Credit, Collections & Insolvency News
Ignition Credit, a UK provider of vehicle and asset finance for SMEs, is continuing to expand with the appointment of three new senior members to its team. With more than 20 years’ experience working in the finance industry both in the UK and internationally, Alan O’Connor has relocated to Cornwall to take up the position…
Read moreLatest Bank of England figures show that the annual growth of consumer credit (which includes credit cards, personal loans and overdrafts) was up 10.3% in April, up from the 10.2% recorded in March, but lower than February’s 10.5% rise. There were 64,645 home loans approved in April, the lowest number since September last year. The…
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The Central Bank of Ireland has released Ireland’s Money and Banking Statistics for April 2017. Drawdowns of consumer loans exceeded repayments by €158 million in April, the largest monthly increase since January 2011. The new lending largely comprises medium term loans, which typically include car loans, furniture and holiday loans. Here is an overview of the latest…
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Rapid growth in the use of contactless cards means cash will be overtaken as Britain’s most frequently used payment method by the end of 2018, according to a new report published by Payments UK, the trade association for the payments industry. This latest forecast still does not herald the demise of cash – even in…
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Irish regulator, The Central Bank of Ireland has fined the Bank of Ireland (BOI) €3,150,000 by the Central Bank of Ireland in respect of anti-money laundering (AML) and terrorist financing compliance failures. The Central Bank of Ireland reprimanded BOI for twelve breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 (the ‘CJA…
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New research from Which? University reveals that undergraduate students find managing finances as stressful as exams. A survey of over 2000 undergraduate students at UK universities shows that one in seven (15%) rank managing finances as the most stressful aspect of their university experience, alongside exams (15%) and almost as stressful as coursework (18%). The figures…
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The Council of Mortgage Lenders (CML) has estimated that gross mortgage lending reached £18.4 billion in April. This is 11% lower than March’s lending total of £20.7 billion, but is 4% higher than the £17.7 billion lent in April last year. Commenting on market conditions in this month’s market commentary, CML senior economist Mohammad Jamei…
Read moreThe British Bankers Association (BBA) latest high street banking data shows that consumer credit growth was 6.4% in April, compared with 6.1% in the previous month. Gross mortgage borrowing totalled £13.4 billion in April.* Net mortgage borrowing was 2.4% higher than a year ago. Eric Leenders, BBA Managing Director for Retail Banking said “As the…
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The TUC has published a new analysis of household debt, which finds that unsecured debt per household will reach a record high of £13,900 this year. Unsecured debt per household was £13,200 in 2016 – the highest figure since the financial crisis, and only marginally below the peak of £13,300 in 2007. The TUC analysis…
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Building Societies continued to approve one in three new mortgages across the UK in the first three months of 2017, and to provide a third of loans made to first time buyers according to latest statistics provided by the Building Societies Association (BSA). Gross lending by the sector was down 15% compared to last year…
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A new credit union, supported by the Retail Trust, has been launched. RetailCURe enables retailers to ensure that their employees can access responsible and affordable credit and savings products. RetailCURe offers rates on savings accounts; one per cent on instant access, two per cent on 6-month accounts and three per cent on one-year deposits. Savers…
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A lack of understanding and trust in technology is stalling mainstream adoption of innovative new services which could make millions of people’s daily lives simpler and more secure, new HSBC research reveals. A new HSBC research report, Trust in Technology, shows that technologies such as fingerprint recognition, voice recognition and robo-advice hold enormous potential for…
Read moreMore than one in ten (12%) Britons have had to cancel a credit or debit card in the past year due to online fraud, according to new research by comparethemarket.com. The latest statistics show a worsening state of affairs when it comes to cybercrime, with the number of people cancelling cards rising from 4.5 million…
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