Credit, Collections & Insolvency News
New research from Admiral Car Finance has revealed that the desire to match what’s seen on social media extends beyond personal image and fashion choices, to the cars we choose to drive. And this may have financial implications on younger generations too, as over half of drivers aged 19 – 36 (53%) admit to feeling pressure…
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Latest figures from UK Finance’s Mortgage Trends update for Quarter 2 2018 show a continued growth for UK remortgaging with London remortgaging activity reaching a nine-year high. Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance, said “Remortgaging in London reached its highest level in nine years in the second quarter of this year, as…
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Personal insolvencies are on track to hit 105,000 per annum by 2022, breaking highs last seen six years ago, according to the latest econometric forecast from Arrow Global’s ‘Debt Britain 2018’ research. Analysis shows that personal insolvencies have been on the increase since 2015 and rising interest rates on the back of the Bank of…
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New research from LiveLend has revealed that more than one in four (26%) people who took out a loan in the last five years were stung by extra costs they’d not noticed. The research showed that most consumers are most likely to be caught out by fees for ‘same day money’ followed by missed or…
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The Financial Ombudsman Service (FOS) has published its latest quarterly update about the financial products and services complaints data. The statistics include the number of enquiries and new complaints received, the number of complaints referred to an ombudsman’s final decision, and the proportion of complaints resolved in consumers’ favour. The latest statistics analyse April, May…
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New research has revealed that 42% of contactless payment users would like to see the limit for transactions increased, with of them 38% saying it could be £50 or higher, while 9% would like to be able to make payments of £100 or more. Currently, individual contactless card transactions are limited to £30 but research…
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The Credit Services Association has registered ‘outstanding’ customer service levels in its first ever assessment under the independent Investor in Customers (IIC) assessment process. In being granted a Silver Award, the CSA had to demonstrate a strong desire to meet its members’ needs. It was especially strong in the subcategory of ‘delighting’ its members, and…
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The number of households in personal debt default is set to increase to 3.8 million by the end of 2022, up from 3.3 million at the end of 2017 according to the latest econometric forecast from Arrow Global’s ‘Debt Britain 2018’ research. Arrow Global’s forecast is based upon analysis of the Office of Budget Responsibility…
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A third of loan searches carried out through Experian’s comparison services are for debt consolidation loans, new analysis has revealed. These type of loans can help consumers with outstanding debts from various lenders to roll their monthly payments into one to reduce their costs and to take more control over their finances. On average, shoppers…
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In the same month that the Bank of England base rate has risen to 0.75% – the highest level since 2009, debt growth has fallen to its lowest level in over a year. According to the August 2018 Money Statistics, produced by The Money Charity, debt growth per adult slowed to £900.74 in the year…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in June by 9%, compared with the same month last year. Credit card and personal loan new business together grew by 10% compared with June 2017, while retail store and online credit new business increased by 5%. Second charge…
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Here is an overview of The Money Charity’s latest statistics for August 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. Per adult in the UK that’s an average debt of…
Read moreThe finalists for Credit Connect’s second annual Credit & Collections Technology Awards 2018, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect, brings together credit and collections technology executives to honour the industry’s leading players across 18 categories. The Technology focused-Awards scheme seeks…
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