Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show growth of 6% in consumer finance new business in 2017. New business in December 2017 increased by 1% compared with the same month in 2016. Credit card and personal loan new business together grew by 6% in 2017, while retail store and online credit…
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Latest figures from UK Finance have revealed that the number of home-owners’ properties being repossessed fell to a 36-year low last year. In 2017, 4,700 owner-occupied mortgaged properties were repossessed – down from 5,300 in 2016. Meanwhile, the number of landlords behind on mortgage payments has risen by 20%, with 1,200 buy-to-let mortgages in “significant…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in 2017 was 105, 27% lower than in 2016. In the final quarter of 2017, the number of repossessions was 27, down by almost 31% compared with the same period in 2016. The rate of second…
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Aire, which provides an alternative way for lenders to understand and score credit applicants, today announces that it is launching an evaluation with Toyota Financial Services (TFS) for its Artificial Intelligence (AI) platform. The collaboration is designed to prove the effectiveness of Aire’s technology to assess the financial situation of TFS customers within ‘customer delinquency’.…
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British consumers are increasingly struggling to cope under an ever-growing mountain of credit card debt, according to new research by the New Economics Foundation (NEF) think-tank. Using data from the Financial Conduct Authority, R3 and its own modelling, NEF finds that credit card debt is increasingly becoming as unmanageable as payday lending debt was for…
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The Central Bank of Ireland’s Director General, Financial Conduct today set out her priorities for the recently created financial conduct pillar of the Central Bank. Speaking in UCD, Derville Rowland highlighted the vital importance of trust and confidence in financial services and the system of regulation, and added that the accountability of senior personnel in…
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New data research by onefourzero and GK analysing the credit market has found that consumers now use debt to maintain their spend power. The report analysed demand data for credit cards and overdrafts, and found that reliance on consumer credit has become the new normal; British consumers are borrowing more now than ever before. What was…
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Cox Automotive has today announced a number of changes to its executive leadership team. In the Manheim business unit, Peter Bell takes on the role of Managing Director, from Tim Hudson, who has made the decision to leave the business. Ball has with extensive operational, commercial and customer delivery experience in the financial services and…
Read moreSpecialist lender Together has announced that John Lowe will be joining its senior management team as Group Finance Director. Gary Beckett will take on the new role of Group Managing Director and Chief Treasury Officer, following a short transition period. Lowe was previously Finance Director at Coventry Building Society. An Oxford University graduate, who qualified as a chartered…
Read moreToday marks the start of a UK rule change required by the Competition and Markets Authority (CMA) as part of its Retail Banking Investigation which means that banks must now set up an alert system which will help their customers avoid unnecessary charges. During an investigation, the CMA found that banks receive around £1.2 billion a…
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Provident Financial Group has announced the appointment of Malcolm Le May as Group Chief Executive Officer (CEO), with immediate effect. This follows a Board process led by Stuart Sinclair over recent months. Stuart Sinclair, who led the Nomination Committee process to appoint the new Group CEO said: “It became clear to the Board as the search…
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The Financial Conduct Authority (FCA) has published an update on its work in the high-cost credit sector. The update follows a Feedback Statement the FCA published in July 2017 which identified key areas of concern with the sector including overdrafts, rent-to-own, home-collected credit and catalogue credit. Work undertaken since July 2017 has demonstrated an emerging…
Read moreNew research from Mintel has found that the majority of unsecured loan borrowers are living in ignorance as three in five Brits (60%) admit they are unaware of the interest rate being charged. More figures suggest 74% of Brits aged 45-64 with structured personal loans say they do not know the rates they are paying.…
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