Consumer Lending

Poor Service results in Protest Debt

Research by Echo Managed Services suggests that consumers are purposely withholding payments as a result of poor customer service or billing issues. Full details of the report can be found here.

FCA approved companies announced so far

Here is a list of credit industry companies approved by the Financial Conduct Authority (FCA) announced so far: Agilsys Burlington London House Wrights Recoveries Myjar Debt Managers Allied Credit Management Akinka CCS collect Spratt Endicott CRS Luna Finance Cash on Go/Peachy.co.uk BW legal Trusted Quid Ferrantum Drydens Fairfax Hilton Baird Uncle Buck Cabot Credit Management Face…

UK Asset Resolution (UKAR) agreed to sell a £13 billion asset portfolio

UK Asset Resolution (UKAR) agreed to sell a £13 billion asset portfolio from the legacy book of NRAM (including £12 billion of loans within the Granite securitisation vehicle, plus a further £1billion of non-Granite assets) to Cerberus Capital Management LP.

UK Asset Resolution (UKAR) announces the transfer of its mortgage servicing operations to Computershare

Gross mortgage borrowing of £12 billion in the month was 12% higher than in April 2015

Gross mortgage borrowing of £12 billion in the month was 12% higher than in April 2015.  House purchase approval were 6% lower than in April 2015.

Government proposals in the Digital Economy Bill

Government proposals in the Digital Economy Bill,  suggests switching mortgages in seven days maybe possible in the future.

Mortgage fraud suffers losses equivalent to £1.3 billion annually, according the Annual Fraud Indicator 2016 report

Mortgage fraud suffers losses equivalent to £1.3 billion annually, according the Annual Fraud Indicator 2016 report. Out of every 10,000 mortgage applications, 84 are suspected of being fraudulent.

Shopacheck Financial Services merged with Morses Club

Cash Genie has voluntarily entered into a solvent liquidation

Capita acquires PayPoint’s Online Payments business

Marston acquire Burlington Group

Non-Standard Finance acquire Everyday Loans from Secured Trust Bank