Credit, Collections & Insolvency News
Rapid growth in Britain’s consumer credit has been driven by borrowing by people with good credit scores, not subprime lending, according to research the Financial Conduct Authority (FCA) and Bank of England (BOE). Unsecured consumer lending grew at near double-digit rates in 2016 and 2017, and concern that lenders had overestimated their borrowers’ creditworthiness led…
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Car sales in the UK declined in 2017, the first decline in five years. The Motor industry is blaming government for a collapse in consumer confidence in diesel vehicles Total sales for last year were 2.54m new vehicles, a decline of 5.6% on 2016, with diesel sales dropping 17%. The Society of Motor Manufacturers and…
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Household bills increased by £280 in 2017, according to new findings from comparethemarket.com. The research reveals that the costs for energy, motor and home insurance have risen by 13% over the past year from £2,216 to £2,502, leaving consumers £286 out of pocket. Energy bills have seen the most dramatic price hike, as customers have paid on…
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New research from uSwitch.com has indicated that one in four consumers will carry an average credit card debt of £452 into this year. Despite the cost of living reaching a five year high in 2017, the British public has not held back on their Christmas spending, with almost £8.5 billion being spent on plastic this…
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One in three consumers shopped ‘blindly’ this Christmas – by not checking their bank balance before, during or after hitting stores and retail websites according to latest research by Asda Money Despite 77 percent setting a typical budget of £539 the study of 2,000 adults found overall one fifth spent more than they intended to.…
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Decisioning software specialist LendingMetrics is set to launch a new Open Banking service in 2018. The “Open Bank Vision” campaign will launch in early 2018 as a free service. There will be zero setup fees, transaction fees, account fees, or indeed fees of any nature. The company has also emphasised that this is not an introductory offer,…
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The debt advice industry will have to look beyond funding barriers and embrace new technology to get the best outcomes for clients in debt according to a survey of delegates carried out before the Money Advice Liaison Group (MALG) Conference at the end of November. The survey showed that while almost half of the respondents feel…
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Online research from Equifax has revealed that 39% of Brits expect Brexit to negatively affect how they access and manage their finances. The survey, conducted by YouGov, also highlighted the younger generations’ pessimism about Brexit with over half (56%) of 18-24 year olds believing exiting the EU will make it more difficult to access and…
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With only six months to go to the General Data Protection Regulation (GDPR), a worrying 76% of organisations have yet to review products to ensure they are GDPR compliant, finds new research launched today by Callcredit Information Group. Yet marketers’ confidence isn’t wavered by this with a large majority (84%) thinking that those who must…
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New research by TSB has revealed that 70 percent of consumers do not know the difference between a soft and hard credit check. This is potentially costing borrowers around £418 each in extra interest on a typical loan. The majority (61%) of providers perform unnecessary hard credit checks when a consumer looking for a personal…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 13% compared with October 2016, while retail store and online credit new business increased by 3%. Second…
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With the average cost of Christmas topping £700 for UK households, 40% of people have been forced to make sacrifices to pay for this year’s festivities, including cutting back on heating, clothes and food shopping, taking on an extra job and even selling belongings, according to new research out today.* The run-up to Christmas can…
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Over a third of UK shoppers say they will be able to spend less on their Christmas shopping this year compared to 2016, the latest Christmas Barometer™ from Ferratum has revealed. The survey, which collected the opinions of 21,000 consumers across Ferratum Group’s 20 country locations, revealed that 33% of the UK public have become…
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