Credit, Collections & Insolvency News
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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The Chief Executive of the Financial Ombudsman Service (FOS) has urged financial firms to do more to help struggling consumers. Speaking at the ‘Connected 2024’ conference Abby Thomas, Chief Executive and Chief Ombudsman at FOS said there has been an Increase in debt levels have left some consumers feeling confused, stressed and out of their…
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Latest UK Finance data for June 2024 has found a small decrease in credit card spending. The data showed that there were 357 million credit card transactions in June, 2.6 per cent fewer than in June 2023. The total spend of £19.9 billion was 3.1 per cent lower than June 2023. Outstanding balances on credit…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in July 2024 by 4% compared with the same month in 2023. In the seven months to July 2024, new business in this market held steady compared with the same period in 2023. The credit card and personal…
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Almost £60 million has been reported stolen through card fraud over the past three years in the UK according to new research from Trustly, The figures were obtained via a freedom of information request sent to the National Fraud Intelligence Bureau run by City of London Police. The research found that credit card fraud is the…
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Latest Money and Credit statistics from the Bank of England have shown that mortgage borrowing in July reached its highest level in nearly two years at £2.8 billion, up from £2.6 billion in June, the highest since November 2022 (£3.3 billion). Mortgage approvals in July were also at a near two-year high, while net consumer…
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Latest data has found that credit card spending rose 4.2% from May to June 2024, with teh average balance standing at an average of £840 which is 0.1% higher than June 2023 according to FICO’s latest credit card report for June 2024. The data showed that May 2024 saw quite significant month-on-month increases in late…
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Latest UK Finance card spending data for May 2024 has shown that outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months to May and 48.9 per cent of outstanding balances incurred interest compared to 49.7 per cent in May 2023. The data showed 2.3 billion debit card transactions…
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New figures released by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided £76.7bn of new lending in the first half of the year (H1) 2024, 1% higher than in H1 2023. £20.1bn was provided to businesses for investment in machinery, equipment, and…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June 2024 by 8% compared with the same month in 2023. In the first half of 2024, new business in this market held steady compared with the same period in 2023. The credit card and personal loans…
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