Credit, Collections & Insolvency News
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…
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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,…
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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.…
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Inflation fell unexpectedly to 1.7 per cent in the year to September, the lowest rate in three-and-a-half years, according to the latest Office for National Statistics (ONS). However, households were hit by a jump in food and non-alcoholic drink inflation, with stronger price increases for milk, cheese, eggs and fruit. Lower airfares and petrol prices…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2024 by 1% compared with the same month in 2023. In the eight months to August 2024, new business in this market was at a similar level to the same period in 2023. The credit card…
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Which? is warning that people are being left out of pocket and in the dark because a credit report system that is confusing and riddled with errors lacks transparency and accountability. The consumer champion’s nationally representative survey of more than 4,000 people found that one in three (32%) respondents who checked their report discovered a…
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Many people are approaching retirement without talking to anyone about the retirement lifestyle they want and whether they’re on track for it, according to new research from Standard Life, part of Phoenix Group. Retirement might be one life’s biggest changes however half (50%) of those aged 55 and over have not discussed the sort of…
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Latest Bank of England Money and Credit data has shown that consumer credit by individuals amounted to £1.3 billion in August, a slight increase from £1.2 billion in July, which continues to be the highest since November 2022. August consumer credit borrowing slightly dropped to 7.6% year-on-year from the 7.8% seen in July. The data…
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Around 8.3 million individuals have experienced adverse credit in the last three years according to research by Pepper Money. Those who say they’ve missed a credit payment, nearly half (46%) say they have gone on to miss more than one payment. However, 1.76 million potential borrowers with adverse credit have plans to buy a property…
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The 2025 Credit & Collections Industry Awards has confirmed its return in May 2025, with entries now open. The awards programme was launched earlier this year recognising excellence within credit and collections by highlighting achievements through its tangible and transparent awards judging scheme. The awards will recognise key industry innovations and initiatives in credit, lending…
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Consumer confidence in the UK has sharply declined, with the GfK consumer confidence index dropping to minus 20 this month, down from minus 13 in August. The longest-running measure of consumer confidence nosedived, raising concerns about whether government rhetoric about Budget ‘pain; has overly worried the general public. The index measuring changes in personal finances…
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The Chief Executive of the Financial Ombudsman Service (FOS) has urged financial firms to do more to help struggling consumers. Speaking at the ‘Connected 2024’ conference Abby Thomas, Chief Executive and Chief Ombudsman at FOS said there has been an Increase in debt levels have left some consumers feeling confused, stressed and out of their…
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Inflation in the UK remained unchanged at 2.2% in August, according to the Office for National Statistics (ONS), aligning with economists’ predictions. However, core inflation increased to 3.6%, up from 3.3% in July. The Bank of England, which recently cut rates for the first time since the pandemic, is expected to proceed cautiously due to…
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