Credit, Collections & Insolvency News
The Bank of England has announced that it has made a decision to keep interest rates at 0.5%. The news will provide respite to debtors as latest figures from Stepchange reveal that Outstanding lending to individuals is £1,584 billion as at end March 2018. With £209.2 billion is outstanding consumer credit (£70.7 billion on credit cards).…
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The Financial Conduct Authority (FCA) has published its interim report into the mortgage market. The FCA found that competition in the mortgage market is working well for many people. The FCA has identified a number of ways in which the market could work better for some people. The FCA’s proposals are particularly aimed at helping…
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The Bank of England has published its latest monthly Money and Credit report showing consumer credit growth was 8.6 percent in the year to March 2018, down from 9.4 percent in February. Outstanding balances for consumer credit stand at £209.2 billion exceeding the previous quarterly peak of £208.2 billion in the third quarter of 2008. The…
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Latest data released by The Financial Conduct Authority (FCA) shows that there was 3.76 million complaints made against financial services companies during the second half of 2017, an increase of 427,032 on the first half of the year. Complaints about PPI rose by 40% to 1.55 million, the highest level of complaints about PPI for…
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Here is an overview of The Money Charity’s latest statistics for April 2018: Personal debt in the UK People in the UK owed £1.578 trillion at the end of February 2018. This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult. Per adult in the UK that’s an average debt of…
Read moreThe Credit Services Association (CSA), has announced the first of the major sponsors for the 2018 UK Credit and Collections Conference (UKCCC), which this year moves to Crowne Plaza, Stratford Upon Avon. Conexus Recovery and Field Services, which has clients across the banking, utilities, retail and debt purchasing sectors, is returning as a sponsor and…
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The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year. The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the…
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New figures released by the Finance & Leasing Association (FLA) shows that growth has continued in the second charge lending market in February, compared with the same month in 2017. Commenting on the February 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market increased 7% by volume and 13% by value in February, compared with the same month in 2017. New business volumes in the POS consumer new car finance market fell by 2%…
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The Financial Ombudsman Service has published its latest six-monthly complaints data on individual business and groups today. The data features complaint numbers about banks, insurance companies and other financial businesses received by the ombudsman service between 1 July – 31 December 2017. • 219 businesses feature in the complaints data – down by 11% when compared…
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Credit card debts have surged at the fastest annual rate in 12 years in February. The latest figure from UK Finance shows that consumer spending use of credit cards, with outstanding levels of card borrowing, grew at a rate of 6.3 percent over the year, whilst the use of loans and overdrafts continues to fall.…
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New figures released by the Finance & Leasing Association (FLA) show growth of 12% in consumer finance new business in January, compared with the same month last year. Credit card and personal loan new business together grew by 12% compared with January 2017, while retail store and online credit new business increased by 13% over…
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Here is an overview of The Money Charity’s latest statistics for March 2018: Personal debt in the UK People in the UK owed £1.576 trillion at the end of January 2018. This is up from £1.52 trillion at the end of January 2017– an extra £1,077.51 per UK adult. Per adult in the UK that’s an average debt…
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