Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in July, compared with the same month last year. Credit card and personal loan new business together grew by 3% compared with July 2018, while retail store and online credit new business remained stable. Commenting on…
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The Financial Ombudsman Service (FOS) has published its latest complaints data. According to the figures, the Bank of Scotland was the most complained about mortgage lender in the first half of this year. In addition, there were 705 new cases brought to the FOS against the lender, which is part of Lloyds Banking Group. Bank of…
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The Bank of Gran and Grandad is expanding its student lending as the new academic year gets underway at universities across the UK, new research from equity release adviser Key shows. More than one in three (35%) grandparents – around 4.9 million people – have already helped or are planning to help fund their grandchildren through…
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Millions of motorists are overpaying on their car insurance by simply forgetting to switch provider every year. According to new research from comparethemarket.com, 16% of motorists – equating to over six million people nationwide – admit that changing car insurance providers when their policy comes to an end simply slips their minds. The annual cost…
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Recent research carried out by Cifas, the UK’s leading fraud prevention service, has revealed that falsely claiming Single Person Discount is the third most prevalent type of fraudulent activity carried out by British adults. Single Person Discount is where a person claims to live in a single-person household in order to receive a Council Tax…
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Citizens Advice Scotland has called for action to reduce the ‘five week wait’ that claimants of Universal Credit (UC) face before receiving their first payment. In the run-up to the UK government’s spending review later this week, CAS has published a new ‘Voices From the Frontline’ briefing which summarises the impact this delay has on people,…
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A new OnePoll survey of 2,000 UK adults commissioned by credit experts TotallyMoney has shown that many people don’t fully understand the cover they get through their credit card. If the item you pay for is worth over £100, but less than £30,000, you are covered by Section 75 if you make any of that…
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The UK economy contracted by 0.2% in the quarter to June 2019, the first time since 2012 that GDP has fallen, but a clearer gauge on the impact of this can be seen by viewing it on a ‘per person’ basis, according to research by the Money Charity. Gross Domestic Product, or GDP, is the…
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Here is an overview of The Money Charity’s latest statistics for August 2019: Personal debt in the UK People in the UK owed £1,642 billion at the end of June 2019. This is up from £1,596 billion at the end of June 2018, an extra £887 per UK adult over the year. The average total…
Read moreThe “Bank of Mum and Dad” is now one of the biggest mortgage lenders in the UK, new figures from Legal & General and the Centre for Economics & Business Research claim. Parents will lend as much as £5 billion this year to help their grown-up children get on to the property ladder. The Bank…
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Almost half of adults admit they still rely on ‘The Bank of Mum and Dad’ for cash, a new study by Virgin Media has found. Over the course of the last year, adult children have ‘borrowed’ a total of £708 from their mums and dads to help with university fees, bills and home improvements. Others…
Read moreNumbers released this morning by the Financial Ombudsman Service (FOS) show that complaints during Q1 of the FOS complaints year (starting 1st April 2019) are down considerably on the same period last year. In the first three months of this financial year, FOS received 136,681 new enquiries and 70,304 new complaints – with 12,538 complaints…
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Visa’s UK Consumer Spending Index, compiled by IHS Markit, signalled a further fall in overall household spending during July. At -1.2% year-on-year, the reduction was modest and softer than that seen in June (-1.4%). Nonetheless, this extended the current period of declining spend to ten months, to mark the longest sequence of falling expenditure since…
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