Credit, Collections & Insolvency News
The Association of Short Term Lenders (ASTL) Bridging Mortgage loan books continued to grow in Q2 2023, increasing by more than 5% to an all-time high of just over £7.1bn. This is following the latest data collection information provided by its member lenders. The figures, compiled by auditors from data provided by members of the…
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Latest figures from the Equity Release Council for Quarter 2 (Q2) showed that the total equity release lending figure of £664 million was down 5% from the previous quarter, making it the quietest since lending quarter since Q3 2016 when £571 million was lent. The number of active customers in Q2 rose slightly to 17,028,…
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16 million people are still unaware you can get into debt using ‘Buy Now Pay Later’ (BNPL) services*, according to research from lender, Creditspring. A third of people (31%) still don’t think that BNPL purchases can lead to debt, however, this jumps to over half (51%) for those aged 18-24 who are 29% more likely…
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Almost a third of grandparents say they have lent or gifted money to their grandchildren, with the elderly family members paying out £2,119 on average according to new research by Saga. 17 per cent of those surveyed said they had used the cash to buy a first property and the same amount saying that it…
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New research from Ipsos and Fair4AllFinance shows that 3 million people have borrowed money from an illegal ‘loan shark’ lender over the past three years, as high-street lenders turn people worrying about rising bills and mortgage rates away while the cost of living bites. Results from a new online survey amongst a representative quota sample…
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One fifth (18%) of teachers have been forced to rely on buy now, pay later (BNPL) payment options to afford their weekly shop, according to new research from responsible lender, Creditspring. More than a quarter of teachers (26%) say they wish they’d never used BNPL options, with 14% admitting they’d were unable to meet repayments…
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Since the onset of the cost-of-living crisis, 6% of people have started borrowing for the first time, and 8% are borrowing more according to research by Hargreaves Lansdown. The research found that some groups are more likely to have stepped up their borrowing – including younger people, women, renters, and parents. Meanwhile, other groups have…
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A survey of consumers by NewDay has highlighted concerns about the lack of regulation in Buy Now, Pay Later (BNPL) options, with only 16% of UK consumers deeming BNPL’ trustworthy’. Almost half (45%) worried that unregulated BNPL could get them into debt, and 58% of respondents had never used BNPL options and wouldn’t consider using…
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New data from the Bank of England has found that the total Credit Union borrowing hit a record £2 billion in 2022 with all-time high membership of unions at nearly 2 million. The data showed Credit Union membership rose by 60,863 to reach 1,980,964 at the end of 2022 as more borrowers widened their net…
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Research from Freedom Finance has revealed that the leading challengers and neo banks added over £1.5 billion of capacity to the UK’s unsecured personal loan market in 2022. The analysis reveals that a basket of challenger brands and digital-only lenders increased unsecured personal lending to consumers by over £1.5 billion, an increase of 34% on…
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New research from TransUnion has found that nearly four in 10 (38%) adults are using buy now, pay later i(BNPL) when shopping online, which is consistent with the previous year. More than half (53%) of those that used buy now, pay later in the past 12 months spent a total of between £100 and £499…
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Wiltshire and Swindon Credit Union have announced that they completed a merger agreement. The Credit Union will now be called Wiltshire and Swindon Credit Union (WASCU) says that the name change will reflect a new focus on encouraging savings and will continue to offer the same high level of service. Wiltshire and Swindon Credit Union…
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Sub-prime lender Amigo Loans is to be liquidated after months of trying to come up with a rescue plan ended in failure. The company said Amigo said it would stop lending with immediate effect and will be placed into an orderly wind-down, with all surplus assets transferred to the creditors of its compensation scheme. Those owed compensation…
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