Credit, Collections & Insolvency News
Legal & General and Cebr have published a new report into the role the Bank of Mum and Dad plays in helping their children get on, or move up the property ladder. The research shows the Bank of Mum and Dad will lend over £6.5 billion in 2017, up from £5bn in 2016, providing deposits for…
Read moreFamilies in Britain who are struggling financially are increasingly becoming prime targets of financial fraud, according to new research from Experian. This group, made up of more than 4 million people in the UK, have experienced the highest growth rate in fraud between 2014 and 2016. Of all the fraudulent credit applications made using an…
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New figures fromThe UK Cards Association show that total card spending in February 2017 was £57.2 billion, an increase of £300 million on January, and up from £52.2 billion in February 2016. Other findings in the report showed: The number of card purchases increased to 1.3 billion, up by 14 million during the month and…
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The British Bankers Association (BBA) has released March 2017 figures for the high street banks. Eric Leenders, BBA Managing Director for Retail Banking said: “In March, annual growth in consumer borrowing from the main high street banks* slowed, perhaps mirroring the dip seen in retail sales volumes as price rises appear to have started biting…
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Almost 12 million over 50s are actively using contactless payments with one in five tapping the plastic up to three times a week according to research by Saga Money. The survey of almost 10,000 shows that half (50%) of over 50s use their contactless cards when doing the weekly shop, whilst almost a third (29%)…
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The Financial Conduct Authority (FCA) has published data on the number of complaints reported by firms under new rules which came into force on 30 June 2016. The total number of complaints reported by firms in the second half of 2016 was 3.04 million. This number is higher than previous reporting periods because under the…
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Online research from Equifax reveals that 61% of Brits underestimate the financial cost of fraud, valuing the impact at less than £1 billion. Over half (54%) estimate the cost to be £500m or below, well below the £1.1 billion level published in the latest KPMG Fraud Barometer. The survey, conducted by YouGov, found 60% of…
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Almost four in five (77%) British consumers have concerns about using new payment methods according to data from global law firm Paul Hastings. A survey of over 2,000 consumers highlights how security fears are preventing many consumers from embracing new payment technologies, yet providers of new methods are often leading the way in creatively addressing…
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Northern Ireland led the way for the highest regional mortgage sales growth in March with a 21.0% increase on February, according to Equifax Touchstone analysis of the intermediary marketplace. Wales and London followed closely behind with sales increasing by 18.8% and 17.2% respectively, while the North West experienced the lowest growth of 12.0%. Overall, mortgage…
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The Council of Mortgage Lenders estimates that gross mortgage lending reached £21.4 billion in March. This is 19% higher than February’s lending total of £17.9 billion, and 19% lower than the £26.3 billion lent in March last year. The sharp fall in year-on-year lending was expected, as March last year saw significant rises in activity…
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Households are experiencing the tightest squeeze on their spending power since the summer of 2014, according to Markit’s Household Finance index. A “sharp and accelerated” squeeze on households’ financial well-being is largely being driven by renewed pressures on the amount of cash available to spend – which has fallen at the fastest pace seen since…
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Over two thirds (69%) of organisations prioritise risk management and compliance over customer experience and operational responsiveness, according to a study from Callcredit Information Group. The research, part of Callcredit’s New Affordability report, asked UK risk and customer experience managers about their attitudes towards affordability assessments. It unearths the struggle experienced by many when it…
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New research from more 2 life, the innovative equity release lender, shows that the size of the retirement lending market in the UK is set to rise from £65bn in 2017 to more than £142bn in 2027 – an increase of over 120%. The research predicts that total debt among the over-65s will pass the…
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