Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in June, compared with the same month last year, and growth of 4% in the second quarter of 2017 overall. Credit card and personal loan new business together grew by 10% compared with June 2016, while…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage growth continued in June. Commenting on the June 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “In June, the second charge…
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Complaints about consumer credit including payday loans and hire purchase showed a rise in the second quarter according to latest statistics released by the Financial Ombudsman Service (FOS). Consumer credit complaints totalled 7,281 in the three months to June 30, up from 5,846 in the same period last year. Payday loans, which provide short-term credit at…
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Credit decisioning specialist Zoot, has announced a partnership with credit scorecards specialist Credit Kudos. The combination will enable lenders to easily incorporate account transaction data into their existing risk process, leveraging Credit Kudos’ pre-configured risk models through Zoot’s cloud-based platform integrating data and scoring to create a seamless application process. Adam Jackson, Zoot’s Managing Director…
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A recent UK wide survey conducted by Paymentsense has revealed that 45.5 million UK residents have less than one months salary set aside in savings. In addition to this, the study also found that 30% of us don’t in fact have any money set aside in a savings account, to protect us from unforeseen circumstances.…
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Developments in the wider economy are making it more challenging for homebuyers and savers. Building societies continue to support both groups and maintained a high market share of new mortgage lending and savings in the second quarter of 2017 according to latest figures from the Building Society Association Building societies approved 112,340 new mortgage loans.…
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The number of cash payments decreased by 11% between 2015 and 2016, but it remains the most frequently used payment method in the UK, according to new data published today by UK Finance. Consumers and businesses made 15.4 billion cash payments in 2016 – down from 17.2 billion in 2015 (a decrease of 11%). However…
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The UK Finance has released its latest car expenditure statistics for June 2017. Highlights from the statistics include: Total card spending reached £57.1 billion in June, up by 0.3% on May and 7% on June 2016. There were just under 1.4 billion card payments in June, a monthly record and a 12% rise in the…
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The number of debt judgments in Northern Ireland increased during the first half of 2017 according to figures released today by Registry Trust. There were 4,101 small claims judgments in the first six months of the year, a year on year increase of 11 percent. The total value rose by 21 percent to £8.3m. The…
Read moreHere is an overview of The Money Charity’s latest statistics for August 2017: Personal debt in the UK Total UK personal debt The average total debt per household – including mortgages – was £57,005 in June. The revised figure for May was £56,791 Based on June 2017 trends, the UK’s total interest repayments on personal…
Read moreAccording to a new study from protection specialist LV=, renters among the late-Millennial generation (25-34 years old) are one of the least financially resilient groups in the UK. Based on research conducted with over 9,000 people, the first instalment of LV=’s ‘Income Roulette’ research found that more than half (55%) of 25-34-year-olds fall short of the…
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Consumers are shrugging off concerns about a spending squeeze with increased confidence in their personal finances, according to the latest Lloyds Bank Spending Power Report. The latest poll – which saw Ipsos MORI survey 2,000 people with bank accounts across the UK – comes amid a raft of economic data highlighting the challenges faced by…
Read moreLoyal customers who don’t remortgage after their fixed term deal can pay £400 extra a year, Citizens Advice research reveals. The penalty affects people who are rolled onto their bank’s standard variable interest rate at the end of a fixed term mortgage deal. The Citizens Advice research finds that people who remain on the standard…
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