Credit, Collections & Insolvency News
With Black Friday almost here, new research commissioned by TopCashback has revealed that 44% of UK adults expect to shop during this year’s sales, spending an average of £237.40. Black Friday is also set to play an important role in Christmas shopping, with seven in ten (72%) of Black Friday shoppers who celebrate Christmas expecting…
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Latest data from Barclays has found that consumer card spending grew 2.3% year-on-year in October – up from 2.0% in September and the highest growth since July 2025, though still below the latest CPIH inflation rate of 3.6%. Essential spending rose 3.1%, up from 2.5 %, as fuel spending climbed 22.7% after diesel passed £2…
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Fair4All Finance and Stream have announced a £5 million partnership to deliver affordable workplace loans to workers who might otherwise be pushed towards predatory lenders or miss out on credit altogether. The partnership combines an initial £3 million impact investment from Fair4All Finance with a £2 million capital investment from Stream and supports the UK…
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LiveMore has announced the appointment of Peter Wallis as Chief Technology Officer, strengthening its senior leadership team as the business continues to develop its technology capabilities and digital proposition. Wallisr joins LiveMore with more than 30 years’ experience in technology leadership across mortgage lending, financial services, and other regulated industries. As CTO of LendInvest, he…
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The Bank of England has announced that it has raised the base interest rate from 3.75% to 4%. The Bank has raised interest rates by 0.25 percentage points to 4%, as policymakers try to contain the energy shock from the Middle East conflict Policymakers were unanimous in their decision. They are trying to dampen demand…
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Flexys, a provider of technology for supporting customers in arrears or financial difficulty, announces a partnership with The Very Group to enhance the technology used to help those who fall behind on payments, helping them to get back on track with the right support at the right time. The software will give The Very Group’s…
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The Finance & Leasing Association (FLA) has announced that it has appointed Ian McLaughlin to its board. McLaughlin brings more than 30 years’ experience across financial services, spanning consumer finance, motor finance, mortgages, savings, wealth management and insurance. He joined Vanquis as Group Chief Executive Officer in 2023, having previously served as Chief Executive Officer…
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Lenders have been repricing ahead of the Bank Base Rate (BBR) vote, causing fixed mortgage rates to hit a three-year high, according to Moneyfactscompare.co.uk analysis. A challenging environment to reprice fixed rate mortgage deals created a mix of activity from lenders over recent weeks, a BBR hike of 0.25% is expected tomorrow. Major lenders could…
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The costs associated with University, training and transition into adulthood are increasingly taking priority over homeownership ambitions for young adults, according to new research by Skipton Building Society. The findings reveal that while three quarters (75%) of young adults considered using their matured Junior ISA savings towards a future house deposit, only 22% ultimately used…
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The Financial Conduct Authority (FCA) has set minimum standards for lenders making early compensation offers to drivers who were mis-sold car finance. The FCA says that lenders will need to be clear with people about what accepting any offer means. This includes that they will keep any money received, even if the outcome of the…
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A new report by the Finance & Leasing Association (FLA) is calling for a fresh approach to consumer finance, highlighting its role in employment, mobility and financial inclusion – and the need to better support people who are declined credit. The FLA says the national debate about consumer credit focuses heavily on debt and financial…
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Two men from Leicester who committed over £187,000 worth of fraud have been sentenced at Inner London Crown Court. The duo also exposed victims to a further £300,000 in attempted losses, which were flagged and stopped by banking systems. The sentencing follows an investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated…
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Mortgage approvals for house purchases fell to their lowest level in nearly three years, with the Bank of England reporting 53,443 approvals in September. This follows a rise in mortgage rates linked to the ongoing Middle East conflict. Meanwhile, remortgaging approvals increased to 42,600 from 34,000 in August. Net borrowing of mortgage debt by individuals…
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