12th September 2023 - Credit Connect

Financial worry taking a heavy toll on mental health of young people

12th September 2023 Arrears and Recoveries | #financial worries

Resarch from lender Creditspring has found that 30% of people say their mental health has deteriorated since the start of the cost-of-living crisis, with the rate rising to almost half (48%) among 25 to 34-year-olds. The research shows that financial woes are directly contributing to this widespread decline in mental health, with a quarter (23%)…

One in five households set to spend third of income on housing

12th September 2023 Banking and Loans | #housing costs

One in every five households in England (4.8 million) will be forced to spend more than a third of their income on housing by the end of the next parliament unless politicians commit to a long-term plan to fix the housing crisis, according to a new report by Pragmatix Advisory on behalf of the National Housing Federation…

Asset finance grew by 14% in July

12th September 2023 Asset Finance | #asset finance

New figures released by the Finance & Leasing Association (FLA) have shown that total asset finance new business (primarily leasing and hire purchase) grew in July 2023 by 14% compared with the same month in 2022. In the seven months to July 2023, new business was also 14% higher than in the same period in…

Consumer car finance new business falls by 6%

12th September 2023 Consumer Lending | #car finance

New figures released by the Finance & Leasing Association (FLA) have shown that consumer car finance new business volumes fell in July 2023 by 6% compared with the same month in 2022. The corresponding value of new business fell by 5% over the same period. In the seven months to July 2023, new business also…

Consumer finance fell by 2% in July

12th September 2023 Consumer Lending | #consumer credit

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in July 2023 by 2% compared with the same month in 2022. In the seven months to July 2023, new business remained 3% lower than in the same period in 2022. The retail store and online credit sector…

Second charge mortgage numbers falls by 14%

12th September 2023 Arrears and Recoveries | #second charge mortgages

Latest figures from the Finance & Leasing Association (FLA) show that second charge mortgage lending fell by 14% in July. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “The second charge mortgage…

Government confirms insolvency sector shake-up

12th September 2023 Insolvency | #insolvency regulation

The Government has announced an overhaul of insolvency regulation to modernise the framework, which it says will increase transparency, and bolster confidence in regulation. Central to the reforms are plans to introduce new rules requiring firms offering insolvency services to be regulated, in line with other regulated sectors such as audit and legal services. Currently,…

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