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Consumer finance up 4% in August
Friday, 06 October 2017
New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 4% compared with the same month last year.  
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Paul Nye to retire from Stonebridge Group at end of year
Friday, 06 October 2017
Stonebridge Group, the mortgage and insurance network, has today announced that its Director of Business Partnerships, Paul Nye, will retire at the end of the year. 
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People seeking help for debt 'more open' about their mental health
Friday, 06 October 2017
A personal finance expert says that the recent publicity around mental health problems has been instrumental in helping those in debt to talk about the challenges they face.  
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Merger of Consumer Finance Association and BCCA
Wednesday, 04 October 2017
The Consumer Finance Association and the BCCA are pleased to announce the completion of their merger. This brings to a close the process that was first announced in late July.  
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StepChange Debt Charity appoints new chief executive
Wednesday, 04 October 2017
Phil Andrew has been appointed as the new Chief Executive of StepChange Debt Charity. He will take up the post on November 20th, taking over from Mike O’Connor CBE.  
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StepChange Debt Charity response to Bank of England Money and Credit statistics
Wednesday, 04 October 2017
In response to the latest Bank of England Money and Credit Statistics, Peter Tutton, Head of Policy at StepChange Debt Charity, said:  “Consumer credit growth remains high, demand for debt advice is at record levels and, after years of decline since the economic crisis, the unsecured debt levels of our clients are increasing. Millions of people’s household finances are on a knife edge with nearly 9m people in the UK having had to rely on credit to cover essential household bills in the last year. Increasing levels of household borrowing will almost certainly mean more people falling into serious financial difficulty in the future. The Government needs to make this issue a policy priority now.”
 
Money Advice Service supports OFWAT recommendations to improve consumer debt
Wednesday, 04 October 2017
Craig Simmons, Head of Debt Advice at the Money Advice Service commented:  “We welcome OFWAT’s efforts to encourage greater support for people in financial difficulty. For those water companies looking to develop their practices, we’d encourage them to consider our resource “Working collaboratively with debt advice agencies – a strategic toolkit for creditors”, which has been created with creditors and debt advice agencies to set out good practice.”
 
Losing credit: outdated assessments push UK consumer debt off track
Thursday, 28 September 2017
Among growing concerns about high consumer debt levels in the UK, a new study finds that almost a third of credit card and personal loan debt - up to £35bn - is sitting with people who are deemed to have low financial maturity. Aire, which uses Artificial Intelligence (AI) technology to help lenders provide applicants with more accurate credit assessments, found that only 59% of UK adults show good signs of financial maturity in a basic test that underlines the need for a better understanding of credit applications.
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UK households curb spending on 'big ticket' items, accorrding to latest Disposable Income Index
Wednesday, 27 September 2017
The latest Disposable Income Index (DII) published today by ISA provider Scottish Friendly reveals that many Brits are curbing spending on ‘big ticket’ items as economic anxieties reign. A third of households (33%) say they have delayed expensive purchases of cars, home improvements or TVs in the last 12 months. The majority (79%) of these respondents say they don’t have enough money to cover the cost. However, one in five (20%) cited uncertainty over prices as the main factor for postponing a purchase.
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The winds of change are building for consumer credit
Wednesday, 27 September 2017
“There can be little doubt that the consumer credit market is set to face major change, with an increase in interest rates now firmly on the cards and the Bank of England signalling for increased lending prudence. Following virtually a decade of upward growth for our sector, the motor finance sector needs to be prepared for what for many will be a new experience, rising interest rates and tighter credit conditions,” observes Karl Werner CEO of MotoNovo Finance’s Motor Division, reflecting on the latest Bank of England Financial Policy Committee (FPC) Statement.  
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StepChange Debt Charity response to Labour credit card proposals
Tuesday, 26 September 2017
In response to the announcement that Labour plans to cap interest payments for people with persistent credit card debt, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:  “We welcome the focus on the issue of persistent credit card debt and the role it plays in the financial problems faced by millions of people across the UK. The way in which financial products are designed, especially credit cards, with low minimum repayments and high credit limits, can allow people to rapidly build up substantial debt levels and become trapped in spirals of unsustainable borrowing.  
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