Credit, Collections & Insolvency News
NextGear Capital, part of Cox Automotive has appointed Liam Quegan as its new Managing Director. Quegan has replaced David Mercer, who helped launch the business in the UK. Quegan joins NextGear from Close Brothers Motor Finance, where he worked as Chief Operating Officer for almost three years. Michael Buxton, Chief Executive Officer of Cox Automotive UK…
Read moreAs 2018 fast approaches, new data from MoneySuperMarket reveals that the average Brit will see in the New Year with over two thousand pounds (£2,172) of debt hanging over their heads. Despite 55 percent of Brits feeling confident that they will stay within budget this Christmas, the leading price comparison website reveals that eight in 10 would…
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Five banks have announced that they will fail to be able to fully comply with ‘Open Banking’ rules by the CMA’s deadline of 13 January 2018. The five banks are HSBC, Barclays, RBS, Bank of Ireland and Santander’s private banking unit Carter Allen. Under the changes, firms such as challenger or online banks will be granted…
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Mortgage sales in the UK rose by 4.1% (£637.4 million) in November, according to Equifax Touchstone analysis of the intermediary marketplace. Year-on-year sales were up 3.0% (£470.1 million). Buy-to-let sales for the month jumped 10.8% (£334.1 million) on October. Residential figures were also up, increasing 2.5% (£303.3 million) on the previous month. The majority of…
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One in three consumers shopped ‘blindly’ this Christmas – by not checking their bank balance before, during or after hitting stores and retail websites according to latest research by Asda Money Despite 77 percent setting a typical budget of £539 the study of 2,000 adults found overall one fifth spent more than they intended to.…
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Decisioning software specialist LendingMetrics is set to launch a new Open Banking service in 2018. The “Open Bank Vision” campaign will launch in early 2018 as a free service. There will be zero setup fees, transaction fees, account fees, or indeed fees of any nature. The company has also emphasised that this is not an introductory offer,…
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Credit broker John Charcol has appointed Matthew Jackson as its new Head of Sales. Jackson joins from Niche Finance Group where he was Senior Associate Director responsible for managing a team with an annual turnover of £9m. Previously he has worked at Countrywide Mortgage Services and Connells Group. In his new role at John Charcol,…
Read moreOnline research from Equifax has revealed that 39% of Brits expect Brexit to negatively affect how they access and manage their finances. The survey, conducted by YouGov, also highlighted the younger generations’ pessimism about Brexit with over half (56%) of 18-24 year olds believing exiting the EU will make it more difficult to access and…
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Increasingly tough economic conditions in 2018 could lead to a boost for flexible motor finance, which is designed to sit alongside traditional prime lenders on dealer panels. Startline Motor Finance says that, as the effects of a slowing economy start to be felt by individuals, fewer people will tend to be able to meet the…
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Christmas shoppers will spend record amounts on credit cards as consumers search for safer online shopping according to new research by Equiniti. Credit card payments have already seen an uptick in the value of payments made in 2017 with over £3 trillion already spent on credit cards up to October (the latest data available), compared…
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New research by TSB has revealed that 70 percent of consumers do not know the difference between a soft and hard credit check. This is potentially costing borrowers around £418 each in extra interest on a typical loan. The majority (61%) of providers perform unnecessary hard credit checks when a consumer looking for a personal…
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Financial Conduct Authority (FCA) plans to change how credit card firms offer credit limit increases do not go far enough to protect consumers from problem debt, Citizens Advice says. The update paper on credit cards and persistent debt released today shows the FCA has stopped short of the clear ban on unsolicited increases Citizens Advice…
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The Financial Conduct Authority (FCA) has published an updated consultation on rules to help customers in persistent credit card debt. This follows an April 2017 consultation paper on proposed remedies to help millions of people get out of expensive longer-term credit card debt. These include firms, at designated timeframes, prompting customers to make faster repayments…
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