Target Group has announced the signing of a new two year contract with the DVLA using their payments collection system. In 2014, Target and the DVLA introduced a newly automated system, which provided consumers with an alternative method of paying their vehicle tax. The payments solution was delivered in 18 weeks and supported the DVLA…

Future Finance, a specialist student loans company, has raised concerns surrounding students’ abilities to finance their educations. In a survey, which questioned 1,000 full-time students, said that 31% have had to use credit cards, payday loans and overdrafts to finance their university experience. John Hudson, manager of Funding and Financial Support at the University of Nottingham: “While…

The latest Money Stats indicate that consumer credit has risen above £190 billion, the highest level seen since 2008. The report by the Money Charity says that’s £7,042 for every household in the UK in credit cards, personal loans and other borrowing not secured against property. Day-to-day, people have more control over how much they borrow…

New figures released by the Finance & Leasing Association (FLA) show growth of 6% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 7% compared with October 2015, while retail store and online credit new business fell by 4%. Second charge…

The Competition and Markets Authority (CMA) has finalised details for the introduction of a price cap for approximately 4 million households on prepayment meters.  In its final report published in June following a two-year investigation into the energy market, the Competition and Markets Authority (CMA) said that it would introduce a price cap for prepayment customers…

The number of British consumers who have taken on more debt over the last five years has risen sharply to 37%, up from 27% just a year ago, according to a UK-wide survey by Arrow Global. The findings come from a survey of 2,008 consumers with debt, including 804 debt defaulters (borrowers have been late with…

The Financial Conduct Authority (FCA) has today announced that it is seeking evidence and feedback to further inform its work on high-cost credit, including a review of the payday loan price cap.  Since taking over regulation of consumer credit in April 2014, the FCA has focused on products that it believes pose the highest risks…

The BBA has released high street bank figures for October. Dr Rebecca Harding, BBA Chief Economist, said “Consumer credit is now growing at its fastest rate since November 2006, reflecting strong retail sales growth. Consumer confidence remains robust as borrowers take advantage of record low interest rates. Mortgage approvals ticked up a little October.  There has only…

The UK Card Payments Association has announced that payment card spending grew by 0.6 per cent in September to reach £54.7 billion, driven largely by a £302 million rise in debit card spending. Card spending increased by £4.4 billion in the three months to the end of September compared to the previous quarter, a 2.8%…