All articles by Andy Thompson

Andy Thompson

Focus on affordability

A seminar arranged by credit reference agency Callcredit presented an opportunity for lenders to consider the new Consumer Credit Directive. New credit regulations and licensing rules, resulting from the European Consumer Credit Directive (CCD), will be coming into force over the next 10 months

Andy Thompson: How will ‘oral explanation’ work?

Pending finalisation of the UK regulations arising from the EU Consumer Credit Directive (CCD), one issue remains a particular concern in point-of-sale finance. The UK credit industry asked for dealers to be kept out of the definition of intermediaries for the purpose of these regulations, so that telephone helplines to the lender could be the sole or main point of oral explanation.

ANDY THOMPSON: Concern on title position

As a result of the recent EU Consumer Credit Directive (CCD), customers in regulated point-of-sale finance will receive a new right of withdrawal of 14 days from entering the agreement, coming into effect by June 2010.

Government dashes hopes on EU directive

The government has rejected the credit industrys claim that the new EU Consumer Credit Directive (CCD) could enforce the removal of consumers voluntary termination (VT) rights under Section 99 of the Consumer Credit Act 1974.

MPs release credit report

The Treasury Select Committee has finally produced its report on the impact of multiple credit searches on consumers credit scores This follows hearings of evidence on the subject late last year (see Motor Finance 62, December 2009).

Focus on footprints

The House of Commons Treasury Select Committee has been examining the issue of footprints left by multiple credit applications when consumers shop around for credit offers. As the Office of Fair Trading (OFT) commented in its own evidence to the Committee: Multiple applications can be indicative of the consumer having some difficulty in obtaining credit or could be a fraud warning.

Success for FLA on HP deals

The Finance & Leasing Association has persuaded HM Revenue & Customs (HMRC) to resolve a problem that could have disadvantaged buyers on hire purchase (HP)-type agreements, through the coming change in the VAT rate.

Are frameworks the answer?

A nationwide framework agreement for procuring vehicle fleets for the public sector already exists In the UK, public sector agencies especially local authorities and NHS trusts make extensive use of equipment leasing

MG Rover inquiry – strong criticism over finance arrangements

The recent official inquiry report on the MG Rover collapse in 2005 included a strong focus on the point-of-sale finance arrangements associated with the failed manufacturer. The final years of MG Rover Group (MGRG) represent a story of continuous loss-making on the manufacturing side

Andy Thompson: Final chapter approaches in VAT saga

Many motor lessors and dealers may soon know whether they can recover very substantial sums in VAT reclaims. These arise in connection with manufacturers’ volume bonuses.