Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published the data on the number of complaints reported by firms for the first half of 2017. In total, 3.32 million complaints were recorded by firms in the first half of 2017. This compares to 3.04 million in the second half of 2016. Since June 2016, firms have been…
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Software specialist, Equiniti Data and Equiniti Cyber Security have announced the opening of a new software development centre in Exeter. The centre works across both areas of the business and allows Equiniti to accelerate the development of innovative data platforms and cyber security solutions aimed at large enterprises across the UK and beyond. Equinitech will be home…
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The Intermediary Mortgage Lenders Association (MLA) has announced that it has seen an increase in demand for 35-year mortgages. Highlights from its latest report indicate that: Nearly seven in ten (69%) mortgage brokers report an increase in demand for 35-year mortgages in IMLA’s latest Intermediary Lending Outlook research Over one in ten (13%) report a…
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More than half (52 percent) of UK consumers think fraud is an inevitable part of shopping online, according to new research conducted by Paysafe, a leading global payments provider. In a wake-up call for online business, the Lost in Transaction report contradicts the widely-held belief that consumers value convenience and experience over security when shopping…
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Peer-to-peer lending platform RateSetter has been granted full regulatory authorisation by the Financial Conduct Authority (FCA). Launched in 2010, RateSetter is opening access for everyday investors to the asset class of loans by matching lenders directly to creditworthy consumer and commercial borrowers. In July, RateSetter passed the milestone of £2bn in total lending and has…
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Here is an overview of The Money Charity’s latest statistics for October 2017: Personal debt in the UK People in the UK owed £1.554 trillion at the end of August 2017. This is up from £1.5 trillion at the end of July 2016 – an extra £1029.82 per UK adult. Per adult in the UK that’s an average debt…
Read moreLatest figures published by the Money Charity indicate that outstanding debt on mortgages has hit all-time high in the UK. Continued growth in house prices, along with a small decline in the number of outstanding home loans has led to the highest level of mortgage debt per household ever recorded. In its October Money Statistics report,…
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Over the past year, UK consumers’ unsecured debt, amassed primarily on credit cards, student loans, car financing and overdrafts, has reached an all-time high of close to £300bn, or £11,000 per household, growing at a faster rate than at any time in the past 15 years, According a new PwC analysis report. As evidence of…
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The Financial Conduct Authority’s (FCA) has warned of a pronounced build-up of debt among young people. In an interview with the BBC, FCA Chief Andrew Bailey has highlighted the ‘growing debt burden’ on young people. The warning, which follows a tour of visits by Andrew Bailey to debt charities including National Debtline, coincides with new…
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The Money Advice Liaison Group (MALG) has announced its line for its 30th annual Conference. The conference provides money advisers, creditors, and stakeholders with an opportunity to network and debate current and future issues in the spirit of ‘working together to improve the lives of people in debt’. The 2017 conference, sponsored by Cabot Credit…
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Provident Financial has confirmed its loss of up to £120m for the year and announced a recovery plan which includes the search for a new Chief Executive. Provident Financial said it’s expecting a pre-exceptional loss for its consumer credit division of £80m-£120m for 2017, and won’t be paying a dividend this year. The loss remains…
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Low-income households are becoming increasingly exposed to rent increases according to the Institute For Fiscal Studies (IFS). The research has found that the proportion of people in Great Britain living in private rented accommodation has more than doubled since the mid-1990s. Over the same period, average private rents have risen by 33% in real terms.…
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How cloud technology can improve collections performance In today’s world, few consumers are immune to the risk of personal debt. The uncertain nature of the global economy is creating a new breed of debtor, in the form of a consumer who has temporarily fallen on hard times, after living their whole lives as reliable bill-payers.…
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