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Consumer Credit News
‘Team Vida’ raises £5,000 for Shelter
Monday, 21 August 2017
A team of eight Vida Homeloans staff members, consisting of David Tweedy, Louisa Sedgwick, Ian Giles, Simon Burnell, Tommy Wight, Plamen Mitkov, Joshua Dines and Dave Whitford, successfully completed the Prudential RideLondon -Surrey100 on 30th July 2017 to raise £5,000 for Shelter.
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BLOG: How “Hard Mark” Credit Checks are Quietly Costing Consumers
Monday, 21 August 2017
It is not unreasonable for consumers to assume that they should be able to assess their eligibility for a loan without damaging their future prospects. The majority of lenders perform hard credit checks on customers when applying for a loan, and as a result are hiking the cost of borrowing for the customers they decline. Sarah Jackson, Director at Equiniti Pancredit, highlights the glitch in the system and explores how lenders can use automation to stay on the right side of their customers. 
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Mansfield Building Society's later life offer added to AIR Sourcing
Monday, 21 August 2017
Equity Release Club, the distributor for equity release and later life advisers, and AIR Sourcing, the sourcing system for equity release and retirement lending products, have today announced a new relationship with Mansfield Building Society.
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Consumer new car finance volumes down by 8% in June
Wednesday, 16 August 2017
New figures released today by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer new car finance business volumes fell by 8% in June, compared with the same month in 2016, while the value of new business was flat over the same period. In the second quarter of 2017 overall, new business fell 7% by value and 16% by volume.
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Second charge mortgage market growth continues in June
Wednesday, 16 August 2017
Commenting on the June 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:  “In June, the second charge mortgage market reported its fourth consecutive month of growth, with new business up 33% by value and 22% by volume. The number of new second charge mortgages in the first half of 2017 was 10,401, 11% higher than in the same period in 2016.
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Consumer finance grows by 7% in June
Wednesday, 16 August 2017
New figures released today by the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in June, compared with the same month last year, and growth of 4% in the second quarter of 2017 overall.
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Staff incentives, remuneration and performance management in consumer credit – FCA Consultation
Wednesday, 16 August 2017
In July, the FCA issued a consultation document ‘Staff Incentives, Remuneration and Performance Management in Consumer Credit’, seeking feedback from the market by October 4th as they move towards formal plans/guidance. It is likely to have a significant impact on both car sales and finance as MotoNovo Finance Motor Division CEO Karl Werner notes:  “The FCA’s announcement, which is set to affect customer facing staff and their managers across all areas of lending and collection activity, is likely to have a significant impact on both car sales and car financing. Overall, we believe that the changes that are likely to be required will help to enhance consumer and perceptions of dealer finance by ensuring their needs are at the forefront of the credit process.  
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Comment on UK Finance (CML) trends in lending for June from Richard Pike
Tuesday, 15 August 2017
Richard Pike, Phoebus Software sales and marketing director, says “It appears that the government plans to get more first-time-buyers onto the property ladder are starting to bear fruit.  Activity in this area of the market reached its highest level since November 2006, with 36,000 purchases in the month.  However, where there are winners there are also losers and the buy-to-let market continues to suffer from the same government intervention.  Nonetheless, it is encouraging, given the recent political upheaval, to see people moving again.  
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Digital Micro-Lender Oakam Announces Julie Haugen as Chief Product & Marketing Officer
Monday, 14 August 2017
Oakam, a digital micro-lender for the UK’s unbanked and underbanked consumers, has appointed Julie Haugen to Chief Product & Marketing Officer. Most recently, she was Oakam’s Head of Digital Strategy & Customer Experience, playing an instrumental role in the digital transformation of the business. In her new position, Julie will drive customer-led digital product innovation through closer alignment of Oakam’s marketing and product teams.
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Credit life insurance regulations are now in effect
Friday, 11 August 2017
South Africa: Lesiba Mashapa, Company Secretary at the National Credit Regulator (NCR) says the final credit life insurance regulations which prescribe the minimum benefits that must be offered to consumers and the limitations or exclusions that apply to the insurance cover have come into effect on 09 August 2017. These regulations were published in the Government Gazette in February 2017 and were set to come to effect six months after the date of publication. 
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Average rents for a two bedroom property increase 27% since 2011 in East of England
Friday, 11 August 2017
Pay has to rise to allow workers to afford these ever rising rents so the public sector pay cap and the below inflation pay rises in both the public and private sectors has to end to avoid a drop in consumer spending, which, if not checked will lead to a further recession says GMB London region.
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