Here is an overview of The Money Charity’s latest statistics for January 2018: Personal debt in the UK People in the UK owed £1.566 trillion at the end of November 2017. This is up from £1.512 trillion at the end of November 2016 – an extra £1,040.96 per UK adult. Per adult in the UK that’s an average…

Consents Online has announced that it has received authorisation from the Financial Conduct Authority (FCA) as a Registered Account Information Service Provider (“AISP”). At the website consents.online, the company provides a single place where consumers can control the information they share with third parties with complete transparency. Initially managing the sharing of bank transaction data…

Consumer insight specialist, Callcredit Information Group, is predicting the emergence of a dual speed data economy as the phased adoption of Open Banking starts on 13th January 2018. Callcredit anticipates a gap will emerge between those businesses that are willing and able to harness the additional potential insights and enhanced consumer benefits Open Banking brings,…

New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 8% in November, compared with the same month in 2016, while the value of new business increased by 2% over the same period. The percentage of private…

New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in November by 5%, compared with the same month in 2016. Credit card and personal loan new business together grew by 3% compared with November 2016, while retail store and online credit new business increased by 13%. Second charge…

Rapid growth in Britain’s consumer credit has been driven by borrowing by people with good credit scores, not subprime lending, according to research the Financial Conduct Authority (FCA) and Bank of England (BOE). Unsecured consumer lending grew at near double-digit rates in 2016 and 2017, and concern that lenders had overestimated their borrowers’ creditworthiness led…

Plans to protect people from unresolved debts which can damage credit ratings without them knowing have been outlined by the Government. It has launched a consultation on how County Court Judgments (CCJs) are issued after concerns were raised that some rogue companies were deliberately sending claims to consumers using incorrect addresses. Credit ratings can be…

New research from uSwitch.com has indicated that one in four consumers will carry an average credit card debt of £452 into this year. Despite the cost of living reaching a five year high in 2017, the British public has not held back on their Christmas spending, with almost £8.5 billion being spent on plastic this…

Decisioning software specialist LendingMetrics is set to launch a new Open Banking service in 2018. The  “Open Bank Vision” campaign will launch in early 2018 as a free service. There will be zero setup fees, transaction fees, account fees, or indeed fees of any nature. The company has also emphasised that this is not an introductory offer,…

New research by TSB has revealed that 70 percent of consumers do not know the difference between a soft and hard credit check.  This is potentially costing borrowers around £418 each in extra interest on a typical loan. The majority (61%) of providers perform unnecessary hard credit checks when a consumer looking for a personal…

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