Credit, Collections & Insolvency News
Overseas buyers and British expats without correct advice are finding it increasingly difficult to purchase property in the UK, according to research provided deVere Mortgages. The observation follows the introduction of new tougher requirements for buy-to-let borrowers year by UK lenders. Darren Mead, Head of Mortgages at the firm, which is part of deVere Group, one of…
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Ecology Building Society has announced the appointment of Martin Sims as its new Chief Operating Officer (COO). Sims joins after more than six years at Co-op Bank, having most recently served as senior manager for mortgages. Sims has also held positions at Royal Bank of Scotland and HBOS. Paul Ellis, CEO of Ecology, said “I…
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The number of guarantor loan problems Citizens Advice has helped people with has risen by 40% over the last year, latest figures show. When taking out a guarantor loan the borrower gives the name of a guarantor, normally a friend or family member, who is then pursued for payment if the borrower can’t repay. Last…
Read moreInequality is on the rise, with the difference in financial fortunes between low and high income families becoming starker over the past year, according to Aviva’s latest Family Finances Report. At the same time, families are also facing increased financial pressure from stalling incomes and savings, combined with rising debt and inflation fears. The savings…
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Eamonn Crowley has been named as Permanent TSB Group’s new Chief Financial Officer. Crowley is currently the Chief Financial Officer at Bank Zachodni WBK SA, Banco Santander’s publicly listed Polish retail and commercial bank. While at Bank Zachodni, Eamonn executed the merger between the bank and Kredyt Bank to form Poland’s number three bank. Jeremy Masding, group Chief…
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Retiring with debts outstanding is a problem that has started to grow again according to new research by Prudential. The proportion of people retiring in debt this year is at its highest level for seven years– jumping to one in four (25 per cent) of 2017’s retirees, up from one in five in 2016. Prudential’s…
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A five year study from Experian has revealed new insight into the financial attitudes and behaviours of people across Britain. The Financial Strategy Segments (FSS) tool identifies four key financial trends seen in the UK today, looking at how we spend, save and borrow, both now and in the future. Tax on Inertia Experian research…
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Express Gifts has entered into an agreement with the Financial Conduct Authority (FCA) to provide £12.5 million redress to approximately 330,000 customers who were sold insurance that offered little or no value. The insurance products sold by Express Gifts covered against accidental damage and theft for all products purchased from their Ace or Studio brands.…
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A third of Brits believe their partner is lying to them about how much money they spend. According to a survey conducted by Paymentsense on 2000 people in a relationship in the UK, people aren’t always honest to their partners about their spending habits. 40% of women admit to lying to their partner about what they…
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Credit broker Digitonomy Ltd has been fined £120,000 by the Information Commissioner’s Office (ICO) for being responsible for millions of marketing texts sent without proper consent. Between April 2015 and February 2016 there were 1,464 complaints about the spam messages which encouraged people to apply for loans and directed them to company websites. An ICO investigation revealed…
Read moreSome doorstep lenders are taking advantage of their position and putting people at risk of serious debt problems, Citizens Advice warns. A new report published by the charity today has identified a number of concerning practices by some doorstep lenders. The evidence, submitted to the Financial Conduct Authority today as part of its review into…
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New data released from the Council of Mortgage Lenders (CML) has revealed house purchase activity increased month-on-month and year-on-year but remortgage and buy-to-let levels decreased. Paul Smee, director general of the CML said “2016 could have been a potentially destabilising year of regulatory and political change, but the mortgage market has been resilient and adaptable.…
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Jaywing has announced a new partnership with West Bromwich Building Society to develop IFRS 9 and stress testing models as part of an integrated modelling programme that will underpin all regulatory modelling requirements.. One of the biggest challenges faced by lenders today is implementing a solution to IFRS 9 requirements that is proportionate to the…
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