Credit, Collections & Insolvency News
Cash usage is thriving as withdrawals ratcheted up for the third year in a row since the pandemic, data from Nationwide has found. The recent surge comes as many people opt for cash to budget at a time when the cost of living remains high. The biggest building society recorded around 32.8 million cash withdrawals…
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Optimism in the financial services (FS) sector fell at the quickest pace since September 2022, according to the latest CBI Financial Services Survey. That is despite business volumes growing at a faster pace in the quarter to December. The quarterly survey, conducted between 21st November and 9th December 2024, showed that FS firms expect a…
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TransUnion has announced that it has signed a definitive agreement to acquire Monevo, a credit prequalification and distribution platform that empowers lenders and banks to deliver highly personalised credit offers to consumers via comparison websites and other third parties. TransUnion currently owns 30% of the equity of Monevo after acquiring a minority stake in 2021 and…
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Mike Morgan has been appointed as the new Chief Executive Officer (CEO) for Close Brothers. Morgan succeeds Adrian Sainsbury, who stepped down after four months of medical leave. Mike Biggs, Chairman, said “The board would like to sincerely thank Adrian for his material contribution during his 11 years with the Group, the last four of…
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ClearScore has announced that it has acquired Aro Finance, pending FCA approval. Clearscore says that the acquisition also brings significant capability in secured lending by adding secured loan brokerage to its core proposition. Serving nearly 24 million users around the world, ClearScore’s proprietary technology platform works by matching users to credit cards, loans and car finance…
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LendingMetrics, the credit risk technology group, has appointed software expert David Murray as Non-Executive Chair. The appointment follows LDC’s recent investment in LendingMetrics, Murray will work alongside CEO Neil Williams and Commercial Director David Wylie. Murray brings more than 30 years’ experience in software engineering and IT to LendingMetrics. He was the co-founder and CEO…
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Consumer credit grew by £0.9 billion in November, down from £2.3 billion in November 2023, according to latest Bank of England data. The figures show that consumer credit growth dropped to its weakest level in more than two years. The data also showed that mortgage approvals fell in November. However the figures still remain above…
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Lloyds Bank is warning that rogue retailers are preparing to rip off shoppers in the January sales, offering big online discounts to lure people into purchasing items that are never dispatched. The number of rogue retailers identified by Lloyds in January 2024 was 140% higher than the normal monthly average across the year, indicating that…
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The majority of UK households are heading into 2025 feeling financially secure, but more people think the health of the economy is worsening than improving according to KPMG’s UK Consumer Pulse survey. The analysis shows that 57% of people feel financially secure, while just a fifth (21%) feel insecure. While half of those polled said…
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Younger Brits are proving to be savvier with their finances than older generations, a new survey has shown. The study, conducted by credit score app CredAbility, reveals that nearly 60% of young adults (18- to 34-year-olds) understand their credit score and how it works, compared to just 42% of over-55s. The study also found that…
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Scotwest Credit Union has announced a partnership with LendingMetrics to install automated underwriting technology to speed up decisioning. The Glasgow-based provider, which offers loans and savings accounts. David Wylie, Commercial Director of LendingMetrics, said: “After considering a range of options, Scotwest decided ADP represented their optimal choice. They particularly liked the facility to change rules…
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New research by HSBC has found that boosting mental health is a key driver for adopting good saving habits, with one in three (31%) people in the UK confirming that they are less stressed when they are saving regularly. HSBC says that consumers will be using the ‘Twixmas’ period to lean into saving habits and…
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New research by the Resolution Foundation has found that youth home ownership rates have risen since the mid-2010s trough to leave younger millennials with greater home ownership rates at age 25 than older millennials had at that age. But with middle- and higher-income households gaining the most in recent years, the property divide between rich…
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