Credit, collections & insolvency news
New research by Mojo Mortgages has found that 89% of the top 100 most trending Christmas presents can be purchased through Buy Now Pay Later (BNPL) methods. The research also showed that 75% of these products promote BNPL options on their product pages, enticing consumers to make purchases they might not have planned for or…
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New research from credit reference agency Equifax has revealed that the number of consumers using Buy Now, Pay Later (BNPL) could have peaked, but average spending continues to grow and will be key for many this Christmas. Four in ten (38%) consumers now indicate they have made use of BNPL, down from almost half (48%)…
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The Financial Conduct Authority (FCA) has started criminal proceedings against four individuals for conspiracy to commit false accounting, with three of them facing further charges for fraud. Terry Dodd, John Riley and Brian Flanagan have been charged with fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union for their own personal gain. …
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The 2025 Credit & Collections Industry Awards has confirmed its return in May 2025, with entries now open. The awards programme was launched earlier this year recognising excellence within credit and collections by highlighting achievements through its tangible and transparent awards judging scheme. The awards will recognise key industry innovations and initiatives in credit, lending…
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The Bank of England’s annual update on the Credit Union sector shows that loans to members increased by 21.4% to £2.3 billion, the largest year-on-year change, after increasing 15.7% in 2022. The total number of Credit Union members also rose by 4.6% to 2.2 million while income grew by 27.5% to record levels in 2023,…
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Buy now, pay later (BNPL) firm, Laybuy, has collapsed into administration. Laybuy’s UK arm, with around 300,000 customers, has appointed administrators at FTI Consulting. Aound 10,500 shops and businesses let shoppers pay with Laybuy, around 2,600 in the UK. Laybuy has around 29 employees in the UK. The company is no longer accepting new transactions…
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Castle and Crystal Credit Union has been placed into administration. James Sleight and Peter Hart of the advisory team at PKF Littlejohn have been appointed as joint administrators. Castle & Crystal Credit Union is based in Dudley, it’s membership covered residents and employees who live or work across parts of the West Midlands. Regulatory bodies have…
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New figures obtained by Mazars from the Financial Conduct Authority show the value of loans made by UK pawnbrokers has increased by 13% in the past 12 months, reaching £252 million. The value of pawnbroker loans increased from £224 million in 2022 to £252 million in 2023, as the cost of living crisis put stress on household…
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New research by TotallyMoney has investigated the different payments structures for Buy Now Pay Later (BNPL) and has found a lack of consistency and regulation is leading to millions of people struggling to manage payments. The research found that. the average customer makes 4 BNPL transactions per month, resulting in 12 separate payments for the…
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A new study from Juniper Research, found that by 2028, the Buy Now, Pay Later (BNPL)userbase will increase by 107%, from 380 million users in 2024. Banks and super apps are leveraging their positions to underrepresented demographics incentivising BNPL through consolidated offerings tailored to consumers, such as integrated eCommerce platforms. Juniper Research found that despite…
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Nearly a quarter of adults (23%) said they have used BNPL in the past year, mirroring pre-festive season observations according to research by TransUnion. The survey data points towards a robust and maturing sector, with more than one in five (21%) planning to apply for new BNPL services in the coming year. Yet despite many…
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Credit Connect’s hosted its sixth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by eight leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
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A new report by Lenvi has revealed the growing importance of brand and trust for borrowing decisions and AI innovation, a dip in the number of people factoring green credentials into their decision making and the growing popularity of Buy Now Pay Later (BNPL). The report reveals that borrowers are placing more emphasis on brand…
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