Credit, Collections & Insolvency News
UK’s leading fraud prevention service, Cifas has revealed that mortgage fraud has seen a 5% increase in the first six months of 2019 compared to the last six months of 2018. The figures are released as part of the Cifas ‘Faces of Fraud’ campaign, which aims to highlight the fact that what some view as…
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Bluestone Mortgages has announced the appointment of Steve Seal as Managing Director (MD). Seal joined Bluestone Mortgages in September 2017 as Director of Sales & Marketing and brings 24 years of financial services experience to his new role. Since joining the business, Seal has been instrumental in developing Bluestone’s mortgage proposition and positioning the business…
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The British Retail Consortium (BRC) has launched its latest Payment Survey which shows that credit card spending overtook cash spending in 2018. Whilst debit cards remain the most popular method of payment, accounting for almost three-in-five transactions. The use of cash payments has been falling steadily. Over the past five years, cash use has dropped…
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Credit cards can be a responsible way to spread the cost of large but infrequent purchases, however new research suggests that this is not the way many young people are choosing to take on debt. A new study from comparethemarket.com reveals that nearly a fifth (18%) of 18-24-year olds use their credit card every day.…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in July, compared with the same month last year. Credit card and personal loan new business together grew by 3% compared with July 2018, while retail store and online credit new business remained stable. Commenting on…
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The latest Mortgage Lenders and Administrators Statistics from the Bank of England show that the proportion of total loan balances with some arrears has fallen to its lowest level in 12 years. The Mortgage Lenders and Administrators Return (MLAR) is a quarterly statistical release aggregated from data on mortgage lending activities provided by around 340 regulated mortgage…
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Millions of motorists are overpaying on their car insurance by simply forgetting to switch provider every year. According to new research from comparethemarket.com, 16% of motorists – equating to over six million people nationwide – admit that changing car insurance providers when their policy comes to an end simply slips their minds. The annual cost…
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Clever Lending has appointed two new directors to lead the specialist distributor’s ambitious plans for growth across the mortgage and lending market. Kevin Blount is now overseeing all operational aspects of the company as Director of Technical Operations, with Michelle Neville being responsible for delivering Clever Lending’s sales strategy as Director of New Business. Blount…
Read moreA new OnePoll survey of 2,000 UK adults commissioned by credit experts TotallyMoney has shown that many people don’t fully understand the cover they get through their credit card. If the item you pay for is worth over £100, but less than £30,000, you are covered by Section 75 if you make any of that…
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Here is an overview of The Money Charity’s latest statistics for August 2019: Personal debt in the UK People in the UK owed £1,642 billion at the end of June 2019. This is up from £1,596 billion at the end of June 2018, an extra £887 per UK adult over the year. The average total…
Read moreSpending on UK credit cards hit an all-time high in July according to new figures from the trade body for UK banking and financial services UK Finance The figures show credit card spending totalled £12 billion in July – the highest on record, an increase of 8.2% on July 2018. The findings may fuel fears…
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Visa’s UK Consumer Spending Index, compiled by IHS Markit, signalled a further fall in overall household spending during July. At -1.2% year-on-year, the reduction was modest and softer than that seen in June (-1.4%). Nonetheless, this extended the current period of declining spend to ten months, to mark the longest sequence of falling expenditure since…
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New figures from UK Finance show that consumers spent almost £16.9 billion on credit cards in May, a year-on-year increase of 2.3%. The annual growth rate of outstanding balances on credit cards stood at 4.1 per cent in May 2019, continuing the downward trend from its recent peak of 8.3 per cent at the start…
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