Credit, Collections & Insolvency News
New research by CRIF has found that consumers in the UK are the most likely in Europe to demand near-immediate decision-making on services and product applications by banks, insurers and lenders. The data also showed that one in seven Brits now expect financial providers to approve loan applications within minutes (14%) or an hour (16%),…
Read more
Consumer credit growth slowed slightly in October, according to the Bank of England, falling to 7.3% from 7.5% in September according to latest data from the Bank of England. The data showed that over the same period, the annual growth rate for credit card borrowing remained stable at 9.5% with net consumer credit borrowing by…
Read more
A new poll by MoneyMagpie reveals that 65% of over 60s don’t save ahead for Christmas, instead relying on their current income at the time to pay for the festive season. The poll showed that while 81% of the 61 to 70 age group spend more than £100 on Christmas, they are also the most…
Read more
Research by First Direct has found that six in ten (59%) of Gen-Z savers have a five-year financial plan, this compares with four in 10 (40%) of Millennials, born between 1981 and 1996. The data also showed that approximately 76% of millennials and 73% of Gen-Z individuals are committed to achieving their financial goals, despite…
Read more
A new report by Lenvi has revealed that four-fifths (81%) have borrowed money – with the most popular form of loan being the ‘bank of mum and dad’ (40%). However, parents and guardians may be pulling some strings to make this happen – in this instance, driving themselves into debt – to support their children.…
Read more
The latest GfK consumer confidence index increased by three points this month, now standing at minus 18, indicating a slight recovery despite remaining in negative territory. The index measuring changes in personal finances during the last year is up one point at -9; this is seven points better than November 2023. The forecast for personal…
Read more
New research from Nucleus’s Retirement Confidence Index has revealed that the majority of adults are not confident they will have enough money to live comfortably in retirement. More than 4,300 people aged 18 and above took part in the recent YouGov research looking at retirement confidence levels. A total of 60% said they are not…
Read more
Global information and insights company TransUnion has expanded its long-standing relationship with LexisNexis® Risk Solutions, a provider of insurance data and advanced analytics, to offer TransUnion’s Affordability Report to insurance providers. Kelli Fielding, Chief Product Officer at TransUnion in the UK, said “Affordability is a particular focus for many insurers at the moment. There is…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in September 2024 by 9% compared with the same month in 2023. In the first nine months of 2024, new business in this market was 1% higher than in the same period in 2023. The credit card and…
Read more
Latest Bank of England Money and Credit data has shown credit borrowing by individuals was £1.2 billion in September, down from £1.4 billion in the previous month. Commenting on the date Tom Cuppello, Director, Risk at Broadstone said “Consumer confidence has suffered in the run up to the Budget which appears to have hit borrowing…
Read more
Shoppers who use Buy Now, Pay Later (BNPL) loans are to get new safeguards against unaffordable borrowing and credit card-style protection for their purchases, under rules outlined by the Government. Buy-Now, Pay-Later products have become increasingly popular in recent years as they allow people to spread the cost of purchases over time, but users currently…
Read more
Over a quarter (26%) of people in the UK admit they’ve never checked their credit score, sparking concern from CredAbility, who warn that a lack of financial knowledge could be limiting people’s access to credit and leading to higher interest rates on fewer options. The survey also found that 49% don’t know their credit score,…
Read more
New research from personal finance specialist Finder has found that 1 in 20 consumers have hidden credit score problems from their partner. The research also showed that a third of consumers (34%) – an estimated 18.5 million people – have withheld important information about their finances from their partner in a current or previous relationship.…
Read more