Credit, Collections & Insolvency News
Someone taking out a personal loan pays on average twice the advertised APR according to the analysis of loan interest rates by The Centre for Economic and Business Research (CEBR) on behalf of Saga Money. The average loan APR available on the High Street is 3.5%, but Bank of England data shows that effective interest…
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The Money Charity has released statistics which show that it would now take 30 years to save for a deposit for a home. Releasing their latest Money Statistics the report finds that historically low saving rates and negligible returns on deposits make home ownership an ever more distant dream for many. If someone on the average…
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New market and regulatory forces are having a major impact on the UK debt collections sector. The industry is going through a transitionary phase and as a result, businesses are having to shift their operational focus and adapt their business models. One of the biggest changes has been in the nature of the regulatory environment.…
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The Council of Mortgage Lenders has published it’s latest home buying figures which indicate that home buying activity up 7% in February. Looking on a seasonally adjusted basis, first-time buyer and home mover activity increased by value month-on-month and year-on-year. Buy-to-let house purchase and remortgage activity remained unchanged by volume and by value month-on-month, but…
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Online research from Equifax has revealed that a significant portion of social media users risk identity theft by giving fraudsters easy access to personal information. The online survey conducted by YouGov found that almost one-third (30%) of British adults with a social media account include their full name and date of birth on their profile…
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With the implementation date just over a year away, there is still a lot of conjecture surrounding the impending General Data Protection Regulation (GDPR), particularly around its appropriateness and applicability once the UK leaves the EU. One thing that is clear, however, is that now is the time for any firm handling personal data to…
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MortgageGym.com has announced the appointment of Jeremy Moll as Chief Commercial Officer. Moll has over 28 years of experience in the UK mortgage and insurance industries. He was part of the senior team that established CompareTheMarket as the leading price comparison brand in the UK, during which time he grew revenues significantly. Jeremy was responsible for…
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Skipton Building Society has announced the sale of its Amber Homeloans Limited and North Yorkshire Limited mortgage portfolio to an affiliate of a fund managed by a global investment management firm. The portfolio is estimated be worth £220 million and consists of 1,600 UK mortgages The transaction is due to complete by the end of Apri.…
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New figures released today by the Finance & Leasing Association (FLA) show that the point of sale (POS) consumer car finance market reported new business volumes down 2% in February, compared with the same month in 2016, while the value of new business was up by 2% over the same period. New business in the…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell 3% in February, compared with the same month in 2016. Credit card and personal loan new business together fell by 4% compared with February 2016, while retail store and online credit new business was down by 5%.…
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Oakam has enhanced its mobile app with the launch of Oakam Grow, a new feature that uses gamification to make consumer finance more engaging, rewarding and inclusive. Oakam Grow builds on the UK-based consumer lender’s application of behavioural science to encourage the development of positive credit habits, and supports its strategy to bring digital disruption to the largely analogue micro-credit…
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MortgageGym.com, the world’s only regulated mortgage robo-adviser, will be launched in the UK in the coming months. The service will allow UK homebuyers to complete their mortgage application online in 15 minutes through a free, online portal combining robo- and live-broker advice. Mortgage Gym empowers brokers to acquire customers independently, operate a paperless business and…
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Consumer credit continues to climb in the latest data release from the Bank of England. Key numbers include: Total outstanding consumer credit (excluding student loans and property related debt) hit £196bn The collective credit card balance is £67.3bn Consumers borrowed an additional £1.4bn in February alone Approvals of loans secured on dwellings fell slightly in…
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