concerned that, despite scrutiny from the regulator, not enough has been done to protect consumers from these sky-high fees.…
Read moreUK Finance has published a new report in association with EY which indicates that today’s social media savvy consumer taking advantage of more banking webchat services than ever before. The Way We Bank Now report, reveals that the popularity of services such as Twitter, Facebook Messenger and WhatsApp, is encouraging banks to invest in similarly fast and…
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Kevin Mooney has been appointed to the position of head of business intelligence at Startline Motor Finance. The role will see him take over management of a wide range of information related to the performance of the Glasgow-based motor finance specialist. A graduate of Strathclyde University, Kevin is also a qualified CIMA accountant and has…
Read moreThe speed and scale of digital transformation within the financial services industry is contributing to the emergence of new non-financial risks, according to a new report Sustainable Financial Services in the Digital Age, a joint report from UK Finance and Parker Fitzgerald, comes only days ahead of the introduction of the General Data Privacy Regulation (GDPR) and…
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More than half (52%) of people feel there is a negative stigma attached to asking their credit card provider for help if they fall into debt, according to new research. The study, completed by outsourced customer contact specialist Echo Managed Services, surveyed 1,000 UK residents on their experiences, knowledge and attitudes to household arrears. It…
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HSBC has created the first live use case of open banking for credit applications using the InterConnect platform from Equifax. The solution will facilitate quick affordability assessments by allowing individuals to submit their bank transaction information electronically, in less than five minutes, during an application for credit. Each submission is presented directly to HSBC UK…
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Just under seven million Brits believe they are living debt free despite owing millions, according to the first consumer debt profile from uSwitch.com. The research shows that while three quarters (74%) of consumers are in debt, one in five (14%) don’t realise their monthly bills, for example, their car insurance or store card payments, is actually repaying…
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Account Information Service Provider (AISP), consents.online, a subsidiary of leading bank data analytics platform, AccountScore, has entered into an agreement with HSBC to provide it with access to the transaction data of consumers from other organisations under the UK’s Open Banking programme. In addition, HSBC UK will utilise consents.online’s leading consent management architecture whereby the…
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UK Finance’s Mortgage Trends Update for March 2018 has revealed a small increase in lending to first-time buyers compared to a year earlier while remortgaging levels softened slightly after a busy start to the year. Separate figures from the Bank of England show that gross mortgage lending in the first quarter of 2018 was £61.1 billion, up…
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More county court judgments (CCJs) were registered against consumers in England and Wales during Q1 2018 than any other quarter since current records dating back to Q1 2005 began, according to figures released by Registry Trust. During Q1 2018, 305,877 judgments were registered against consumers in England and Wales – over double the 150,622 consumers…
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TotallyMoney, the credit report, eligibility, and comparison specialists and NewDay, a leading specialist financial services provider and one of the largest issuers of credit cards in the UK, have partnered together to re-launch the Fluid Credit Card. A new credit product designed to help Near-Prime consumers reduce interest payments and pay down their balance sooner with a balance transfer…
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The government has announced that it will not review logbook loan reform as part of its Goods Mortgages Bill. The decision has been described as ‘deeply disappointing’ by the Money Advice Trust. The Bill, announced in the June 2017 Queen’s Speech, was drafted by the Law Commission following a comprehensive review commissioned by the Treasury in…
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