Credit, Collections & Insolvency News
The latest Bank of England figure has revealed that quoted household interest rates on credit cards rose significantly in July and are now at their highest level in nearly two and a half decades. New analysis from Freedom Finance has found that average credit card rates jumped 0.23 percentage points from June to hit 21.66%…
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New research by the Post Office indicates that people are turning back to cash to help them keep tighter control on their spending as living costs soar. Latest figures show that Post Offices handled £801 million in personal cash withdrawals in July, the most since records began five years ago, an increase of almost 8%…
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The number of companies in ‘critical financial distress’ has increased by 37% in the past year, insolvency specialists Begbies Traynor has warned. The latest Begbies Traynor Red Flag Alert report has revealed the financial strain continuing to be faced by thousands of British businesses. The research found that the number of companies rated as being…
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Digital provider Atom bank has announced that it has committed to the Lending Standards Board’s (LSB) practice for business customers, which drives fair outcomes for business banking customers. The outcomes focussed standards apply across a range of business models, from digital to high-street banks. They were first recognised by the FCA as an industry best…
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New data from specialist lender Hodge has found the average age of its 50+ mortgage customer has dropped by eight years since 2017. Analysing data from the past five years, the lender found since 2017 the average age of its 50+ mortgage customer has dropped from 73 to just 65 in 2022. Hodge also saw…
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