Credit, Collections & Insolvency News
The British Banking Association’s (BBA) latest high street banking data shows that consumer borrowing through overdrafts, loans and credit cards grew at an annual rate of 6.7%. Other findings include: Gross mortgage borrowing totalled £13.8 billion in January, 6.3% higher than the same period last year Re-mortgaging approvals in January were 15.7% higher than January…
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New research from Intelligent Environments has found an overwhelming majority of University students are feeling the stress created by their financial situation. Three quarters of students polled that receive a maintenance loan feel stressed about the amount of debt they are accumulating while studying, the effects of which are wide reaching. 39% said their debt has…
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The latest figures released by the Finance & Leasing Association (FLA) show growth of 9% in consumer finance new business in 2016. New business in December grew by 2% compared with the same month in 2015. Credit card and personal loan new business together grew by 8% in 2016, while retail store and online credit…
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Ofgem has announced the levels of the prepayment price cap which come into effect this April. The temporary price cap is one of the Competition and Market Authority’s (CMA) remedies resulting from its two year investigation of the energy market. The cap will initially apply to over four million households who prepay for their energy, mostly with…
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Wonga will confirm that it has decided to offload BillPay, one of its most valuable units, to Klarna, a Swedish provider of e-commerce solutions according to Sky News. Klarna operates in Austria, Germany, the Netherlands and Switzerland. The deal will take place this week and will be worth about £60 million. Talks between Wonga and…
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The UK Card Association has it’s latest statistics from November 2016. The key findings include: Payment card spending grew by 1 per cent in November to reach £56.0 billion, driven by a £476 million rise in debit card spending. £13.2 billion was spent online during the month including Black Friday and Cyber Monday – the…
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The bank of mum and dad are still the first port of call for people when they hit financial crisis, according to a report by Christians Against Poverty The Charity asked 1,200 of their debt clients where they went for credit when they found themselves short. The results show friends and family as the top…
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As part of Provident Financial Group results, the Vanquis Bank division has revealed a 9% rise in customer growth. Here is an overview of the Group’s results on trading for the financial year ended 31 December 2016, ahead of its preliminary results for the year which will be announced on 28 February 2017. Vanquis Bank: delivered fourth…
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Over a third (34%) of Brits are worried about falling victim to fraud, according to new research. The poll* also found that 12% of UK adults (5.9 million people) have already been a victim of a financial fraud, while one in ten said that at least one of their online accounts has been hacked. The…
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A quarter of all card transactions are now made via contactless, new figures from The UK Cards Association show. 325 million purchases were made using contactless debit and credit cards in November 2016, accounting for 25 per cent of all card payments in the month. The rise in contactless payments led to a record £2.9 billion…
Read moreMillions of credit card holders face a New Year financial hangover because they aren’t clued up about their credit card, new insight from MoneySuperMarket, The research found two thirds (64 per cent) of credit card holders don’t keep a close eye on how much they spend on credit and only check their statement at least once…
Read moreNew analysis published by the TUC shows that household debt rose sharply over 2016, with unsecured debt (debt other than mortgages) reaching new highs. The TUC says weak wage growth has left more families reliant on borrowing to support their living standards. The analysis finds that: Unsecured debt per household rose to £12,887 in the…
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The Competition and Markets Authority (CMA) has found that Mastercard’s acquisition of VocaLink gives rise to competition concerns. Mastercard UK Holdco Ltd, a subsidiary of Mastercard International is buying VocaLink Holdings Ltd (VocaLink). It already owns and operates credit and debit card schemes Mastercard, Maestro and Cirrus, and has also bid to supply infrastructure services…
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