Credit, Collections & Insolvency News
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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Almost half of adults (48%) have used Buy Now, Pay Later (BNPL) to spread the cost of purchases. In 2023, 7.4 million more people used BNPL compared to the year before. The increased usage of BNPL, isn’t expected to slow down as we enter the busy festive shopping period, in fact it has become essential…
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Morses Club and sister company Shelby Finance have entered into administration. The two companies provided short-term consumer loans, with Morses Club providing home collect credit and Shelby Finance providing loans online under the ‘Dot Dot Loans’ brand. Ed Boyle and Rob Spence from Interpath Advisory have appointed joint administrators. The Companies have been under sustained…
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Latest research from SunLife has indicated that the Bank of Mum and Dad has handed out £98 billion over the past five years, with parents over the age of 50 helping their children to get onto the property ladder, pay bills and settle debts. The study, which used data from SunLife customers and the Office…
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Latest figures from the Equity Release Council (ERC) analysis showed that the equity release market grew for the first time in 12 months with quarterly increases in both new customers (10%) and total lending (8%). Total lending reached £716 million in Quarter 3 (Q3) loaned to 7,379 new customers and 8,466 returning drawdown customers. The…
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The Financial Conduct Authority (FCA) has taken action against PayPal and QVC after finding potentially unfair and unclear small print in their buy now, pay later (BNPL) contracts. The FCA expressed concern over the impact on customers and prompted the two companies to change their terms. PayPal and QVC voluntarily made their terms easier to…
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Online high-cost short-term lender Novaloans (trading as Cash4UNow) has entered administration. Novaloans Ltd is a family-run business founded in 2011, employed 38 people according to its total exemption. Its offices are at Limewood Business Park, in Seacroft. The Financial Conduct Authority (FCA) has confirmed that the firm is no longer lending. However, all existing loan…
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