Credit, Collections & Insolvency News
Financial Conduct Authority (FCA) plans to change how credit card firms offer credit limit increases do not go far enough to protect consumers from problem debt, Citizens Advice says. The update paper on credit cards and persistent debt released today shows the FCA has stopped short of the clear ban on unsolicited increases Citizens Advice…
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The Financial Conduct Authority (FCA) has published an updated consultation on rules to help customers in persistent credit card debt. This follows an April 2017 consultation paper on proposed remedies to help millions of people get out of expensive longer-term credit card debt. These include firms, at designated timeframes, prompting customers to make faster repayments…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 7% in October, compared with the same month in 2016, while the value of new business was up by 2% over the same period. The percentage of…
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New figures released by the Finance & Leasing Association (FLA) have shown that new business figures for the second charge mortgage market have continued to grow. Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge mortgage market reported growth in October, with new business up…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 13% compared with October 2016, while retail store and online credit new business increased by 3%. Second…
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With the average cost of Christmas topping £700 for UK households, 40% of people have been forced to make sacrifices to pay for this year’s festivities, including cutting back on heating, clothes and food shopping, taking on an extra job and even selling belongings, according to new research out today.* The run-up to Christmas can…
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Non-seasonally adjusted data released by UK Finance today shows that the number and value of loans for remortgaging and for house purchases rose in October in comparison with a month ago and with the same period in 2016. Capital and interest payments for new loans remain near record lows for both home movers and first-time…
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A ground-breaking fraud prevention scheme aimed at identifying and protecting potential fraud victims when they visit a bank or building society branch has stopped more than £9 million being passed to criminals in its first year of operation, figures from UK Finance show. The Banking Protocol, developed as a partnership between the finance industry, police…
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Here is an overview of The Money Charity’s latest statistics for December 2017: Personal debt in the UK People in the UK owed £1.562 trillion at the end of October 2017. This is up from £1.504 trillion at the end of October 2016 – an extra £1,106.13 per UK adult. Per adult in the UK that’s an average debt…
Read moreConsumer credit provider Express Gifts has agreed a consumer credit agreement partnership with Welcom Digital’s Financier Lending Platform. Express Gifts offers existing and potential new customers access to affordable credit subject to a rigorous underwriting process that assesses the creditworthiness, indebtedness and affordability of each applicant. Critically completed prior to peak-season trading, the data migration phase was the…
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The Intermediary Mortgage Lenders Association (IMLA) has confirmed the election of Phil Rickards ts its new Chair. Rickards Head of BM Solutions at Lloyds Banking Group was first appointed Deputy Chair of IMLA in December 2015 and has also served as a Director. He succeeds Kevin Purvey, Director of Intermediaries at Coventry Building Society, who returns to the…
Read moreIn a recent survey to help promote a better understanding of Basic Bank Accounts, Virgin Money has found that one in six people (16%) expect the cost of Christmas to mean they are likely to use their overdraft over the festive period, which would equate to over 8 million people across the UK. Of those likely…
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The winners of the inaugural 2017 Credit & Collections Technology Awards have been revealed. There were sixteen winners (three of which were partnership wins) from the sixteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The Credit & Collections Technology Awards were launched in the Summer and…
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