Credit, Collections & Insolvency News
High net worth women are feeling more anxious about their finances than men, according to new research by Saltus. The insight found that financial pressures are not only increasing, but also that women are feeling the pressures more than men. The data showed that 40% of female respondents said their money makes them anxious, compared to…
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New research by TransUnion has revealed that over the last 12 months, there has been an 8% increase in the proportion of UK consumers who said they have a credit card, yet a third say they don’t know their credit score. The report also found that inflation remains above the Bank of England’s 2% target,…
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New research by Compare the Market has found that only 17% of credit card users have a strong grasp of how credit scores are determined, while over a third (36%) admit to having limited or no understanding. More than four in ten credit card users (46%) worry about maintaining a healthy credit score. However, the…
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Consumer credit borrowing rose to £1.4 billion, higher than the average gain of £1.2 billion over the previous six months according to latest Bank of England data. Consumer credit borrowing by individuals was down from £1.7 billion in the previous month. Within this, net borrowing through credit cards decreased to £0.8 billion from £1.1 billion.…
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A new report by Age UK has warned that groups of pensioners are still struggling with the cost of living, with one in three (34%), equivalent to 4.1 million pensioners stating that they felt less financially secure heading into 2025 compared to when 2024 began. The Charity’s new report highlights its concerns about the impact on older…
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Buying a home in London requires an average earner to save a deposit of over £350,000 according to research by longer-term lender April Mortgages. With average house prices in the capital soaring to £581,310 – more than 12x the average income – average earners require huge deposits to afford a home. Based on a typical lending…
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The total outstanding balance of residential mortgages reached a record £1,678.2 billion in Q4 2024, an increase by 0.5% from the previous quarter to according to latest Bank of England data. The rise is attributed to first-time buyers, who accounted for nearly 30% of new lending. The average age of first-time buyers is now 33.5…
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First-time buyers in the UK are facing paying an extra £4,200 a year on their mortgage with increased mortgage payments, which now average £940 per month compared to £590 five years ago, according to latest Rightmove research. The data showed that the average price for a first-time buyer home currently stands at £226,887. The analysis…
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The Financial Ombudsman Service (FOS) has reported a record 18,658 new complaints regarding car loans in the last quarter of 2024, surpassing credit cards as the most complained-about financial product. Motor hire purchase deal complaints jumped almost three times to 15,956 cases, followed by disputes about credit cards, current accounts, car/motorcycle insurance and motor conditional…
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Latest quarterly data from UK Finance has shown that the mortgage market strengthened in Quarter 4 (Q4) 2024, with both first-time buyers and home mover numbers up by almost a third compared to a year ago, with forward-looking data suggesting this will persist through the first quarter of 2025 The data found that overall, 2024…
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Latest data from the Bank of England data has shown that consumer credit borrowing rose sharply to £1.7 billion, indicating financial strain on households. Net consumer credit borrowing by individuals was £1.7 billion in January, up from £1.1 billion in the previous month. Within this, net borrowing through credit cards increased to £1.1 billion from…
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New analysis of 24 million subprime credit applications conducted by Data On Demand in partnership with the University of Salford Business School and Seattle Pacific University has found that young adults and homeowners driving surge in subprime credit, The analysis revealed a significant shift in borrowing patterns, with essential living costs replacing discretionary spending as…
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New figures released by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided a record £154.6 billion of new lending in 2024, 2% higher than in 2023. In 2024 £39.7 billion was provided to businesses for investment in machinery, equipment, and vehicles, including…
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