Credit, Collections & Insolvency News
Over two million people in the UK are stuck in a constant cycle of persistent overdraft debt, according to a new report – ‘Stuck in the Red’ – by StepChange Debt Charity. The report also highlights evidence of unaffordable lending in the overdraft market and cases where banks have failed to offer their customers a…
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One in ten UK adults (10%) have cancelled their credit or debit card in the last year due to attempted fraud, according to new research by comparethemarket.com. This equates to over five million people becoming the victims of the cybercrime in the last twelve months, highlighting the worrying levels of online fraud in the UK. In…
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People who don’t think they can pay their debts are being given thousand of pounds of credit they haven’t asked for, Citizens Advice has warned. Fresh evidence from the charity suggests that 6 million people have had their credit limit increased in the last year without their consent – and 32% of those showing signs…
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New figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016. In September, credit card and personal loan new business together grew by…
Read moreHere is an overview of The Money Charity’s latest statistics for November 2017: Personal debt in the UK People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult. Per adult in the UK…
Read moreThe Financial Conduct Authority (FCA) has published its ‘FCA Mission – Our Future Approach to Consumers’. When the FCA launched its mission, it committed to publishing a series of documents that would explain its approach to regulation in more depth. The FCA’s Approach to Consumers is the first in this series, and explores the approach…
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Following on from the Bank of England Monetary Policy Committee news that is has voted to increase interest rates by 0.25% to 0.5% – the first rate rise since 2007. The credit and collections industry has responded to the rate change. Joanna Elson OBE, Chief Executive of the Money Advice Trust, the charity that runs…
Read moreThe Credit Services Association (CSA) has urged members to start preparing for the government’s decision to ban additional charges for certain future card payments. From 13 January next year, businesses, including CSA Members, will no longer be able to charge surcharges for certain card transactions, but will still face the costs for processing card payments.…
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Callcredit Information Group and payments service firm ShieldPay have agreed a partnership to provide secure online payments to its Shieldpay’scustomers. ShieldPay´s patent pending technology protects both buyer and seller in any payment by verifying both individuals. Using Callcredit’s ID and bank verification solutions ShieldPay can verify both party’s identity and bank account reducing the chances of…
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The Bank of England consumer credit statistics shows that consumer borrowing has risen by 9.9% in the year to September 2017, now totalling £204 billion. Other highlights from the report include: The annual growth rate of consumer credit has remained broadly unchanged since June, at around 10%. The flow was £1.6 billion in September, also…
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Latest figures released by the Bank of England suggest that high levels of consumer credit will ‘increase scrutiny’ on household debt. The Bank of England has published its latest monthly Money and Credit report showing continued growth in consumer credit of 9.9 percent in the year to September. Outstanding balances for consumer credit now stand at…
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A rise in interest rates will result in monthly repayment shocks for millions of homeowners who are already living on a tight budget, according to figures from free debt advice provider PayPlan. PayPlan has launched an interest rate calculator this week to help clients find out how a potential mortgage rate rise might affect them.…
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UK Finance has published its latest update on lending figures. The figures showed that Economic growth was subdued in the first half of 2017, and estimates of growth in the three months to September are only expected to be slightly higher, at around 0.4%. This compares with 0.3% growth in the first and second quarter…
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