Credit, Collections & Insolvency News
A new report by Scams.info has found that there are 2.7 million card fraud loss reported every year in the UK. Scams.info’s report has studied the number of of fraud across a five year period to determine which fraud types are most on the rise, and which types are becoming less common. The fraud type…
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Eight in ten credit card users admit to making common mistakes, according to new research from Compare the Market. The research found that withdrawing cash using a credit card (37%), only making the minimum repayments (35%), and getting close to or reaching your credit limit (34%) are the most common credit card mistakes. The research…
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New TotallyMoney research has highlighted the rise of credit and debit card interest rates, and found that over the past 10 years, the Bank of England base rate increased by 4.75 percentage points, yet the average card rate has rose by 6.9 percentage points with one lender hiking theirs by 11 percentage points and that…
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Issues with banking and credit cards drove finance complaints up by 19% in the second half of last year, according to latest data from the Financial Ombudsman Service (FOS). Barclays had the highest number of complaints at 5,207, followed by Moneybarn with 4,495. FOS upheld 36% of complaints in consumers’ favour. Complaints tied to current…
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Mortgage approvals have reached their highest levels in 18 months, indicating a return of confidence to the property market, according to Bank of England data. In March, there were 61,300 net mortgage approvals, the highest since September 2022. Gross mortgage lending also rose to £20.1 billionn, the highest in 13 months. However, mortgage approvals are…
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Complaints related to current accounts and credit cards increased in the second half of 2023, according to latest data from the Financial Conduct Authority (FCA). In 2023 H2 the total amount of redress was £259 million. This is 10% higher than 2023 H1 (£236 million). The average payout rose to £203, up from £183 in…
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Latest UK Finance data has revealed that Credit card balance transfer activity reached £1.8 billion in value in January, according to UK Finance data (The Independent). There were 347.9 million credit card transactions in January, 8.4 % more than in January 2023. The total spend of £20.4 billion was 8.4 % higher than January 2023.…
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Analysis by MoneyComms has suggested that millions of people could be paying thousands of pounds worth of interest charges on personal loans due to a ‘lack of transparency’ from lenders. Under current regulations, banks only need to provide 51% of customers with an advertised offer and the representative or advertised rate is the lowest rate…
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Uswitch has reported that consumers lost £422 million from 92,739 reported cases of fraud in the last quarter. In Quarter 4 (Q4) of 2023, consumers between the ages of 30-39 were the most likely to be the subject of fraud and cybercrime, with those aged 20-29 following closely behind. Over three quarters (76%) of fraud…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in February 2024 by 3% compared with the same month in 2023. In the first two months of 2024, new business was also 3% higher than in the same period in 2023. The credit card and personal loans…
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Consumer card spending growth flatlined in March, on par with February’s 1.9 per cent uplift, and significantly less than the latest CPIH inflation rate of 3.8 per cent according to latest analysis by Barclays. The data showed that retail spending remained almost flat at 0.7 per cent, brought down by falling in-store spending. Face-to-face retail…
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Consumers borrowed just over £5,600 on average in personal loans over their lifetime, with a typical repayment period of three years, according to new research from Compare the Market. The study shows almost a third of consumers (30%) have taken out two personal loans in their lifetime. Almost half of respondents (47%) took out a…
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New Money & Credit figures released by the Bank of England show Latest Bank of England data has found that consumers have reduced their borrowing in February due to the uncertain economy, with credit card borrowing falling from £800 million to £500 million. Other forms of consumer lending, such as personal loans and car finance,…
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