Credit, Collections & Insolvency News
Interest in fixed-rate mortgage deals remained high in February, according to latest figures from Experian. A majority of consumers (81%) were looking at fixed-term deals, compared to 80% in January and 83% in December. The figures suggest consumers are increasingly reluctant to view tracker deals as a realistic option for their home loan, with just…
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Contactless transactions have risen 31 percent year-on-year in 2018, to latest data from banking trade body UK Finance. The current payment limit with a contactless card is £30, more than which a Pin must be used. But an increase in usage throughout 2018 is expected to lead to an increase in that maximum, although those…
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New research from Experian has identified 5.8 million people in the UK who are virtually invisible to the credit economy because there is little or no information available on their financial track record. In the absence of sufficient information to make a decision, these Invisibles can either be excluded from mainstream financial services or be…
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Equiniti Credit Services, a consumer credit technology and outsourced service provider, has announced the publication of its latest annual research report. A three part harmony: how regulation, data and CX are evolving consumer attitudes to credit explores the key trends impacting consumer attitudes to unsecured lending, including open banking, customer centricity, and flexibility. The sixth…
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Mortgage arrears would soar by 30% over the next three years in the event of a no-deal Brexit, according to data modelling by Kensington Mortgages, the specialist mortgage lender. Using its proprietary risk modelling tool, Vector, Kensington’s analysts tested a series of scenarios based on a representative data set of 750,000 loans (with an outstanding…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business in January was at a similar level to the same month in 2018. Credit card and personal loan new business together fell in January by 3% compared with the same month in 2018, while retail store and online credit new…
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New figures released by the Finance & Leasing Association (FLA) show that the consumer that the second charge mortgage market reports volumes up by 18% in January Commenting on the January 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association…
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Over half (52%) of financial services customers feel that financial services firms treat consumers unfairly, according to new research by Voice of the Customer (VoC) pioneers Maru/edr. The findings are from a new study into customer treatment in the financial services industry, which interviewed 1,000 independent customers who held at least once financial product in…
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Knowledge Bank’s Criteria Activity Tracker for February shows that searches regarding people with debt issues were four of the five top criteria searches in the second charge category, for the very first time. UK Knowledge Bank’s monthly criteria index reveals the searches brokers perform prior to mortgage product sourcing. Concern might be raised within the…
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Consumer spending grew by 1.2 percent year-on-year in February, equating to a decline in real terms when adjusting for inflation according to new data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, shows that essential expenditure rose by 2.3 percent, propped up by relatively modest growth in supermarkets of…
Read moreThe Access to Cash Review has published its final recommendations calling on the Government, regulators and banks to act now or risk leaving millions behind. The review concludes that digital payments don’t yet work for everyone and around eight million adults (17% of the population) would struggle to cope in a cashless society. The Review’s…
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New research from Equifax has indicated that young people more at risk from fraud The report says young people are significantly less likely to monitor their bank balances, exposing them to risks from fraud. Almost two thirds (64%) of Brits check their bank balances daily or weekly, but only 45% of those aged 18-34 do…
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As the date of a possible withdrawal from the EU looms, more consumers than last year fear for their financial wellbeing in a post-Brexit world, with worries about a rise in the cost of food topping the list of concerns, according to new figures from YouGov, on behalf of mutual insurer Royal London. Overall, 35…
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