Credit, Collections & Insolvency News
AvantCredit has announced that it is now fully authorised by the Financial Conduct Authority (FCA). AvantCredit have operated in the UK since October 2013 and has issued more than 70,000 loans to date, totaling nearly £200 million. The full authorisation covers all of AvantCredit’s credit and lending operations and includes permissions for credit broking, debt collection…
Read morePayday firm, CFO Lending, has entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers. A number of serious failings took place which…
Read morePeer-to-peer lender Ratesetter has now delivered more than £100million in car financing. Nick Elkan,from RateSetter Motor Finance said “These are exciting times and £100million is a fantastic milestone for us to reach. It proves that we are providing finance that car buyers need, competitively and efficiently. Obtaining finance via a peer-to-peer lender is no longer niche, but…
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The Council of Mortgage Lenders (CML) has published its latest mortgaging figures. While first-time buyer lending was down in July compared to June, the number of loans advanced to first-time buyers was the second highest monthly level of the year so far. Home mover activity was at its third highest monthly level this year by volume…
Read moreThe European Central Bank (ECB) will allow European banks to set their own targets for cutting the €900 billion of bad loans left over from the financial crisis. New guidance will require banks to set their own targets for the levels on non-performing loans (NPL), with only “significant” deviations triggering regulatory action. Sharon Donnery, the Irish…
Read moreHere is an overview of The Money Charity’s latest statistics for September 2016: Personal Debt in the UK People in the UK owed £1.496 trillion at the end of July 2016. This is up from £1.444 trillion at the end of July 2015 – an extra £1,028.50 per UK adult. Per adult in the UK that’s…
Read moreThe Law Commission has today published it’s report on Bill of Sale announcing a series of recommendations to protect borrowers from ‘unfair’ logbook loans. Logbook loans are a way for borrowers to use their vehicle as security for a loan. Borrowers who fall behind with payments can find their vehicle swiftly repossessed, as well as high…
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The Finance & Leasing Association (FLA) has released new figures that show that the point-of-sale (POS) consumer new car finance market grew 1% by value and 1% by volume in July, compared with the same month last year. The percentage of private new car sales financed by FLA members through the POS reached 85.3% in the…
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The Finance & Leasing Association (FLA) have released news figures showing that consumer finance new business in July was at a similar level to the same month last year. Credit card and personal loan new business together fell by 1% compared with July 2015, while new business in the second charge mortgage market was down 9% by…
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The Financial Ombudsman Service (FOS) has released the latest six-monthly complaints data relating to banks, insurers and other financial businesses. The figures published today show that the ombudsman took on a total of 169,132 new cases in the first half of 2016 – an increase of 3% on the previous period. Of the total cases…
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A third of students would rather ask their parents for money rather than forego nights out, a new study from Nationwide Flex Student has revealed. Two thirds of British parents have had to cut back on their standard of living to pay for their children’s university education, according to the poll. The study of 500…
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http://www.cityam.com/248777/consumer-spending-hit-13-month-high-august-brits-overspent
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New research published by the Money Advice Service* has identified that while over two thirds of young adults (69%) say they have financial goals, most don’t have a plan to reach them. This lack of financial planning could mean that many young adults may fall short of achieving their aspirations. Analysis carried out for the…
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