Credit, Collections & Insolvency News
Research from Equifax has revealed that 60% of consumers think that fewer than three security steps, including passwords, card readers or letters from a memorable word, are insufficient to assure their bank account is secure and not accessible by other people. The online survey, conducted by YouGov, found just over a fifth of the British…
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The latest research from Plentific.com, an online home service marketplace, has found that financial help from the Bank of Mum and Dad isn’t just limited to purchasing a property; it also extends to improving the home. A fifth of homeowners (18%) say they rely on the Bank of Mum and Dad to help finance home…
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Here is an overview of The Money Charity’s latest statistics for May 2017: Personal debt in the UK People in the UK owed £1.529 trillion at the end of March 2017. This is up from £1.484 trillion at the end of March 2016 – an extra £886.84 per UK adult. The average total debt per…
Read moreThe Bank of England’s latest money and credit statistics have revealed that mortgage approvals have fallen to a six month low. The statistics also show an increase in consumer debts such as credit cards and loans. The Bank of England’s figures for March 2017 show consumer credit increased by 10.2% in the year to March, to…
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Jonathan Westhoff, Chief Executive of the West Bromwich Building Society, has been elected Chairman of the BSA. He replaces Dick Jenkins, Chief Executive of the Bath Building Society, who has held the post since November 2015. At the same time, Stephen Mitcham, Chief Executive of Cambridge Building Society, has been elected as Deputy Chairman. Commenting…
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Nava has announced its appointment of Equifax to support the underwriting of unsecured personal loans for its UK borrowers. Nava has integrated Equifax solutions with its existing underwriting and risk management software, to support its credit analytics, credit scoring and applicant ratings. Nava is a next generation consumer lending platform due to launch later this…
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Morses Club PLC, the UK’s second largest home collected credit lender, has announced that it has received full FCA authorisation following a period of operating under interim permission. Paul Smith, Chief Executive Officer of Morses Club, commented “We are delighted to have received full FCA authorisation, marking a significant step in the development of the…
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A study, by the International Longevity Centre-UK (ILC-UK), supported by the Building Societies Association (BSA) has found that borrowing into older age is likely to move from niche to mainstream within the next decade. The amount of mortgage debt held by over 65s is set to increase by more than £19 billion by 2030 (from…
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The Mortgage division of Secure Trust Bank has agreed a strategic partnership with Optima Legal, as the firm looks to make headway in the ‘fee assisted’ remortgage market. Secure Trust Bank’s new Mortgage team will work with Optima Legal to ensure that new mortgage instructions are dealt with as quickly and smoothly as possible for…
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Legal & General and Cebr have published a new report into the role the Bank of Mum and Dad plays in helping their children get on, or move up the property ladder. The research shows the Bank of Mum and Dad will lend over £6.5 billion in 2017, up from £5bn in 2016, providing deposits for…
Read moreFamilies in Britain who are struggling financially are increasingly becoming prime targets of financial fraud, according to new research from Experian. This group, made up of more than 4 million people in the UK, have experienced the highest growth rate in fraud between 2014 and 2016. Of all the fraudulent credit applications made using an…
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New figures fromThe UK Cards Association show that total card spending in February 2017 was £57.2 billion, an increase of £300 million on January, and up from £52.2 billion in February 2016. Other findings in the report showed: The number of card purchases increased to 1.3 billion, up by 14 million during the month and…
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The latest results Insolvency statistics from The Insolvency Service for Quarter 1 (January to March 2016) reveal that Personal Insolvency numbers have gone up. The main findings of the report were: Total individual insolvencies increased this quarter, driven primarily by an increase in individual voluntary arrangements. This was the highest number of individual insolvencies since Q2…
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