Credit, Collections & Insolvency News
Ahead of the Bank of England interest rate decision this Thursday (2 November) research from Equifax, the consumer and business insights expert, reveals 42% of Brits are worried about an interest rate rise. The online survey, conducted by YouGov, found that only 5% of people expect a rate hike within the next month, with 21%…
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Latest figures released by the Bank of England suggest that high levels of consumer credit will ‘increase scrutiny’ on household debt. The Bank of England has published its latest monthly Money and Credit report showing continued growth in consumer credit of 9.9 percent in the year to September. Outstanding balances for consumer credit now stand at…
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Over half of consumers in the UK say they feel under pressure to cut back on their spending at the moment, according to the latest Lloyds Bank Spending Power Report. In an Ipsos MORI survey of over 2,000 bank account holders in the UK, almost two-thirds (63%) of people expressed concern about current levels of…
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Monmouthshire Building Society has appointed Will Carroll as its new Chief Executive Officer. Carroll has served as interim Chief Executive at the society since James Bawa stepped down in June. Carroll previously held the role of Finance Director at the society and has been a member of the board for eight years. Chairman Haydn Warman said:“Our financial…
Read moreA rise in interest rates will result in monthly repayment shocks for millions of homeowners who are already living on a tight budget, according to figures from free debt advice provider PayPlan. PayPlan has launched an interest rate calculator this week to help clients find out how a potential mortgage rate rise might affect them.…
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New research suggests over six-and-a-half million people in the UK are wasting billions of pounds every year on regular payments that should be cancelled. These money worries are also the top source of stress for 15% of young adults. Digital banking service B’s independent research shows 1 in 8 (13%) people in the UK have…
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UK Finance has published its latest update on lending figures. The figures showed that Economic growth was subdued in the first half of 2017, and estimates of growth in the three months to September are only expected to be slightly higher, at around 0.4%. This compares with 0.3% growth in the first and second quarter…
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The Financial Ombudsman Service (FOS) has published its latest quarterly complaints figures. The data includes the number of enquiries and complaints passed to an ombudsman for a final decision, and the proportion of complaints resolved in favour of consumers. The data for the second quarter showed that new complaints received during July, August and September 2017.…
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Free debt advice provider PayPlan is encouraging loan and mortgage intermediaries to do more when it comes to consumers who have previously been declined credit. PayPlan believes that consumers who are declined credit due to affordability reasons following the application of a loan or mortgage to consolidate their debts should be signposted to independent debt…
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The FCA has announced today that it is investigating the circumstances surrounding a cybersecurity incident that led to the loss of UK customer data held by Equifax on the servers of its US parent. The FCA has released a short statement announcing the investigation but did not provide further details. Earlier this month, Equifax admitted…
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The impact of the cost of childcare on a family’s finances has been revealed in a new report, with childcare costs overtaking the cost of mortgage payments. The cost of childcare, has, in some cases, seen some parent turn to payday loans as a quick fix. As part of a UK-wide investigation, Admiral Loans researched…
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Following engagement with the Financial Conduct Authority (FCA), BrightHouse has committed to pay over £14.8 million (in the form of cash payments and balance adjustments) to 249,000 customers in respect of 384,000 agreements for lending which may not have been affordable and payments which should have been refunded. BrightHouse (a trading name of Caversham Finance)…
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The Consumer Finance Association (CFA), bringing together CFA and the BCCA, has announced the election of Julian Graham-Rack to the position of President of the newly merged association. He was elected by the new Board of directors. Caroline Walton (former President) and Richard Fuller (Chairman of the BCCA) have stepped down from their roles. Graham-Rack,…
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