Credit, Collections & Insolvency News
Credit card debts have fallen for first time since July 2013 according the latest Bank of England Money and Credit Banking statistics. The latest figures show that borrowers repaid £100 million in November, reflecting falling demand for consumer lending. The annual growth rate in unsecured consumer lending dropped to 5.7% from 6.1% in October, as…
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More than half of the UK consumers (almost 27 million), will head into 2020 in debt, with almost five million owing over £10,000 in loans and credit, according to a poll conducted by money.co.uk. Money.co.uk polled 2,018 people living in the UK, aged 16-64 years, and found that, not including mortgages, almost two thirds (63%) will…
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Research by credit specialist TotallyMoney and MoneyComms has warned that lenders are putting the squeeze on introductory 0% interest cards for balance transfers. Consumers looking to take charge of their debt in the new year may struggle to find a deal that lasts long enough to clear their debt interest-free. The research shows lenders are…
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A noticeable levelling off of credit card lending over the second half of 2019 so far bucks a significant long-term trend, suggesting that we may see big changes in the credit market during 2020, according to the December 2019 Money Statistics, produced by The Money Charity. In 2019, after years of considerable, rapid growth, credit…
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Here is an overview of The Money Charity’s latest statistics for December 2019: Personal debt in the UK People in the UK owed £1,665 billion at the end of October 2019. The average total debt per household, including mortgages, was £59,840 and per adult was £31,569, around 111.7% of average earnings. Net mortgage lending rose…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business was 2% lower in October 2019 than the same month in 2018, and held steady in the first ten months to October. Within this overall picture, retail store and online credit new business grew in October by 1% compared…
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The Bank of England has published its latest lending figures. The figures show that high loan to value (LTV) mortgages advanced in the three months to September accounted for the largest share of overall mortgages in more than a decade. Quarter three statistics from the Bank of England revealed that the share of lending above…
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Eleven new brokers will start training with Just Mortgages’ broker academy in the New Year after coming through a rigorous selection procedure. The new members will join Just Mortgages Employed division, with a further selection process for the self-employed division to open in January. The new recruits will undergo an intensive training programme over five…
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Two out of three dealers (66.1%) believe that near-prime finance will become more important to their businesses if there is a recession in 2020, new research for Startline Motor Finance indicates. The findings also show that 54.6% say they expect prime lenders to reject an increasing number of applications next year in a continuation of…
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The Finance & Leasing Association (FLA) has identified three improvements that the incoming Government must adopt to transform customer protection in the consumer credit market, and strengthen the growth of a sustainable and productive economy. Priorities for 2020 and Beyond highlights the fact that the 45-year-old Consumer Credit Act (CCA), which underpins every consumer credit…
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Kew Vehicle Leasing is the first leasing broker to openly disclose the amount of finance commission it receives on all regulated Personal Contract Hire (PCH) agreements. Additionally, Kew Vehicle Leasing will also disclose the lender as a matter of course. Car finance is currently under investigation by the Financial Conduct Authority (FCA) concerning the amount…
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One in five people who check their credit report find an error, new research from Which? has revealed. The consumer champion surveyed more than 1,000 people to establish their understanding of credit reports and scores, and uncovered a significant number of people finding errors in their reports, many of which went uncorrected. The survey also…
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Consumer spending in November grew by just 0.9 per cent year-on-year, representing a decline in real terms when accounting for inflation, as restrained expenditure continues ahead of Christmas according to new data from Barclaycard. The data showed that spending on essentials showed no movement whilst spending on non-essentials was up 1.3 per cent, presenting a…
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