Credit, Collections & Insolvency News
Future Finance, a specialist student loans company, has raised concerns surrounding students’ abilities to finance their educations. In a survey, which questioned 1,000 full-time students, said that 31% have had to use credit cards, payday loans and overdrafts to finance their university experience. John Hudson, manager of Funding and Financial Support at the University of Nottingham: “While…
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The latest Money Stats indicate that consumer credit has risen above £190 billion, the highest level seen since 2008. The report by the Money Charity says that’s £7,042 for every household in the UK in credit cards, personal loans and other borrowing not secured against property. Day-to-day, people have more control over how much they borrow…
Read moreNew figures released by the Finance & Leasing Association (FLA) show growth of 6% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 7% compared with October 2015, while retail store and online credit new business fell by 4%. Second charge…
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The Competition and Markets Authority (CMA) has finalised details for the introduction of a price cap for approximately 4 million households on prepayment meters. In its final report published in June following a two-year investigation into the energy market, the Competition and Markets Authority (CMA) said that it would introduce a price cap for prepayment customers…
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The number of British consumers who have taken on more debt over the last five years has risen sharply to 37%, up from 27% just a year ago, according to a UK-wide survey by Arrow Global. The findings come from a survey of 2,008 consumers with debt, including 804 debt defaulters (borrowers have been late with…
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The Financial Conduct Authority (FCA) has today announced that it is seeking evidence and feedback to further inform its work on high-cost credit, including a review of the payday loan price cap. Since taking over regulation of consumer credit in April 2014, the FCA has focused on products that it believes pose the highest risks…
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The BBA has released high street bank figures for October. Dr Rebecca Harding, BBA Chief Economist, said “Consumer credit is now growing at its fastest rate since November 2006, reflecting strong retail sales growth. Consumer confidence remains robust as borrowers take advantage of record low interest rates. Mortgage approvals ticked up a little October. There has only…
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The UK Card Payments Association has announced that payment card spending grew by 0.6 per cent in September to reach £54.7 billion, driven largely by a £302 million rise in debit card spending. Card spending increased by £4.4 billion in the three months to the end of September compared to the previous quarter, a 2.8%…
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A new study from Citizens Advice reveals the challenges faced by “just about managing families” and says many of the problems are ‘fixable’. The report is based on new analysis of the problems faced by the 700,000 working people helped by Citizens Advice between October 2015 and September 2016. It identifies the most common challenges…
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Consumers are losing trust in businesses as a result of poor billing practices and being pushed onto direct debit arrangements, according to new research by Echo Managed Services. Research with a representative sample of 1,000 UK adults revealed that 15% of consumers had been put on a tariff where they are paying more than necessary.…
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The latest figures from the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in September, compared with the same month last year. In Q3 2016, new business was also up by 7% compared with the same quarter in 2015. Credit card and personal loan new business together grew by 8%…
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The growing prevalence of online billing is putting businesses and service providers at risk of losing touch with customers according to new research, which reveals that almost one in three consumers have become distant from their bills as a result. The research of a nationally representative sample of 1,000 UK adults by Echo Managed Services, revealed…
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http://www.cityam.com/252161/visas-profits-jump-28-per-cent-consumer-spending-spree
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