Credit, Collections & Insolvency News
New research by the Money and Pensions Services (MaPS) has found that one in five (almost two million) Buy Now Pay Later (BNPL) are using it for essential items such as groceries (11%), toiletries and hygiene (8%), household bills (5%) and fuel (4%). There are an estimated 10.1 million BNPL customers in the UK and…
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With interest rates still remaining high, EY ITEM Club has predicted that the housing market will remain sluggish for the foreseeable future. EY Item Club says that the step-down in an already weak housing market activity in July probably reflected early summer’s challenges for the mortgage market. Rates have retreated recently as markets rein back…
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Money and Mental Health Policy has announced Lloyds Bank, Halifax and Bank of Scotland have each been awarded an ‘Advanced’ accreditation through the Mental Health Accessible programme – the first UK firms to receive this accolade. This is the second of three, progressively more demanding levels of accreditation a firm can achieve through the scheme…
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The Financial Conduct Authority (FCA) says that it analysing lenders’ fair value assessments following concerns that not all savers are getting good deals. The regulator has asked nine firms to provide their assessments of what value their savings products offer. The follows the introduction of the Consumer Duty in July, which requires firms to ensure…
Read moreLatest Bank of England data has found that the number of adults who are members of Credit Unions has passed two million for the first time. The number of adult members of Credit Unions grew by 1.3% in 2023 Quarter 1 (Q1). The total value of net liabilities in arrears grew by 10% to £139.8…
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Businesses in Wales had 84,451 fewer unpaid invoices on their books in July 2023 than July 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Wales have fallen from 233,925 in July 2022 to 149,474 in July…
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Latest FICO data on UK credit card trends reflects the impact of inflation on consumers’ budgets, as average spend hit its highest point in the 17 years since FICO records began, and average balances continued to track upwards. Although inflation started to drop in June 2023, the FICO report reveals the longer-term impact of rising…
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Confidence among British companies has risen to its highest level since before Russia invaded Ukraine, according to the Lloyds Bank Business Barometer. The survey shows that optimism has risen by 10 per cent to 41 per cent, the highest level since February 2022. The 10-point increase is the largest month on month rise since March…
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