Credit, collections & insolvency news
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in October 2024 by 2% compared with the same month in 2023. In the ten months to October 2024, new business in this market was 1% higher than in the same period in 2023. The credit card and…
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A new report by Lenvi has revealed that four-fifths (81%) have borrowed money – with the most popular form of loan being the ‘bank of mum and dad’ (40%). However, parents and guardians may be pulling some strings to make this happen – in this instance, driving themselves into debt – to support their children.…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in September 2024 by 9% compared with the same month in 2023. In the first nine months of 2024, new business in this market was 1% higher than in the same period in 2023. The credit card and…
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Data from Barclays shows that spending on cards rose by 0.7% in October, marking a slowdown from the 1.1% rise recorded in September. Overall Retail spending grew 0.7% in October 2024, a slight fall compared to the year-on-year growth seen in September 2024 (1.1%). Nonetheless, this is a third consecutive month of growth for the sector as it…
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Barclays has announced thatit hassuccessfully completed its £600m acquisition of Tesco Bank following high court approval. The acquired business includes credit cards, unsecured personal loans, deposits and the operating infrastructure which, following completion of the acquisition, will continue to be operated under the ownership and management of Barclays UK. The new partnership will see Barclays…
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Sainsbury’s has announced that it has sold its Argos Financial Services (Home Retail Group Card Service) cards portfolio to NewDay Group for £720 million, aligning with its strategy to concentrate on core retail operations. The supermarket has announced that it has also partnered with NewDay to launch a new Argos-branded digital credit offer. This move…
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Latest Bank of England Money and Credit data has shown credit borrowing by individuals was £1.2 billion in September, down from £1.4 billion in the previous month. Commenting on the date Tom Cuppello, Director, Risk at Broadstone said “Consumer confidence has suffered in the run up to the Budget which appears to have hit borrowing…
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The Financial Ombudsman Service (FOS) received 101,031 complaints about banking and credit cards in the first half of the year, with this almost double the 56,690 recorded in the first six months of 2023. Across all products, the first six months of 2024 saw 133,019 new complains logged with the FOS. This marks a 40%…
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The Financial Conduct Authority (FCA) has fined TSB £10.9m, having found that the bank’s systems put customers at risk of harm. An investigation found that TSB failed to treat customers in arrears fairly, with more than 230,000 mortgage, overdraft, credit card and loan customers found to have been affected and were paid £100m in redress.…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2024 by 1% compared with the same month in 2023. In the eight months to August 2024, new business in this market was at a similar level to the same period in 2023. The credit card…
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Latest Bank of England Money and Credit data has shown that consumer credit by individuals amounted to £1.3 billion in August, a slight increase from £1.2 billion in July, which continues to be the highest since November 2022. August consumer credit borrowing slightly dropped to 7.6% year-on-year from the 7.8% seen in July. The data…
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New research by TotallyMoney has found that for the average balance of £2,906 on a credit card, somebody with a poor credit score could pay an extra £872 per year (£73 p/m) in interest compared to somebody with a good credit score. Half (49.2%) of credit card customers pay interest on their borrowing every month…
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The 2025 Credit & Collections Industry Awards has confirmed its return in May 2025, with entries now open. The awards programme was launched earlier this year recognising excellence within credit and collections by highlighting achievements through its tangible and transparent awards judging scheme. The awards will recognise key industry innovations and initiatives in credit, lending…
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