Credit, Collections & Insolvency News
The Money Advice Service has announced its 2017 over-indebtedness figures for the UK. This year’s report by the Money Advice Service and CACI reveals that 8.3 million (15.9%) people in the UK are living with a debt problem – the figures show a moderate increase from figures released in 2016 (15.4%). The statistics from the…
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UK Finance has released the latest card expenditure statistics for July, the highlights include: The number of card payments increased to 1.39 billion in July, largely because of the migration of cash payments to card and the increased use of contactless. Total spending was £57.8 billion, up from £54.2 billion in July 2016. Contactless payments…
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The Payment Systems Regulator (PSR) and Bank of England (BoE) have announced that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to deliver against the mandate that the regulators tasked it with. Following the appointment of Melanie Johnson as its first chair, work will continue at pace to deliver the New…
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Women are more likely than men to switch to an online-only bank, but both genders support new payments innovation, figures released by international law firm Paul Hastings show. The survey of over 2,000 consumers in the UK, part of a study into the future of alternative payment methods, shows that 24% of men and 30%…
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New figures released tby the Finance & Leasing Association (FLA) show growth of 13% in consumer finance new business in July, compared with the same month last year. Credit card and personal loan new business together grew by 16% compared with July 2016, while retail store and online credit new business increased by 11%. Second…
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UK Finance has published the latest contactless usage figures as contactless technology hits its 10th anniversary. The first contactless cards in the UK were launched in September 2007, with 111 million in issue in June 2017. During the first half of this year, the amount spent using contactless technology (£23.23 billion) almost matched the amount…
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The growth in borrowing by consumers appears to be slowing amid a squeeze on households according to the Bank of England’s latest consumer statistics. The annual rate of growth for consumer borrowing through credit cards, overdrafts and personal loans decreased to 9.8% in July, the lowest rate of expansion since April 2016. The growth rate…
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Research by Citizens Advice has found that nearly 1 in 5 people struggling with debts have had their credit card limit raised without them requesting it, a practice the charity would like to see banned. After the Bank of England issued a warning to lenders about how they are granting credit to consumers, Citizens Advice…
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With the start of the new school year fast approaching, an annual survey shows how parents will be spending £1.48 billion getting the UK’s 8.5 million children ready for the start of term – equating to £174.31 per child to purchase items such as jumpers, blazers, ties, shoes and sports kit. Research by Nationwide in a…
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Fraud prevention service, Cifas has released new figures showing that identity fraud has continued to rise at record levels in the first six months of 2017. A record 89,000 identity frauds were recorded, up 5% from last year. Representing over half of all fraud recorded by the UK’s not-for-profit fraud data sharing organisation, 83% of…
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A high number of British adults have found themselves unprepared for unexpected costs and have had to rely on friends, family or even credit to pay for them in the past 12 months, according to new research. The survey of 1,035 UK adults carried out by home heating oil supplier, SuperSaverOil.com, found that almost half…
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New figures released by the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in June, compared with the same month last year, and growth of 4% in the second quarter of 2017 overall. Credit card and personal loan new business together grew by 10% compared with June 2016, while…
Read moreComplaints about consumer credit including payday loans and hire purchase showed a rise in the second quarter according to latest statistics released by the Financial Ombudsman Service (FOS). Consumer credit complaints totalled 7,281 in the three months to June 30, up from 5,846 in the same period last year. Payday loans, which provide short-term credit at…
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