Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in July 2025 by 4% compared with the same month in 2024. In the seven months to July 2025, new business in this market was 5% higher than in the same period in 2024. The credit card and…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in June 2025 by 11% compared with the same month in 2024. In the first half of 2025, new business in this market was 5% higher than in the same period in 2024. The credit card and personal…
Read more
Lenders’ online and in-app application processes can help prospective borrowers understand what they’re signing up for, a review by the Financial Conduct Authority (FCA) has found. However, improvements could be made to these digital processes so that consumers can make informed decisions about their finances. The FCA’s review is part of its strategic focus…
Read more
Latest Bank of England data has shown that net borrowing of consumer credit by individuals rose to £1.4 billion, from £0.9 billion in the previous month. et borrowing through other forms of consumer credit remained broadly unchanged at £0.7 billion over the same period. Commenting on the date, Richard Pinch, Senior Director of Risk at…
Read more
A new survey from the UK’s leading credit-building business, Loqbox, has revealed that people in the UK are struggling to understand how credit works and what it means for their everyday lives. At a time when the average credit score in the UK is 644 on the Equifax scale and an estimated one in ten…
Read more
Latest Bank of England data has shown that net borrowing of consumer credit was £1.6 billion in April, up from £1.1 billion in the previous month. Within this, net borrowing through credit cards increased to £0.8 billion in April, from £0.4 billion in March. Net borrowing through other forms of consumer credit increased slightly to £0.8…
Read more
Latest Bank of England data has found that the number of mortgage approvals fell to 66,200 in January, a decrease of around 300 from December. However, net mortgage lending rose by 27% to £4.2 billion – the highest since September 2022. The mortgage market remained busy in January, largely due to first-time buyers squeezing deals…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in December 2024 by 11% compared with the same month in 2023. In 2024 as a whole, new business in this market was 2% higher than in 2023. The credit card and personal loans sectors together reported new…
Read more
More than 42,000 households could be poised to take out homeowner loans this year, according to analysis of market statistics and housing market forecasts by Pepper Money, the specialist mortgage lender. Approvals for second-charge mortgages, or homeowner loans, were up 17% year-on-year during the first 11 months of 2024, according to analysis of official data from…
Read more
Consumer credit grew by £0.9 billion in November, down from £2.3 billion in November 2023, according to latest Bank of England data. The figures show that consumer credit growth dropped to its weakest level in more than two years. The data also showed that mortgage approvals fell in November. However the figures still remain above…
Read more
Digital homebuying platform, OneDome, has announced that it has acquired mortgage broker, Coreco Group (subject to FCA approval), for an undisclosed seven figure sum. The current Directors, Andrew Montlake and Julian Ingall, along with the Coreco Management Team, will remain in their roles to spearhead an ambitious growth agenda. Andrew and Julian will also join…
Read more
Latest Bank of England Money and Credit data has shown credit borrowing by individuals was £1.2 billion in September, down from £1.4 billion in the previous month. Commenting on the date Tom Cuppello, Director, Risk at Broadstone said “Consumer confidence has suffered in the run up to the Budget which appears to have hit borrowing…
Read more
The Court of Appeal has sided with consumers against banks and lenders in a motor finance test case, ruling that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment. Consumers who complained about ‘secret’ commissions on car loans, in a landmark ruling. Lawyers…
Read more