Credit, Collections & Insolvency News
The Central Bank of Ireland has published its latest Household Credit Market Report. The report collates information from internal and external sources to give an up-to-date picture of developments in the household credit market in Ireland. The report finds that Irish households continued to reduce their debt-to-income and debt-to-asset ratios during Q4 2016 but indebtedness…
Read more
The UK Cards Association has released its latest car expenditure statistics for March 2017 Highlights from the statistics include: Payment card spending in March 2017 was £57.8 billion, up by £335 million (0.6 per cent) on February Contactless payments amounted to 32 per cent of card purchases, an increase from 15 per cent a year…
Read more
Peer-to-peer lending platform RateSetter has appointed Joanna Wright as Chief Risk Officer. She will start in the role on 11th September. Wright joins RateSetter from GE Capital where she was Chief Risk Officer for GE Capital Bank in the UK, leading a team of over 200 risk professionals with responsibility for prudential and enterprise risks…
Read moreMortgageGym, the world’s only regulated mortgage robo-adviser, has announced the successful completion of a seed funding round of £2m ahead of its official aunch this summer. The FCA-authorised service, which is set to change the nature of mortgage advice in the UK, will allow homebuyers to complete their mortgage application online in 15 minutes through…
Read more
Bank of Ireland Group has announced the appointment of Francesca McDonagh as Group Chief Executive Officer (CEO). She will succeed Richie Boucher who steps down later this year. Ms McDonagh will also take up the position of Executive Director on the Board of the Group on 2 October 2017. McDonagh joins Bank of Ireland from…
Read moreNon-Standard Finance has announced that Loans at Home, the group’s home-collected credit business, had received its full FCA authorisation. Loans at Home was established in 1938 and occupied the number three position in UK home credit, according to Non-Standard Finance. A Non-Standard Finance statement said “Since acquisition, Loans at Home’s management team has completely revitalised all…
Read more
Paul Smee Director General, at the Council of Mortgage Lenders (CML) will leave his post after the UK Finance merger takes place. Smee said: “I will be moving on at an appropriate moment after the formation of UK Finance. I want the new body to land well.” UK Finance is expected to launch in July.Before joining the…
Read more
Less than half (49%) of consumers regularly change their passwords as a way to prevent fraud, according to research from Callcredit Information Group. Yet, the majority (66%) perceive the risk of identity theft and online fraud as one of their biggest concerns around sharing personal information online. The research, commissioned by Callcredit Information Group as…
Read more
The Council of Mortgage Lenders (CML) has published its latest home buyer figures. The highlights of thre report include: Home buyers borrowed £11.2bn, up 24% on February but down 19% on March 2016. This came to 61,700 loans, up 27% on February but down 12% on March 2016. First-time buyers borrowed £4.9bn for home-owner house…
Read moreAegon has released protection claims statistics that reveal people are likely to be under-protected for the amount of mortgage debt they have. According to figures from The Money Charity, the estimated average outstanding mortgage for the 11.1 million households with mortgage debt in the UK was £119,937 in January 2017. Stephen Crosbie, Protection Director at…
Read moreResearch by L&C Mortgages has revealed that 1.4 million UK households are struggling to pay their mortgage and 2.6 million people think their monthly mortgage payments are too high. Over half (58%) have never remortgaged for a better deal, as highlighted in L&C’s ongoing campaign to get homeowners to save as much as they possibly…
Read more
Equifax and Castlight have formed an alliance with Oakbrook Finance, the owners of consumer loan brand Likely Loans, to develop new products for the 2018 Open Banking initiative. Under Open Banking, bank transaction data will play a crucial role in lending decisions. Lenders will have access to real-time and historic account and transaction information, boosting…
Read more
The Council of Mortgage Lenders (CML) has released its latest member data and shows that the number of outstanding residential interest-only loans has been falling by between 10 and 13 per cent a year since 2012. In the CML survey covers well over 90% of all residential mortgages outstanding, reflecting the industry’s ongoing commitment to…
Read more