Credit, collections & insolvency news
Latest data by the Finance & Leasing Association (FLA) has shown that consumer finance new business fell in September 2023 by 3% compared with the same month in 2022. In the nine months to September 2023, new business also remained 3% lower than in the same period in 2022. The retail store and online credit…
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One in ten adults do not trust financial advisers with less than half of adults never seen a financial adviser according to new research by Canada Life and financial services consultancy, AKG. The report proposes that the advice gap could widen before there is any chance of it closing. Currently, according to the report’s findings,…
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The Lancashire-based lender and credit broker Oasis Motor Finance has announced a partnership to utilise data specialist LendingMetrics’ ADP decisioning platform for screening loan applications and onboarding customers. David Wylie, Commercial Director of LendingMetrics said“Oasis Motor Finance has considered the alternatives and decided that ADP offers the ideal future-proofed solution for their needs.” “We’re very…
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Over one million Brits took out travel insurance between June and August 2023, despite the rising cost-of-living, according to data from Compare the Market. The data showed that 1,066,364 people who bought insurance this summer was up by nearly a fifth (19%) on the 894,112 who did during the same period in 2022. Compare the…
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National brokerage Just Mortgages has announced that it has appointed Wayne Saker as Area Director. Saker has two decades of financial services experience in recruiting and mentoring brokers. He joins from Countrywide, where he first started as a mortgage consultant in 2003. Since then, he has risen through the ranks becoming regional sales manager, financial…
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With interest-only mortgages recently discussed as an appealing option for UK borrowers, over two fifths (44%) of mortgage advisers have seen an increase in enquiries about interest-only mortgages over the past year, according to new research from global research and insights agency Opinium. Additionally, similar research conducted from Opinium among consumers found that one in seven (15%)…
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As interest rates continue to increase, mortgage borrowers expect their monthly payments to increase by an average of £617 according to new research by The Mortgage Lender (TML). TML’s recent research found that 80% of homeowners reported being concerned about the effect of rising rates, with 37% being extremely concerned and 43% being somewhat concerned.…
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Research by Castle Trust Bank has found that over 76% of brokers have said the level of notice a lender gave them regarding the withdrawal of a product would impact their willingness to consider using the lender again in the future. The research found that over 60% of brokers said they would be less willing…
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The number of mortgage approvals made to home buyers fell by nearly 10% between June and July, according to Bank of England figures. The figures showed that net mortgage approvals decreased from 54,600 in June to 49,400 in July, while approvals for remortgaging slightly increased from 39,100 to 39,300 during the same period. Net borrowing…
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Latest Bank of England (BoE) data has shown that consumer credit rose to a five-year high in June. This follows a £500 million decrease in lending in May. Net borrowing of consumer credit by individuals rose to £1.7 billion in June, the highest since April 2018. Of the £1.7 billion borrowed £1 billion was borrowed…
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After a period of relative calm for the consumer credit sector, average rates on lending products registered notable increases through June as fears over sticky inflation linger, according to analysis of the latest Bank of England data from Freedom Finance. Through the first few months of the year, average rates on credit cards and personal…
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Analysis of the latest Bank of England data on average quoted household interest rates from Freedom Finance has raised hopes that consumer credit rates may now be in reverse after a year of sustained increases in the cost of borrowing. The data shows that average rates on personal loans of £5k and £10k as well…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in February 2023 compared with the same month in 2022. In the first two months of 2023, new business was 1% lower than in the same period in 2022. The retail store and online credit sector…
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