Credit, Collections & Insolvency News
Unsecured credit to UK households contracted in Q4 2017, the Bank of England’s (BoE) quarterly Credit Conditions Survey has found. Lenders also said they intended to tighten criteria for the unsecured credit sector, after an increase in default rates during Q4. Overall demand for unsecured lending products excluding credit cards fell during the period, for…
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Credit card specialist Newday has been fined £230,000 by the Information Commisioners Office (ICO) after they failed to ensure automated emails were sent to individuals who had consented to receive marketing. Newday was fined £230,000 after it was found to have sent over 44 million spam emails. Andy Curry, ICO Enforcement Group Manager, said “Firms…
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Figures released today show that 2017 was another record-breaking year for Bacs Payment Schemes Limited (Bacs), with over 6.34 billion payments, worth a total in excess of £4.9 Trillion, processed by the company behind Direct Debit in the UK. At the end of June 2017, a huge 111.7 million Direct Debits and Bacs Direct Credits…
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New figures released by the Finance & Leasing Association (FLA) show a growth in new business of second charge mortgages in November 2017. Commenting on the new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said: “The second charge mortgage…
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Consumer insight specialist, Callcredit Information Group, is predicting the emergence of a dual speed data economy as the phased adoption of Open Banking starts on 13th January 2018. Callcredit anticipates a gap will emerge between those businesses that are willing and able to harness the additional potential insights and enhanced consumer benefits Open Banking brings,…
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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 new car finance market fell by 8% in November, compared with the same month in 2016, while the value of new business increased by 2% over the same period. The percentage of private…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in November by 5%, compared with the same month in 2016. Credit card and personal loan new business together grew by 3% compared with November 2016, while retail store and online credit new business increased by 13%. Second charge…
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Consumers won’t pay off their Christmas debt until April, according to research by Piggybank. Hefty spends on gifts, food, drink and more means the typical adult won’t clear their festive spends until 14 weeks into 2018. On average those polled borrowed £398.19 either through loans or credit cards to cover Yuletide and everything which comes…
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Rapid growth in Britain’s consumer credit has been driven by borrowing by people with good credit scores, not subprime lending, according to research the Financial Conduct Authority (FCA) and Bank of England (BOE). Unsecured consumer lending grew at near double-digit rates in 2016 and 2017, and concern that lenders had overestimated their borrowers’ creditworthiness led…
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The increasing cost of living and the impact of Brexit top the Nation’s main financial concerns for 2018, according to new research from GoCompare. The research found that 40% of people think that 2018 will be a financially challenging year, with 12% admitting to being ‘seriously worried about their finances’ in the year ahead. The…
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Pawnbroker, H&T has announced a strong quarter four performance for pawnbroking and retail, and expects the full year profit before tax to be above current market expectations. The Group has delivered another good performance in its lending operations. The pledge book increased 11.6% to £46.1m (31 December 2016: £41.3m) as a result of the higher gold…
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Universal Credit has already left more than 100 council tenants across Nuneaton and Bedworth owing almost £120,000 in rent. According to borough council figures, there were 156 Local Authority (LA) tenants claiming Universal Credit (UC) and, of these, 126 were in arrears with their rent. The total amount of money owed was £118,000 and 60 per cent…
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There was no festive cheer for retailers as December rounded off as the worst year for consumer spending since 2012 according to new research by Visa. Commenting on the data, Mark Antipof, Chief Commercial Officer at Visa said “Christmas rounded off a lean year for retailers with consumer spending seeing its first consistent 12 month…
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