Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes up by 19% in 2019. Commenting on the full year 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in December 2019 by 12% compared with the same month in 2018, driven by the timing of Black Friday and Cyber Monday retail events. In 2019 as a whole, this market reported new business growth of 1%. Credit…
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New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided a record £140 billion of new business which helped businesses invest in new equipment and households manage purchases. 2019 saw growth across FLA markets with asset finance and consumer finance new business up by 6% and 1% respectively, compared…
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Consumer spending grew 3.9 percent year-on-year in January, marking a distinct uplift from the low levels of growth seen in 2019. Consumers are feeling upbeat about the country’s economic prospects, with three quarters confident about their household finances. Data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that…
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Challenger bank N26 has announced that it will exit from UK banking market. The banks says that with the UK having left the European Union, that it will be leaving the UK market. The timings and framework outlined in the EU Withdrawal Agreement mean that the company will in due course be unable to operate…
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Two-thirds of consumers (66%) of current account holders are unaware of the Financial Conduct Authority (FCA) changes to overdraft fees, according to new research by comparethemarket.com. The FCA has introduced new rules to make the costs of overdrafts clearer and easier to compare. But two thirds (66%) of customers have no idea these changes are…
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Specialist consumer lender, 1st Stop Group has announced an open partnership with AccountScore. AccountScore provides actionable insights and analytics on bank transaction data for its clients. The partnership will enhance the service 1st Stop offers customers, enabling them to use Open Banking to monitor their financial fitness and identify areas for improvement. The data provided…
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New research from NatWest shows that consumers are wasting £25 billion each year on unused direct debits, standing orders and recurring card payments. The typical consumer pays out £496 in recurring payments each month, yet £39 of that goes on things they don’t use or want. Gym memberships (12%), phone contracts (11%) and video streaming…
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Debit card spend in the first two weeks of January was 3.2% higher than a year ago as consumers looked to battle the January blues. Lloyds Bank’s analysis of its own card spending data between 1st January and 14th January 2020 revealed that over £4.3 billion was spent on all goods and services by its…
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Latest research from Cifas, the UK’s leading fraud prevention service, has revealed that the number of people failing to disclose a previous address in an attempt to hide their adverse credit rose by just over a quarter (26%) in 2019. Adverse credit refers to a poor repayment history – usually on loans or credit cards.…
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Nationwide is to repay customers after it failed to correctly warn them that they would be charged for entering an unarranged overdraft. The move comes after the building society was found to have broken Part 6 of the Competition and Markets Authority’s (CMA) Retail Banking Market Investigation Order, which states that customers with personal current…
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One in three (36%) people in the UK say they would be in financial arrears within a month if they were to lose their jobs tomorrow, according to new research by AA Financial Services. This figure rises to a staggering one in two (51%) amongst people who rent their homes. The findings come at a…
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New research from Engen Group, the UK based innovation and property business focusing on addressing environmental challenges such as affordable and sustainable housing, reveals that 26% of people with adult children have given them money as a ‘gift’ to help them on to the property ladder. A further 7% have provided them with loans to…
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