Credit, Collections & Insolvency News
The loan market in the UK is not fit for purpose according to research by Saga Money. The practice of offering teaser rates to tempt people into applying for a loan, only to be hit with a much higher rate on application, is rife in the market and is unfair to consumers. The average of…
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New analysis published by the TUC shows that household debt rose sharply over 2016, with unsecured debt (debt other than mortgages) reaching new highs. The TUC says weak wage growth has left more families reliant on borrowing to support their living standards. The analysis finds that: Unsecured debt per household rose to £12,887 in the…
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The Society of Motor Manufacturers (SMMT) said new car sales fell 1.1% in December against the same month a year ago. However, the UK new car market achieved another record year in 2016, with annual registrations climbing for the fifth year in a row to almost 2.7 million, according to figures published today by SMMT. The market…
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Equifax has formed a new strategic partnership with Castlight to launch a real-time affordability platform to support brokers and their clients with mortgage applications. The system will reduce the time it takes to make a mortgage application to as little as ten minutes. The new technology will, for the first time, give consumers the option…
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DFC Global the owner of Dollar UK which includes the Money Shop brand has been put up for sale amid a squeeze on profits following payday fee caps, according to Sky News sources. DFC Global has appointed the US investment bank KBW to sound out potential buyers for the business. Dollar UK brands also include the…
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The government’s plans for a fresh round of welfare cuts, dubbed ‘Bedroom Tax 2’, threatens to undermine housebuilding projects, increase homelessness, and weaken public sector finances across Scotland, it has been claimed. According to The Herald, payments to help tenants meet their social housing costs will be capped by the UK government for the first time with…
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Monese, a London, UK-based mobile banking service, has raised $10 million in funding. Backers included Anthemis Exponential Ventures, Korea Investment Partners and STE Capital. The company intends to use the funds to expand into mainland Europe as well as to launch new features like direct debit and credit services. Led by Norris Koppel, Chief Executive…
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The Competition and Markets Authority (CMA) has found that Mastercard’s acquisition of VocaLink gives rise to competition concerns. Mastercard UK Holdco Ltd, a subsidiary of Mastercard International is buying VocaLink Holdings Ltd (VocaLink). It already owns and operates credit and debit card schemes Mastercard, Maestro and Cirrus, and has also bid to supply infrastructure services…
Read moreHousehold bills rose by almost £200 in 2016 according to new findings from comparethemarket.com. An analysis of costs across energy, motor and home insurance found that, after a £180 drop in 2015, bills rose by 9.7% in the past year from £2,032 in 2015 to £2,223 in 2016. Key finings in the report included: The…
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Credit broker specialist firm Loan Link Limited has appointed liquidators. Loan Link was based in Cardiff with it’s main activities were brokering loans and arrears management services for its parent company Nemo Personal Finance. Principality Building Society acquired Loan Link Limited and formed second charge lender Nemo Personal Finance in 2004. In February 2015, second charge lender…
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The biggest rise in food and drink expenditure for 20 months has driven essential spending to its strongest level of growth since February 2014, according to the latest Lloyds Bank Spending Power Report. Overall essential spending grew by 1.0% last month, the third consecutive month of positive growth. Lloyds Bank’s analysis of its own current…
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South Tyneside Council has seen the amount of Council Tax it is owed almost double over the last three years. Data obtained shows that the authority was owed £1.19million at the end of the 2013/14 financial year. By the end of 2015/16, that figure had jumped to £2.04million – a rise of more than 70%.…
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Target Group has announced the signing of a new two year contract with the DVLA using their payments collection system. In 2014, Target and the DVLA introduced a newly automated system, which provided consumers with an alternative method of paying their vehicle tax. The payments solution was delivered in 18 weeks and supported the DVLA…
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