Credit, Collections & Insolvency News
MoneySuperMarket analysed three million loan enquiries made on its Smart Search tool from January 2015 – March 2017 to find that more than one in four (28 per cent) Brits want to borrow an amount equal to at least half of their annual income. Worryingly, almost 10 per cent of personal loan enquiries are from people hoping…
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Aldermore has announced the appointment of John Wood to the newly created role of Chief Credit Officer. Wood joins Aldermore from Royal Bank of Scotland where he has worked for the last 27 years in a variety of portfolio management and risk roles. More recently he held responsibility for the embedding of a credit risk management…
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Lloyds Banking Group has announced a simplification of overdrafts for its personal current account customers. According to Lloyds statement, the new approach will be simple, clear and will give customers more control of their overdraft borrowing. “We understand that, across the banking sector, overdrafts can be complex and confusing for customers. Lloyds Banking Group has…
Read moreBritish financial firms need to respect the spirit, and not just the letter, of rules designed to prevent another financial crisis, one of the Bank Of England’s (BoE) deputy governors said on Monday. Sam Woods, who is in charge of the BoE’s day-to-day regulation of banks and insurers, said “fixed rules could never keep up…
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Robo adviser MortgageGym.com has announced an investment agreement with financial services comparison website GoCompare. MortgageGym, in partnership with GoCompare and Experian, will provide consumers with access to a first-of-its-kind digital mortgage marketplace providing an end-to-end online solution that promises to transform the UK’s out-of-date mortgage application process. The company’s website will be the only online service that…
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Capita has announced the sale of the Capita Asset Services businesses (CAS) to Link Administration Holdings (Link Group) for a cash free, debt free consideration of £888 million. Capita Asset Services offers a range of services including mortgage and loan servicing. Capita has previously entered the UK mortgage servicing Crown Mortgage Management and Vertex Mortgage…
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New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market fell 1% by value and 13% by volume in May, compared with the same month in 2016. This is in line with the fall in private new car sales…
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The Finance and Leasing Association’s latest figures see continued growth in second charge mortgage lending during May 2017. Commenting on 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 mortgage new business has ebbed and flowed over…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in May by 8% compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with May 2016, while retail store and online credit new business increased by 3%. Second charge…
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FinTech and regulatory services businessEquiniti Group have announced the acquisition of the Nostrum Group. Nostrum is a provider of end-to-end loan management technology that helps banks, finance companies, and retail brands provide innovative credit solutions to their customers. They deliver services that support the whole lifecycle of lenders’ operations from front-end lead generation and application processing…
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Hammersmith & Fulham Council and Debt Purchaser 1st Credit have launched a new joint venture: H&F Ethical Debt Collections, at the Local Government Association’s annual conference in Birmingham.The partnership changes the way public sector debts are handled, ending the two-tier treatment of customers in debt by applying Financial Conduct Authority (FCA) standards to public as…
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Has the expansion of car finance overstretched borrowers? Over the past decade, there has been a significant shift in patterns of consumer behaviour in relation to purchasing of new cars. UK private car registrations were 39% higher in 2016 than they were in 2011, a trend which has in part been driven by the expansion…
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New research from innovative equity release lender more 2 life has revealed that 41% of over 65 year olds with a mortgage are on an interest-only product. Of these borrowers, almost 4 in ten are 65-74 year olds and over half (56%) are over 75 years old. Individuals who do not have a separate savings…
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