Credit, Collections & Insolvency News
Intermediary Mortgage Lenders Association’s (IMLA) latest report has shown that the mortgage market has remained resilient throughout 2022 with gross lending expected to reach £310 billion this year, slightly above 2021’s strong performance. The figure has been driven by high levels of re-mortgaging, which account for more than a third of gross lending. The buy-to-let…
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The average spend on credit cards dropped by £70 in the space of two months, according to research by FICO for October. The data also showed that average total sales were 5 percent lower than September at £740. The average active balance on credit card accounts also dropped in October to £1,570 – 1.5 percent…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 7% in October 2022 compared with the same month in 2021. In the ten months to October 2022, new business was 17% higher than in the same period in 2021. The credit card and personal loan sectors…
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Analysis of the latest Bank of England data on average quoted household rates1 from Freedom Finance has shown that the cost of borrowing continues to accelerate placing further pressure on household budgets. Following significant increases in the cost of personal loans in October, this trend continued in November with both £5,000 and £10,000 loans posting…
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Latest UK Finance data has found that despite the continuing collapse in confidence during Q3, consumer spending remained strong overall, although inflation masked weaker activity. The Personal loan borrowing to fund larger purchases fell away, suggesting the “make hay while the sun shines” effects seen in Q2 may have abated. The figures showed that house…
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New research by FICO has revealed that strong fraud protection could be a competitive differentiator. When asked to rank their considerations in selecting a financial account provider, the top factor for 30 percent was good fraud prevention. This came above value for money at 26 percent. Greater levels of checks across the financial services sector…
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Some banks may be leaving customers vulnerable to fraudulent spoofing attempts, according to an investigation by consumer group Which? Spoofing, where fraudsters impersonate legitimate companies, such as banks, utilities providers or government agencies, is a common tactic used to deceive victims. Ofcom estimates that 40.8 million UK adults have received a suspicious call or text…
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Latest figures from the Building Societies Association (BSA) have shown that mortgage lending by building societies in the third quarter of the year was up 11% compared to Q2 despite the worsening outlook for the economy, and squeeze on household incomes. The number of approvals were however down 9%. Gross lending was also up by…
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The Financial Conduct Authority (FCA) has set out proposals to improve the credit information sector so it can deliver higher quality and more comprehensive information for consumers and firms. Credit reference agencies (CRAs) build financial profiles of consumers which they sell to credit information users to inform lending and other decisions. The FCA wants to…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in September 2022 compared with the same month in 2021. In the first nine months of 2022, new business was 19% higher than in the same period in 2021. The credit card and personal loan sectors…
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Analysis of the latest Bank of England figures from Freedom Finance, has found that the average quoted household rates on personal loans are accelerating sharply. Rates on both £5,000 and £10,000 personal loans registered the second largest monthly increase ever recorded and grew to their highest levels in recent years. The average quoted household rate on…
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Millions of people in the UK admit they never think about their credit score, despite many saying they are expecting to borrow more money from their bank or lender in order to manage the cost of living crisis according to new research commissioned by CRIF. The research show nearly half (46%) of UK consumers never…
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Consumer spending rose 3.5% in October but the hospitality and leisure industries continue to struggle as Britons cut back ahead of Christmas, according to latest data from Barclaycard. As petrol and diesel prices started to creep up again, fuel spend rose 17.7 per cent year-on-year, 6.6 percentage points higher than last month’s uplift (11.1 per…
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