Credit, Collections & Insolvency News
Two companies responsible for millions of spam texts offering easy access to loans have been fined by the Information Commissioner’s Office (ICO). Separate ICO investigations into Dorset-based Silver City Tech Ltd and Oracle Insurance Brokers Ltd, in London, found the firms had broken the law because they did not have the consent of the people…
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Findings from Close Brothers Motor Finance’s Dealer Satisfaction Survey reveal the majority (63%) are positive about their business prospects for 2017. The Dealer Satisfaction Survey is a continual telephone survey undertaken by Close Brothers Motor Finance and reported on a monthly and quarterly basis. The survey questions 750 new and used car, motorcycle and light…
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The first independent research to analyse the impact of the regulation and price cap on the high-cost short term credit market has been published. The study by the Social Market Foundation (SMF), commissioned by the Consumer Finance Association (CFA), shows consumers are now paying less to borrow. According to the report, high-cost short-term credit plays…
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Independent research commissioned by London-based bridging lender Market Financial Solutions (MFS) has revealed that 1.3 million of Britain’s high-net-worth individuals (HNWIs) have been denied a loan or any form of credit over the past five years. MFS’s new report ‘Asset Rich, Credit Poor’ surveyed a nationally representative sample of 2,000 UK adults, finding that 17%…
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Masthaven has launched as a digital bank. The bank will offer savings and lending products, saying it is committed to offering what people want, not just what is available. Masthaven says at the heart of the bank is a people business – which at launch sees 80% of employees already shareholders in the business. Access to…
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The Financial Conduct Authority (FCA) has today announced that it is seeking evidence and feedback to further inform its work on high-cost credit, including a review of the payday loan price cap. Since taking over regulation of consumer credit in April 2014, the FCA has focused on products that it believes pose the highest risks…
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The BBA has released high street bank figures for October. Dr Rebecca Harding, BBA Chief Economist, said “Consumer credit is now growing at its fastest rate since November 2006, reflecting strong retail sales growth. Consumer confidence remains robust as borrowers take advantage of record low interest rates. Mortgage approvals ticked up a little October. There has only…
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The UK Card Payments Association has announced that payment card spending grew by 0.6 per cent in September to reach £54.7 billion, driven largely by a £302 million rise in debit card spending. Card spending increased by £4.4 billion in the three months to the end of September compared to the previous quarter, a 2.8%…
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Paragon Bank has announced plans to launch a new range of specialist residential mortgages. In a report for the year ending 30th September 2016, the bank revealed that it intended to follow the launch of its development finance proposition and two acquisitions in the asset finance market with new specialist residential products in the first…
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Spring Finance has promoted Kate Hill to Underwriting Manager. Hill has been an underwriter at Spring Finance since joining the company in July 2015. She previously worked at packagers The Loans Engine and Loans Warehouse, as well as Barclay’s, during the first 13 years of her career. Hill will be assisted by new underwriter Penny…
Read moreA new study from Citizens Advice reveals the challenges faced by “just about managing families” and says many of the problems are ‘fixable’. The report is based on new analysis of the problems faced by the 700,000 working people helped by Citizens Advice between October 2015 and September 2016. It identifies the most common challenges…
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Research from a YouGov poll has revealed that almost half (49 per cent) of people in Scotland admit to being in debt with many of these feeling the strain, just weeks before Christmas. The poll, which was commissioned by Scotcash and Scotwest Credit Union, revealed almost 1 in 2 (49 per cent) of adults surveyed…
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A new survey from Freedom Finance, has revealed the UK’s decision to leave the European Union has had little effect on UK borrowers’ financial outlook. Almost half (43%) of all respondents believe that market uncertainty would enable them to negotiate a better mortgage deal. When asked whether Brexit impacted their borrowing decisions, more than two thirds…
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