Credit, Collections & Insolvency News
New research from Hitachi Capital (UK) has found that 55% of UK consumers living in rural areas feel prepared for the transition to a cashless society. The research found that older generations are embracing boom in cashless technology – 66% of 55+ year olds more comfortable with cashless payments since lockdown with 68% of consumers…
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The Finance & Leasing Association (FLA) continues to call for the Government and the Bank of England to take immediate action to support the non-bank lending market, as new FLA figures released today show that the number of Covid-19 related requests for forbearance reached 1,623,000 (over 1.6 million) in the twelve weeks to 29th May…
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The Financial Conduct Authority (FCA) has fined Lloyds Bank and its subsidiaries Bank of Scotland and The Mortgage Business £64,046,800 (over £64 million) after it was found to have failed its vulnerable mortgage customers. Failures were found in relation to their handling of mortgage customers in payment difficulties or arrears. The banks have estimated that…
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The impact of the Coronavirus on the lives of consumers may lead them to consider consolidating loans to pay off debt leading to a healthier financial situation. according to analysis by Moneyfacts.co.uk The company says that despite a drop in base rate by the Bank of England, interest rates on unsecured personal loans are starting…
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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…
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New data from Barclaycard has indicated that consumer spending contracted 26.7 per cent year-on-year in May. The data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that spending on essential items grew slightly by 0.9 per cent. This was bolstered by a 24.5 per cent rise in supermarket…
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The Covid-19 crisis has reduced financial wellbeing in the UK and consumers expect a further decline in the next six months, according to a European survey by credit management group Intrum. Despite this, some UK consumers have experienced a positive effect on their spending. The whitepaper outlines the financial impact of Covid-19 on private households…
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Debt charity StepChange has published a briefing revealing that a personal debt tsunami of £6 billion directly attributable to the pandemic is already being stored up among some 4.6 million households and, if left unchecked, is set to worsen. The charity warns that coronavirus-related debt will act as a drag on economic recovery and will…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in April 2020 by 94% compared with the same month in 2019, and by 33% in the first four months of 2020. The consumer new car finance market reported new business volumes 97%…
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A new international study by Yolt, has suggested that UK consumers are less likely to regularly save for emergencies than their European peers, but this could soon change. Just 58% of UK respondents said that they regularly save money to ensure they have funds in the case of an emergency. This is compared to 79%…
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Families with children at home during the coronavirus lockdown are turning to payment holidays to help them through the crisis. According to comparethemarket.com’s Household Financial Confidence Tracker, fewer than one in ten (9%) households without children at home say they have taken a payment holiday, but this figure leaps to over a fifth (21%) among…
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Mortgage lending was flat in the first three months of 2020 compared with a year ago with an increase in buy-to-let activity offset by a drop in first-time buyers, according to UK Finance’s Household Finance Review for Q1 2020 . The report finds also highlighted that there was a modest pick-up in arrears towards the…
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The Scottish Building Society has pledged a 12-month pause on repossessions as it looks to support customers amid the coronavirus pandemic. It is also extending a three-month mortgage break to six months. Scottish Building Society is also encouraging landlords to help those struggling to pay rent, by offering mortgage holidays if they pass on the…
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