Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in November by 5%, compared with the same month in 2016. Credit card and personal loan new business together grew by 3% compared with November 2016, while retail store and online credit new business increased by 13%. Second charge…
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Consumers won’t pay off their Christmas debt until April, according to research by Piggybank. Hefty spends on gifts, food, drink and more means the typical adult won’t clear their festive spends until 14 weeks into 2018. On average those polled borrowed £398.19 either through loans or credit cards to cover Yuletide and everything which comes…
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Rapid growth in Britain’s consumer credit has been driven by borrowing by people with good credit scores, not subprime lending, according to research the Financial Conduct Authority (FCA) and Bank of England (BOE). Unsecured consumer lending grew at near double-digit rates in 2016 and 2017, and concern that lenders had overestimated their borrowers’ creditworthiness led…
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The increasing cost of living and the impact of Brexit top the Nation’s main financial concerns for 2018, according to new research from GoCompare. The research found that 40% of people think that 2018 will be a financially challenging year, with 12% admitting to being ‘seriously worried about their finances’ in the year ahead. The…
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The rate of UK consumer borrowing continued to slow in November according to the Bank of England as it seeks to slow down the growth of the personal loan market.The report shows a growth in consumer credit of 9.1 percent in the year to November 2017. Outstanding balances for consumer credit now stand at over £205.8 billion. In response…
Read moreUK Finance has published its latest lending figures. Findings from the figure include: Mortgage activity has been building through the year, helped by increasing numbers of first-time buyers. We estimate gross mortgage lending in October was £23.1 billion, nine per cent higher than a year earlier, with 60 per cent of all new lending provided by…
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Plans to protect people from unresolved debts which can damage credit ratings without them knowing have been outlined by the Government. It has launched a consultation on how County Court Judgments (CCJs) are issued after concerns were raised that some rogue companies were deliberately sending claims to consumers using incorrect addresses. Credit ratings can be…
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New research from uSwitch.com has indicated that one in four consumers will carry an average credit card debt of £452 into this year. Despite the cost of living reaching a five year high in 2017, the British public has not held back on their Christmas spending, with almost £8.5 billion being spent on plastic this…
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As 2018 fast approaches, new data from MoneySuperMarket reveals that the average Brit will see in the New Year with over two thousand pounds (£2,172) of debt hanging over their heads. Despite 55 percent of Brits feeling confident that they will stay within budget this Christmas, the leading price comparison website reveals that eight in 10 would…
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One in three consumers shopped ‘blindly’ this Christmas – by not checking their bank balance before, during or after hitting stores and retail websites according to latest research by Asda Money Despite 77 percent setting a typical budget of £539 the study of 2,000 adults found overall one fifth spent more than they intended to.…
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Christmas shoppers will spend record amounts on credit cards as consumers search for safer online shopping according to new research by Equiniti. Credit card payments have already seen an uptick in the value of payments made in 2017 with over £3 trillion already spent on credit cards up to October (the latest data available), compared…
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Financial Conduct Authority (FCA) plans to change how credit card firms offer credit limit increases do not go far enough to protect consumers from problem debt, Citizens Advice says. The update paper on credit cards and persistent debt released today shows the FCA has stopped short of the clear ban on unsolicited increases Citizens Advice…
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The Financial Conduct Authority (FCA) has published an updated consultation on rules to help customers in persistent credit card debt. This follows an April 2017 consultation paper on proposed remedies to help millions of people get out of expensive longer-term credit card debt. These include firms, at designated timeframes, prompting customers to make faster repayments…
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