Credit, Collections & Insolvency News
The government has published a report on Household debt. The report includes the latest statistics and forecasts for household debt in the UK and international comparisons. There is also a guide explaining how to understand and interpret household debt statistics and a summary of research looking at its effects on the economy. In the report…
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The government has announced that it will be cracking down on misleading consumer practices including subscription traps, where people pay subscriptions they aren’t aware they’ve agreed to. A report from Citizens Advice last year found as many as 2 million people struggle to cancel continuous payments – often used for buying products online – and…
Read moreCallcredit Information Group has announced the appointment of three new global market development leaders. Eamonn Tierney, the Group’s current Managing Director, Credit Solutions, will move to head up a consolidated UK business development team. Rick Biggs, the Group’s current Managing Director, Software, Analytics & Fraud, will become the head for the Group’s International Markets. A new head…
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Morses Club has announced its latest company results to 25th February 2017. Total credit issued increased by 18% to £144m compared with the prior year, with customer numbers increasing by 9% to 216,000 as at 25 February 2017. This increase reflects the success of new territory builds and acquisitions in our core home collect credit…
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Consumers spent £647 billion using payment cards in 2016, new figures fromThe UK Cards Association show. There were 14.8 billion card transactions in 2016, equivalent to 40.5 million transactions a day or 469 a second, data from The UK Cards Association shows. Three-quarters of retail spending (76.4 per cent) was on payment cards. Retail spending on…
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The Bank of England has released it’s latest Money & Credit statistics for January 2017. In response to the statistics, Peter Tutton, Head of Policy at StepChange Debt Charity, said: “While the consumer credit growth rate has slowed, the level of outstanding unsecured debt continues to increase by more than 10% year on year and another £1…
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Equifax has been granted full Financial Conduct Authority (FCA) authorisation. The FCA approval comes at a pivotal time for credit reference agencies (CRAs), with technological advances and shifts in customer behaviour fuelling important developments in data sharing, evidenced by industry initiatives such as Commercial Credit Data Sharing (CCDS) and the Open Banking Standard. Patricio Remon, President…
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Today sees the launch of the new Standard Financial Statement (SFS), an initiative designed to bring greater consistency to the way organisations assess people’s finances when they are in debt. The SFS, the launch of which has been co-ordinated by the Money Advice Service, will be adopted by all major debt advice providers across commercial and…
Read moreMasthaven have appointed Matt Andrews as the new Managing Director of Mortgages. Andrews is the Managing Director of Bluestone Mortgages. Andrews brings 10 years of mortgage leadership experience with him and prior to his role at Bluestone he was Managing Director of a Merrill Lynch mortgage division and a Director at Kensington Mortgages’ direct to consumer operation.…
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Experian has announced that it has achieved full Financial Conduct Authority (FCA) authorisation Charles Butterworth, Managing Director at Experian said ” The process has allowed Experian to stress-test our risk management structures and the plans we have in place to ensure fair outcomes for our customers. We have always looked to implement effective resolutions for people, to…
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Provenir has announced a partnership with Bisnode. The collaboration paves the way for innovative, real-time risk decisioning services for European businesses. In search of growth and cost efficiency, companies in Europe seek solutions to optimise their credit risk processes. Agile solutions that can respond quickly to rapid and on-going business and regulatory changes are vital. Bisnode…
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The latest complaint figures released by the Financial Ombudsman Service (FOS) shows that Payday loans complaints have risen by 22%. Complaints to the financial ombudsman about payday loans have risen to almost 200 a week. During the second half of 2016 the Financial Ombudsman Service received 5,095 new payday lending complaints, up 22% on the first six…
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Bluestone Group has announced the appointment of David Torpey as Managing Director (MD) of Bluestone Mortgages and Group Chief Operations Officer (COO). Torpey will fill the newly created COO role as well as assuming the position of Managing Director of Bluestone’s mortgage business, replacing Matt Andrews who has recently left the business. Torpey brings nearly…
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