Credit, Collections & Insolvency News
New Money & Credit figures released by the Bank of England show Latest Bank of England data has found that consumers have reduced their borrowing in February due to the uncertain economy, with credit card borrowing falling from £800 million to £500 million. Other forms of consumer lending, such as personal loans and car finance,…
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Credit Connect’s hosted its sixth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by eight leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew in January 2024 by 2% compared with the same month in 2023. In the twelve months to January 2024, new business was 2% lower than in the same period in 2023. The credit card and personal loans…
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As consumers continue to navigate cost-of-living pressures, new research shows that younger age groups face significant barriers when it comes to accessing credit according to a survey of 1,000 UK borrowers by Tink. The research found that over three quarters (78%) of 18-34 year olds have had a loan application rejected. When asked why they’d…
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Latest data from the Financial Ombudsman Service (FOS) has found that credit card complaints reached a record high in Quarter 4 2023, with consumers lodging 5,660 complaints. 3,086 of credit card complaints were due to unaffordable or irresponsible lending. The figures marks the highest level of complaints in a three-month period since 2014/15. Other products…
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Latest Bank of England (BoE) data has shown that consumer borrowing dropped sharply in December, suggesting the UK economy probably slipped into recession at the end of last year. Consumer borrowing fell from £2.1bn to £1.2bn, with credit card borrowing experiencing a steep decline. Consumers repaid, on net, £800 million of mortgage debt in December compared…
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Motor insurance customers who buy cover monthly can end up paying hundreds of pounds more than those who pay for policies annually, Which? research has found, as the consumer champion calls on the Financial Conduct Authority (FCA) to produce an action plan to tackle the issue. Which? used sales data from GoCompare to find the average difference between prices…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in November 2023 was 2% higher than in the same month in 2022. In the eleven months to November 2023, new business was also 2% lower than in the same period in 2022. The credit card and personal loans…
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The Financial Conduct Authority has announced that it begin a a study of the motor finance industry, amid rising tensions between consumers and lenders on discretionary commission arrangements. In 2021, the FCA banned discretionary commission arrangements. This removed the incentive for brokers to increase the interest rate that a customer pays for their motor finance. The FCA…
Read moreLatest 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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