Credit, Collections & Insolvency News
Which? is calling for the regulator to act on un-arranged overdraft fees after new research finds charges from big high street banks could cost up to 180% of the amount borrowed. The Which? research has found that consumers needing as little as £100 could be charged up to £156 more by some major high street banks…
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Buddy Loans has received full accreditation from the Financial Conduct Authority (FCA), enabling the U.K.’s leading guarantor loan provider to give more consumers access to credit. The Cheadle-based company was set-up in 2013 by entrepreneurs Guy Mackenzie and Nicholas Zapolski, to provide consumers, who have been refused loans from mainstream lenders, with affordable credit. Buddy…
Read moreDanske Bank has revealed its Northern Ireland business saw new mortgage lending approvals grow 96% over the past year. The Northern Irish arm reported a profit before impairments of £91million for the 12 months to the end of December 2016, a 5% increase on 2015. Kevin Kingston, CEO of Danske Bank UK, said it had introduced…
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Ofgem has announced the levels of the prepayment price cap which come into effect this April. The temporary price cap is one of the Competition and Market Authority’s (CMA) remedies resulting from its two year investigation of the energy market. The cap will initially apply to over four million households who prepay for their energy, mostly with…
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New research from Provident Personal Credit has revealed that almost half (47%) of the UK consider themselves to be ‘just about managing’ (JAMS) financially. The survey of 2,000 adults revealed that 14% had to give up necessities like food and daily travel costs to pay for unexpected expenses, with a further 11% of respondents saying they had…
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Steve Hughes has been named as the new Chief Executive Officer (CEO) of Principality Building Society. Hughes is currently the Finance and Transformation Director is set to move into the role in early March following Graeme Yorston’s decision to step down as CEO. Laurie Adams, chairman of Principality said “After a rigorous selection process, I am…
Read moreMillions of people in the UK who rent their homes from private landlords are putting themselves and their families at risk of eviction and financial hardship due to lack of a financial back-up plan, according to research from Scottish Widows. Despite almost a third (30%) of private renters admitting that they’d not be financially secure…
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Wonga will confirm that it has decided to offload BillPay, one of its most valuable units, to Klarna, a Swedish provider of e-commerce solutions according to Sky News. Klarna operates in Austria, Germany, the Netherlands and Switzerland. The deal will take place this week and will be worth about £60 million. Talks between Wonga and…
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The Competition and Markets Authority’s (CMA) shake-up of the banking industry will offer overdraft users the opportunity to save an average of £180 a year, while other current account holders can save an average of £92. In its final report on the retail banking market published last year, the CMA announced a package of reforms…
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Callcredit Information Group has announced a partnership with a new to market fintech platform, Smartr365, to speed up mortgage applications and provide real-time affordability assessments. The partnership will include providing Smartr365 users with access to MOGObankconnect, an app that enables consumers to securely share online banking transaction data using their personal device, to confirm income…
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The financial stresses and pressures of self-employment are taking their toll on family life, according to the latest report from Scottish Widows’ think tank, the Centre for the Modern Family. Findings of ‘Self-employment and the Family’ show that one in five relatives of a self-employed worker (20%) report increased stress levels in their household due…
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Brightstar Financial has announced that Bradley Moore will become its new managing director. Moore co-founded the specialist distributor with CEO Rob Jupp and director Kit Thompson in 2011 – will also continue in his current role of running Brightstar’s second charge mortgage division and Bright Mortgage Services. Rob Jupp said “Bradley has been with the…
Read moreLatest research from Equifax has discovered that 38% of people, in the UK, believe they always get the best deals through a comparison website. The online survey, conducted by YouGov also found that 70% of people use a comparison website when choosing a financial product. The Competition and Markets Authority (CMA) has recently launched a…
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