Credit, Collections & Insolvency News
Latest data from the Financial Ombudsman Service (FOS) has found that credit card complaints reached a record high in Quarter 4 2023, with consumers lodging 5,660 complaints. 3,086 of credit card complaints were due to unaffordable or irresponsible lending. The figures marks the highest level of complaints in a three-month period since 2014/15. Other products…
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Latest data from the Bank of England has shown that consumer credit rose more than expected to £1.9 billion in January, up 8.9% from £1.3 billion on the previous month, adding to signs of a revival in spending. The data also shows a rise in mortgage approvals, rising to their highest level for 15 months…
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Consumer confidence in the UK has fallen for the first time since October, as recession concerns and economic uncertainty took their toll. The GfK survey revealed a drop in confidence to minus 21 points in February, from minus 19 points in the previous month, reflecting a deterioration in confidence about the health of the economy…
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Latest figures from UK Finance has found that the number of retired people with mortgages has decreased by 30.56% in the past year. The data showed that there were 29,060 new mortgages taken out by older borrowers (over 55) in the last three months of 2023 – down 37.1% in a year. The value of…
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New figures by the Finance & Leasing Association (FLA) show that consumer finance new business in December 2023 fell by 2% compared with the same month in 2022. In 2023 as a whole, new business was also 2% lower than in 2022. The credit card and personal loans sectors together reported new business up by…
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As the Money Saving Expert encourages consumers to claim for potentially unfair motor vehicle credit arrangements, RSM UK is warning that credit providers could face increased operational pressures. In January, the Financial Conduct Authority (FCA) announced it was undertaking a review of historic car finance arrangements, and would take regulatory action if widespread misconduct means…
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Consumer card spending grew 3.1 % year-on-year in January, less than the latest inflation rate of 4.2 %, yet higher than December’s growth of 2.3 %. according to latest analysis by Barclays. The figures showed that retail, hospitality and leisure spending slowed as consumers stayed at home to shelter from the cold weather and save…
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The latest Deloitte Consumer Tracker shows that consumer confidence increased for a fifth consecutive quarter to its highest level in two years. The research showed that overall confidence was boosted by a seven percentage point (+7.2) increase in confidence in household disposable income (up 20 percentage points year-on-year) as consumers appear increasingly less pessimistic following…
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Latest figures from the Equity Release Council has indicated that lending has decreased. The figures show that total annual lending in 2023 was £2.6 billion following a record-breaking £6.2 billion in 2022, returning the market to the level of activity last seen between 2016 to 2017 (£2.1 billion to £3.1 billion). New and returning equity…
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Latest Bank of England (BoE) data has shown that consumer borrowing dropped sharply in December, suggesting the UK economy probably slipped into recession at the end of last year. Consumer borrowing fell from £2.1bn to £1.2bn, with credit card borrowing experiencing a steep decline. Consumers repaid, on net, £800 million of mortgage debt in December compared…
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According to findings from Royal London, homeowners are three times more likely to have life insurance than income protection meaning that many people in the UK are underprepared to pay their monthly housing costs if they’re unable to work due to illness or disability. When it comes to providing a financial safety net in the event…
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Consumer confidence has hit the highest point in two years, with an index published by GfK increasing to -19 points in January from -22 in December. Improved optimism in household finances over the next 12 months drove the increase in the overall index, while the personal finance expectations index was flat in January, marking the…
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Londoners are the most likely to have loaned money to a family member to help with the cost of living, according to new research from Hodge. Around three quarters (73%) of people aged over 50 based in the capital have gifted or loaned money to their children or other family members, and 77% of those…
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