Credit, Collections & Insolvency News
New data research by onefourzero and GK analysing the credit market has found that consumers now use debt to maintain their spend power. The report analysed demand data for credit cards and overdrafts, and found that reliance on consumer credit has become the new normal; British consumers are borrowing more now than ever before. What was…
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Today marks the start of a UK rule change required by the Competition and Markets Authority (CMA) as part of its Retail Banking Investigation which means that banks must now set up an alert system which will help their customers avoid unnecessary charges. During an investigation, the CMA found that banks receive around £1.2 billion a…
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New research from Mintel has found that the majority of unsecured loan borrowers are living in ignorance as three in five Brits (60%) admit they are unaware of the interest rate being charged. More figures suggest 74% of Brits aged 45-64 with structured personal loans say they do not know the rates they are paying.…
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Over half (62%) of fraud managers are under pressure to increase transactions and customer sign-ups by reducing risk thresholds for ID verification, according to Callcredit Information Group’s research. Unsurprisingly, the research found that 64% of respondents feel it is difficult to balance the business need to onboard and service customers quickly with the need…
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The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.5 percent in the year to December 2017 up from 9.3 percent in November. Outstanding balances for consumer credit now stand at over £207.1 billion .The 8.9% growth in credit card lending has pushed the…
Read moreSignificantly more UK households say they are spending more on essential products and services than they were a year ago, according to the latest Lloyds Bank Spending Power Report. The report has also found that significantly more consumers say they have increased their spending on essentials compared to 12 months ago with 70% of adults…
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The Insolvency Service has released its latest statistical release shows the outcome status of Individual Voluntary Arrangements (IVAs). The statistics show: The percentage of IVAs failing within the first two years has increased Ten IVA providers accounted for over 80% of new IVAs registered in 2017. Total insolvencies rose for the second consecutive year, returning…
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Here is an overview of The Money Charity’s latest statistics for January 2018: Personal debt in the UK People in the UK owed £1.566 trillion at the end of November 2017. This is up from £1.512 trillion at the end of November 2016 – an extra £1,040.96 per UK adult. Per adult in the UK that’s an average…
Read moreProvident Financial is to report a pre-exceptional loss of around £120m in its consumer credit division. The lender has published a trading update for the year to 31st December 2017, ahead of its final results for the year which will be announced in late February. The report summary highlights: Vanquis Bank and Moneybarn have both traded…
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The Federation of Small Businesses (FSB) has warned an EU-wide ban on preventing credit card charges from being passed on to customers presents a “double-edge sword” for small businesses and called on policymakers and businesses to work together to bring down the charges. UK companies will no longer be able to pass on the fees…
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The average adult will shell out £4,600 on ‘financial’ New Year’s resolutions such as conquering their debts or moving house, according to a study. Expensive pledges such as paying off debt, buying a car and travelling the world are just as popular as traditional resolutions such as quitting smoking. The average person will attempt two…
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Credit card specialist Newday has been fined £230,000 by the Information Commisioners Office (ICO) after they failed to ensure automated emails were sent to individuals who had consented to receive marketing. Newday was fined £230,000 after it was found to have sent over 44 million spam emails. Andy Curry, ICO Enforcement Group Manager, said “Firms…
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Figures released today show that 2017 was another record-breaking year for Bacs Payment Schemes Limited (Bacs), with over 6.34 billion payments, worth a total in excess of £4.9 Trillion, processed by the company behind Direct Debit in the UK. At the end of June 2017, a huge 111.7 million Direct Debits and Bacs Direct Credits…
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