Credit, Collections & Insolvency News
Uswitch has reported that consumers lost £422 million from 92,739 reported cases of fraud in the last quarter. In Quarter 4 (Q4) of 2023, consumers between the ages of 30-39 were the most likely to be the subject of fraud and cybercrime, with those aged 20-29 following closely behind. Over three quarters (76%) of fraud…
Read more
New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in February 2024 by 10% compared with the same month in 2023. In the first two months of 2024, new business was 9% higher than in the same period in 2023. The…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in February 2024 by 1% compared with the same month in 2023. The corresponding value of new business was at a similar level to February 2023. In the first two months of 2024, new business by…
Read more
New figures released by the Finance & Leasing Association (FLA) second charge mortgage new business volumes grew by 17% in February 2024. 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…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in February 2024 by 3% compared with the same month in 2023. In the first two months of 2024, new business was also 3% higher than in the same period in 2023. The credit card and personal loans…
Read more
New analysis by Mazars has found that the number of insolvencies by retailers has increased 19% in the past year to 2,195 in 2023/24 up from 1,843 in 2022/23. High profile retail insolvencies include The Body Shop in February, as well as fashion brand Ted Baker and online luxury fashion retailers MatchesFashion and Farfetch. Cautious…
Read more
New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments with 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. This is still higher than the 5.8 million recorded in February 2020, before the…
Read more
StepChange debt charity says it has seen an increasing demand for its services, providing full debt advice to 183,403 clients, a 10% rise year-on-year. The charity guided a further 277,621 people, and helped 17,456 people to become debt free, according to its 2023 Impact Report. With the cost-of-living crisis both worsening debt problems for some…
Read more
The Payment Systems Regulator (PSR) has published its Annual Plan, setting out its key aims, activities and costs for 2024/25. The annual [lan highlights that this year, the third of its five-year Strategy, will be an important one for consolidating the delivery of the PSR’s valuable work to improve payments for people and businesses across…
Read more