Credit, Collections & Insolvency News
The UK is set to borrow an additional £9bn on credit cards over the next six months to survive the cost of living crisis, according to a new report by subscription lender Creditspring. According to the most recent Bank of England figures, UK individuals are currently borrowing £1.5bn every month on credit cards. This borrowing…
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Instagram influencers who were paid to endorse buy-now, pay-later (BNPL) fuelled more than £652 million in borrowing amongst followers trying to replicate their lifestyles according to research by Credit Karma. The company reviewed buy-now, pay-later sponsored posts by the UK’s biggest influencers finding that an individual would need to spend an average of £1.8K to…
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Just over one in three UK adults may struggle to access credit from mainstream lenders, according to fresh data from PwC and TotallyMoney, an increase of 50% in just six years. The research also found that nearly nine million more at risk of falling into this category – meaning half of the population in total,…
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Consumer demand for credit products has grown since the onset of the pandemic, according to TransUnion’s Consumer Credit 2022 white paper, which reveals changing consumer preferences and affirms the growing demand for buy now, pay later (BNPL) finance. The research reveals significant growth in the credit market when compared with pre-pandemic figures with more consumers…
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The use of Buy Now, Pay Later (BNPL) services has increased b 64%, according to research by Snoop. The company has released its latest UK Consumer Spending Snapshot, based on transactions from over 100,000 customers spanning April 2021 to March 2022, highlighting a striking picture of a nation in the grip of the worst cost-of-living…
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Credit card startup Yonder has partnered with open banking platform Yapily to provide consumers access to credit without needing a UK credit score. With recent research by Experian, showing that over 5 million people in the UK – 9% of the total adult population – have little to no credit history, greatly reducing their access…
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Shawbrook Bank has announced that it has joined ClearScore’s panel of personal loan providers which will use Open Banking technology to assess the creditworthiness of potential customers. Shawbrook intends to start integrating Open Banking data with their current decisioning technology. This will enable them to collect real-time income and expenditure information at the point of…
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New data from Experian reveals that applications for car finance, including Personal Contract Purchase (PCP) and Hire Purchase (HP), rose by 13% month-on-month in March as the new ‘22’ plate launched. This is the highest rate in March since 2019. A surge in people searching for car deals has returned strong levels of car finance…
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The Bank of England has published its latest credit survey which has shown that the demand for lending on credit cards and loans rose in the first three months of the year and is expected to do so again this Spring, as households struggle to cope with rising prices. The survey also showed that demand…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 39% in February 2022 compared with the same month in 2021. In the first two months of 2022, new business was 45% higher than in the same period in 2021. The credit card and personal loan sectors…
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A new report by global information and insights provider TransUnion has revealed that the number of people regularly checking their credit score has increased by nearly a third (30%) since the pandemic began. The Consumer Credit 2022 white paper, an in-depth look at the current financial landscape and changing consumer habits, points to greater understanding…
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Mainstream lenders are surrendering people into the hands of illegal loan sharks as many victims try to access credit from legal, regulated sources with the vast majority see their applications rejected leaving them nowhere to turn except predatory illegal lenders according to research by Freedom Finance. Freedom Finance analysis of the CSJ’s dataset of 1,200…
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Covid-19 restrictions hit people hard but cuts in spending but have enabled many planning to buy their first home to save more and realise their dream of climbing onto the property ladder sooner according to new research from the Nottingham Building Society (The Nottingham). The study found that, of those surveyed, one in five (19%)…
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