Credit, Collections & Insolvency News
Today’s young adults are much less likely to own their own home than those in their place one or two decades ago according to a new report IFS research which looks at how and why homeownership rates have changed for young adults over the past twenty years. The biggest decline in homeownership has been among…
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Credit Kudos and Lending Works have announced a partnership that creates one of the first commercial applications of the new Open Banking standard. Credit bureau Credit Kudos and Lending Works, peer-to-peer (P2P) lending platform, are partnering to enable customers to benefit from the UK’s Open Banking initiative, a secure way for banking customers to take…
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Vernon Building Society has announced the appointment of Steve Fletcher as its new Chief Executive. Fletcher succeeds Mike Hanson, who has retired. Fletcher joins from Clydesdale and Yorkshire Bank, where he was head of customer banking networks. Fletcher says: “I am delighted to be joining the society at such an important and exciting time in its…
Read moreA recent survey conducted by leading online automotive shopping platform, CarGurus, has found that a staggering 47% of drivers with a car on finance admitted that they could not specify how much they had effectively borrowed to fund the vehicle. The research found that a further 63% of people with cars on finance acknowledge that…
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According to new research by Visa, household spending fell by 1.2 percent in January, compared to a year ago. This is the first time there has been such a decline since 2013 Mark Antipof, Chief Commercial Officer at Visa, commented “Consumer spending entered the New Year on a downbeat note, falling for the eighth time in…
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The Insolvency Service has announced that two directors involved in a debt management business whose actions caused distress to members of the public who were already in financial difficulty have been disqualified. Stephen Anthony Wooley and Kevin John Dursley gave disqualification undertakings to the Secretary of State for Business, Energy and Industrial Strategy following an investigation…
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Mortgage lending for first-time buyers, home movers and buy to let purchases all fell in December 2017 compared to the previous year. UK Finance’s latest mortgage trends update reveals. However, 2017 overall saw the highest number of first-time buyers (365,000) since 2006. There were 30,800 new first-time buyer mortgages completed in December, 5.2 percent fewer…
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A surge in consumer credit growth and the prospect of faster-than-expected interest rate rises have recently prompted concerns about the possibility of a fresh debt-bust in the UK, but it is the continuing overhang from the last crisis that is of more concern, according to a new Resolution Foundation report published today. With levels of…
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A drop in the average UK house price of the scale seen in the last financial crisis would put nearly half a million households at risk of negative equity according to analysis by third-party mortgage servicer Computershare. Computershare has forecast that the value of 4.12% of properties – or approximately 458,000 households – would drop…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in second charge mortgages continued to grow in 2017. Commenting on the 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “Second charge…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer car finance market in 2017 were at a similar level to 2016, while the value of new business was up by 6% over the same period. New business in December 2017 fell 2%…
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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…
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