Credit, Collections & Insolvency News
The Bank of England has published its latest banking statistics which show that consumer credit growth rates continued to slow in May, but remains rapid relative to 2009-12. Although net lending fell slightly on the month, at £1.4 billion, it was in line with the average amount borrowed monthly over the past year. The decrease…
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The Financial Conduct Authority (FCA) has published the latest analysis from its Financial Lives survey. The report found that unsecured debts in rural areas are generally lower with the average amount owed by a town or city resident over a £1,000 more (£3,600) compared with someone in a rural area (£2,510). In rural areas, where…
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Dixons Carphone has announced that it has launched an investigation into unauthorised data access breach, The company says that as part of a review of our systems and data, it has determined that there has been unauthorised access to certain data held by the company. A promptly launched investigation has engaged leading cyber security experts and added extra…
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Here is an overview of The Money Charity’s latest statistics for June 2018: Personal debt in the UK People in the UK owed £1.539 trillion at the end of April 2018. This is up from £1.535 trillion at the end of April 2017– an extra £949.30 per UK adult. Per adult in the UK that’s an average debt of…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in April grew by 22%, compared with the same month last year. Credit card and personal loan new business together grew by 21% compared with April 2017, while retail store and online credit new business increased by 11%. Second…
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Latest figures from the Financial Ombudsman (FOS) show that complaints about borrowing – ranging from store cards to payday loans – have risen by 40% in the past year. Concerns have been raised about lenders’ treatment of customers with high-cost loans. Excluding complaints about payment protection insurance, almost one in four complaints to the ombudsman…
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Just under seven million Brits believe they are living debt free despite owing millions, according to the first consumer debt profile from uSwitch.com. The research shows that while three quarters (74%) of consumers are in debt, one in five (14%) don’t realise their monthly bills, for example, their car insurance or store card payments, is actually repaying…
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Here is an overview of The Money Charity’s latest statistics for May 2018: Personal debt in the UK People in the UK owed £1.584 trillion at the end of April 2018. This is up from £1.53 trillion at the end of April 2017– an extra £1,026.74 per UK adult. Per adult in the UK that’s an average debt of £30,601 in…
Read moreThe Bank of England has announced that it has made a decision to keep interest rates at 0.5%. The news will provide respite to debtors as latest figures from Stepchange reveal that Outstanding lending to individuals is £1,584 billion as at end March 2018. With £209.2 billion is outstanding consumer credit (£70.7 billion on credit cards).…
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Here is an overview of The Money Charity’s latest statistics for April 2018: Personal debt in the UK People in the UK owed £1.578 trillion at the end of February 2018. This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult. Per adult in the UK that’s an average debt of…
Read moreMillions of consumers looking to apply for a mortgage, credit, a new mobile phone contract, or even a better utility deal, risk being rejected because of false errors on their credit reports according to research by Amigo Loans. The UK’s largest guarantor lender’s latest research has found that 42% of people who check their credit…
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The Credit Services Association (CSA) is concerned that new guidelines for debt advisors could keep customers in debt for longer by failing to reflect their true financial position, and in the worst case push them into unnecessary and potentially damaging insolvency. The CSA believes that the revised guidelines – presented by the Money Advice Service…
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The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year. The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the…
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