Credit, collections & insolvency news
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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Lenders are expecting debt defaults to rise by nearly £788 million to over £19 billion this year, according to transaction analytics group Fuse. Analysis of the most recent financial statements of 20 of the UK’s largest lenders indicate that lenders are expecting losses to exceed £19bn compared to the Expected Credit Loss (ECL) in the…
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Smart Money Cymru Community Bank and Newport Credit Union have announced that they will merge. The combined entity, which will be called Smart Money Cymru and will be the largest organisation of its kind in Wales, offering financial services to more than 15,000 members across a branch network extending through the Valleys and into Mid…
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Latest data from the Financial Ombudsman Service (FOS) has found that credit card complaints reached a record high in Quarter 4 2023, with consumers lodging 5,660 complaints. 3,086 of credit card complaints were due to unaffordable or irresponsible lending. The figures marks the highest level of complaints in a three-month period since 2014/15. Other products…
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Latest figures from the Equity Release Council has indicated that lending has decreased. The figures show that total annual lending in 2023 was £2.6 billion following a record-breaking £6.2 billion in 2022, returning the market to the level of activity last seen between 2016 to 2017 (£2.1 billion to £3.1 billion). New and returning equity…
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The Bank of Mum and Dad is still providing vital financial support to the younger generations as they continue to struggle through the cost of living crisis, according to research Saltus Wealth. The research found that 74% are providing financial support for either their adult children, adult grandchildren or both. Most respondents in the survey…
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Latest data from the Bank of England has indicated an increase Credit Union lending, with loans to members in England passing the £1 billion mark for the first time. The figures showed that loans to members increased 5.3% quarter-on-quarter to £2.34 billion. However, the average amount in arrears grew for the 8th successive quarter, increasing…
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Nearly a quarter (22%) of Buy Now Pay Later (BNPL) users have missed one or more repayments in the six months to December 2023, leading to late payment fees and in a quarter of cases, a mark against their credit score too according to data from the nonprofit Centre for Financial Capability (CFC). More than a…
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Nearly two thirds of people who are receiving financial support from their families, are receiving their funds from the equity of that relative’s home, according to new research from Hodge. A recent study looking at how families are working together to purchase property, pay off debts and meet rising living costs, found that 61% of…
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New research by Citizens Advice finds more than one in four adults (28% – the equivalent of 15.1 million people) say they’re likely to use Buy Now Pay Later (BNPL) to help with festive spending. This rises to 56% of parents with primary school-aged children. The findings come as the charity reveals those unable to…
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The bank of mum and dad has gifted more than £35bn to help their children and grandchildren get on the housing ladder according to the latest research from over 50s specialists SunLife. The report has revealed that almost 6 million (23%) of people over 50 have given ‘significant cash gifts’ to family over the past…
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Small loans, often seen as financial lifebuoys, are diminutive yet potent monetary instruments designed for short-term borrowing needs. These loans typically cater to amounts up to £600, making them a practical choice for those grappling with unexpected expenses or minor financial deficits. While both small loans and payday loans appear similar at a cursory glance,…
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A third of people (31%) still don’t think that Buy Now Pay Later (BNPL) purchases can lead to debt, however, this jumps to over half (51%) for those aged 18-24 who are a third more likely to use BNPL than the UK average according to research from lender, Creditspring. Almost one in three (29%) of people…
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