HSBC has voluntarily agreed to extend its redress scheme for customers who may have lost out by paying an unreasonable debt collection charge imposed by HFC Bank and John Lewis Financial Services (JLFS) the Financial Conduct Authority (FCA) has announced. Both HFC and JLFS are now part of HSBC UK Bank. The redress scheme relates…

The Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…

Research by the Stepchange debt charity has found that almost one in five people who have taken out a high-interest rate, sub-prime credit card were unemployed at the time it was issued. Around four million people have a sub-prime credit card (defined as cards with an interest rate APR of 30-70%). The research found a…

British consumers care far more about online payment security than speed, simplicity and convenience, according to research from Equifax, the consumer and business insights expert. Two thirds (66%) of people rate safe and secure payments as most important in the online checkout process, with only one in ten being most concerned about speed or simplicity.…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May by 2%, compared with the same month last year. The retail store and online credit sector reported new business up in May by 2% compared with the same month in 2018, while credit card and personal…

Almost half of consumers are currently in debt and believe the rising cost of independent living is to blame. A survey of 1,000 UK adults published in The UK Spending Report, commissioned by a leading personal insolvency practice, Creditfix, has revealed that almost 1 in 2 consumers(46%) are currently in debt. Those who admitted to…

Bank of Ireland has announced that it is selling its UK credit cards business for £530 million. The portfolio, which includes cards for the Post Office and the AA. The portfolio will be sold to special purpose investment vehicles advised by affiliates of Centerbridge Partners Europe and Jaja Finance. The acquisition is part of Jaja’s…

New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender, more 2 life, has revealed that the later life lending market is set to almost double in size over the next decade. By the end of 2019, lending is expected to reach £295bn – rising to more than half…

Here is an overview of The Money Charity’s latest statistics for June 2019: Personal debt in the UK People in the UK owed £1,637 billion at the end of April 2019. This is up from £1,588 billion at the end of April 2018, an extra £946.00 per UK adult over the year. The average total debt per…

In a bid to boost transparency and help consumers make more informed decisions about their finances, Experian has expanded its guaranteed rates service. The expansion of the service comes after Experian launched guaranteed rates for loans in May, with LiveLend and Admiral Car Finance joining Likely Loans, Zopa, Lendable, and Shawbrook to provide this offering.…

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