Unsecured debt hit a new peak of £14,540 per household in 2019 according to TUC analysis. Meaning that the average household debt is now 31% above its peak before the financial crisis. The analysis shows that unsecured debt per household rose to £14,540 in the third quarter of 2019, which is up £430 on a…

According to new research by GoCompare, only 43% of consumers will start the new decade with their finances in good shape. Younger adults are the least optimistic about their finances.  Just 29% of 18 to 24-year olds and 26% of 25 to 34-year olds feel they are in good order.  In stark contrast, over half…

Credit Connect Media will host its first free live webinar in February. The webinar titled “How to accelerate effective collections with digital transformation” will be the first of a series of webinars looking at the latest thematic innovations enhancing collections strategy. The first partner for the webinar will be Lightico, winner of the Contact Centre…

Here is an overview of The Money Charity’s latest statistics for December 2019: Personal debt in the UK People in the UK owed £1,665 billion at the end of October 2019. The average total debt per household, including mortgages, was £59,840 and per adult was £31,569, around 111.7% of average earnings. Net mortgage lending rose…

PSA Group and Fiat Chrysler Automobiles have agreed to merge. The merger will mean that the two companies will create the fourth-largest global automotive OEM by volume and the third-largest in revenue.   The merger will mean brands including Alfa Romeo, Citroen, Jeep, Opel, Peugeot and Vauxhall will be brought under one umbrella.   The combined company will have…

New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell by 4% in October 2019 compared with the same month in 2018, and held steady in the first ten months to October. Within the overall figures, the new car finance market reported new…

Two out of three dealers (66.1%) believe that near-prime finance will become more important to their businesses if there is a recession in 2020, new research for Startline Motor Finance indicates. The findings also show that 54.6% say they expect prime lenders to reject an increasing number of applications next year in a continuation of…

Household debts (excluding mortgages) are on the rise in the UK, according to the Office for National Statistics (ONS). Total household debt in Great Britain was £1.28 trillion in April 2016 to March 2018, of which £119 billion (9%), which suggests that average household debt rose to £9,400. £1.16 trillion (91%) was property debt (mortgages and…

Kew Vehicle Leasing is the first leasing broker to openly disclose the amount of finance commission it receives on all regulated Personal Contract Hire (PCH) agreements. Additionally, Kew Vehicle Leasing will also disclose the lender as a matter of course. Car finance is currently under investigation by the Financial Conduct Authority (FCA) concerning the amount…

Using better technology to drive increased and more productive customer engagement will be key for dealers in 2020, according to motor finance solutions specialist iVendi. James Tew, CEO at iVendi, said that whether customers ultimately opted to choose, finance and buy a car in the showroom or online, their initial interest will almost certainly have…

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