New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in April 2020 by 64% compared with the same month in 2019, and decreased by 19% in the first four months of 2020. Credit card and personal loan new business together fell in April 2020 by 48% compared…

Consumers repaid £7.4 billion debt in April, the largest net repayment since the series began according to the latest figures from the Bank of England’s monthly Money & Credit statistical release data. This is the largest net repayment since records began in 1993 and double that of March, which was the previous record. The figures…

Families are coming to terms with the fact that their finances could be negatively affected by the coronavirus pandemic long after the lockdown lifts. According to the second week of comparethemarket.com’s Financial Confidence Tracker, over two thirds (67%) of households with children at home think the economic impact of the pandemic will have a long-term…

The UK mobile industry, banking and finance sectors and the National Cyber Security Centre (NCSC) have joined forces to prevent criminals from sending scam text messages exploiting the Covid-19 crisis. The ongoing industry initiative by the Mobile Ecosystem Forum (MEF), Mobile UK and UK Finance, supported by the NCSC, is helping to identify and block…

The Financial Conduct Authority (FCA) has set out its business priorities for the year ahead – with specific focus on the challenges presented by the coronavirus (Covid-19) pandemic. In responding to the challenge of coronavirus the FCA will focus on ensuring that financial services businesses give people the support they need, that people avoid scams,…

Ofcom has fined BT £245,000 after an investigation found that the company overcharged EE’s mobile customers for making calls to 118 directory enquiries services. Ofgem said that although use of directory enquiries has declined in recent years, many people still rely on them as an important means of obtaining the number they need. Older people…

Here is an overview of The Money Charity’s latest statistics for Febrruary 2020 Personal debt in the UK People in the UK owed £1,675 billion at the end of December 2019. The average total debt per household, including mortgages, was £60,213 and per adult was £31,766, around 112% of average earnings. Net mortgage lending rose…

More than three out of ten consumers (34%) say they would be most likely to take on extra debt if they were faced with a sudden gap in their finances, according to new research from R3, the insolvency trade body. Thirteen percent of over 2,000 people surveyed by Savanta ComRes for R3’s latest Personal Debt…

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