Credit, Collections & Insolvency News
Regulation of Buy Now Pay Later (BNPL) credit retail products could prevent up to 876,000 consumers from getting into unmanageable debt this year, according to new research from Barclays and StepChange. The study shows that the rising cost of living is having a direct impact on the popularity of BNPL purchases – over a third…
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European credit management services, Lowell has announced continued growth in its latest results for the 3 months ended 31st March 2022. The results showed that collection performance was in line with forecasts at 98% whilst underlying collection performance remains strong, with the paying base performing at 99% of expected collections and default rate remaining low…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales decreased by 6% in April 2022 to a total of 1,991 compared to March’s total of 2,119, and increased by 115.2% compared to April 2021’s figure of 925. Business insolvencies were more than double the number registered in…
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The cost-of-living crisis has knocked consumer confidence again, according to the latest analysis from YouGov and the Centre for Economics and Business Research (Cebr). As with last month and the month before, there was a modest fall in the overall index (-1.0 ) can be explained by a more severe decline in household finance measures, which…
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The Bank of England Monetary Policy Committee has raised rates to 1%, the highest in 13 years. The Bank also warned that the cost of living crisis could push the economy into recession this year. The Bank’s Monetary Policy Committee (MPC) voted to raise the base rate from 0.75% to 1%. Three of the nine-strong…
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The number of English households in ‘fuel stress’ will double from 2.5 to 5 million as a result of the price cap rising from today (Friday), with another 2.5 million households at risk in October if the price cap rises again to £2,500, according to new Resolution Foundation research. The research shows that low-income households…
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Car finance company, Go Car Credit has reported a 15% increase in average car loan amounts from 2020 to 2021. Reporting a 25% increase in secured agreements in 2021 compared to 2020, it appears vehicle financing continues to see a boost despite the pandemic and semi-conductor shortage. With the average age of those taking out…
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Consumers are starting to run down the savings built up during the pandemic in order to sustain household spending patterns threatened according to latest Bank of England (BOE) figures. The Bank said savings stood at £3.2bn in December, less than a third of the £10.6 billion monthly average for the previous 12 months. Consumer credit…
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Global banking, payments and shopping service, Klarna has announced the launch of Klarna Card in the UK, which it says will give consumers with greater control, transparency and choice over how they pay. The new physical card will bring Klarna’s flexible and transparent payments experience to in-store payments anywhere where cards are accepted. The launch…
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East Midlands based venture, Connected Data, has announced that Anthony Sumner and Antony Dear will be joining the team as Director of Data and Analytics and Director of Platform and Delivery. Sumner joins the Connected Data team from Experian, the global information services company, where he held the role of Managing Director of Analytics. He…
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The equity release market is on course for a record year after customers took out £1.049 billion in property wealth in the three months to the end of September according to data from the UK’s equity release adviser Key. The total value of equity released rose by 18.8% from nearly £884 million in the third…
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TotallyMoney, the free credit score service and personal finance app, has announced that it is to receive additional funds of £9 million raised through existing investors in the UK and the US. The latest investment comes at a time of huge growth in the consumer credit sector. TotallyMoney’s unique focus is on the ‘under-served’ –…
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Late payments are a growing concern for businesses according to the latest Lloyds Bank Business Barometer. The survey says a third (33% of businesses who were paid late in the last year did not chase outstanding payments, Fear of damaging valuable customer relationships was the biggest rationale by some margin, cited by two thirds (62%)…
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