Here is an overview of The Money Charity’s latest statistics for June 2018: Personal debt in the UK People in the UK owed £1.539 trillion at the end of April 2018. This is up from £1.535 trillion at the end of April 2017– an extra £949.30 per UK adult. Per adult in the UK that’s an average debt of…

Fico and Equifax have announced that they have launched a new risk and affordability decision Suite, which uses advanced predictive analytics to assess a consumer’s repayment risk as well as their ability to afford new credit. The partnership was announced at the Money20/20 Europe conference in Amsterdam. The Risk and Affordability Decision Suite is designed…

Following the Financial Conduct Authority (FCA) announcement on reform rent to own and overdraft reforms, industry figures have reacted on the news. Eric Leenders, Managing Director, Personal Finance at UK Finance said “People up and down the country use credit as a helpful means of managing their everyday spending, so we have been working closely…

The Financial Conduct Authority (FCA) has announced new proposals designed to protect millions of people who use overdrafts and high-cost credit. The changes the FCA are consulting on follow an in-depth review into the high-cost credit market and are expected to reduce the costs for consumers and give them greater control over their finances. These…

The government has announced that it will not review logbook loan reform as part of its Goods Mortgages Bill. The decision has been described as ‘deeply disappointing’ by the Money Advice Trust. The Bill, announced in the June 2017 Queen’s Speech, was drafted by the Law Commission following a comprehensive review commissioned by the Treasury in…

Doorstep lender Provident Financial has announced its latest financial results which indicate an upbeat start to 2018. Group Chief Executive, Malcolm Le May, Group Chief Executive, said “I am very pleased with the operational and financial performance of the group during the first quarter of the year and we are on-track to deliver results for…

The UK’s second largest home collected credit Morses Club has announced its preliminary results for the 52 weeks ended 24 February 2018. Commenting on the results Paul Smith, Chief Executive Officer of Morses Club, said “We are very pleased to report that FY18 was an even stronger year for Morses Club, reflecting our continued success in serving…

Illegal lending loan sharks will face a fresh new crackdown today as the government announces new funding to tackle unlawful lending. Over £5.5 million will be spent to fund the fight against loan sharks, helping to investigate and prosecute illegal lenders and support their victims. 100,000 of money already seized from loan sharks will also…

Millions of consumers looking to apply for a mortgage, credit, a new mobile phone contract, or even a better utility deal, risk being rejected because of false errors on their credit reports according to research by Amigo Loans. The UK’s largest guarantor lender’s latest research has found that 42% of people who check their credit…

The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year. The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the…

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