Credit, Collections & Insolvency News
Amazon customers will have the option of using a buy now, pay later (BNPL) service after the online retailer teamed up with Barclays to launch a new flexible payment method. Instalments by Barclays will enable Amazon shoppers to finance purchases of £100 of more via their account. The reusable credit account can be used on…
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New research by Scottish Friendly has indicated that households set to spend £1.3 billion this Christmas using buy-now pay-later (BNPL) schemes. The survey of 2,000 UK adults found that nearly three in ten (28%) are likely to make Christmas-related purchases using BNPL schemes this year. On average they will spend £162 using BNPL payment options,…
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Families face being pushed into debt over the next few months with over a quarter (27%) of people with dependents saying they’ll need to borrow to survive the winter, according to research from subscription loan provider, Creditspring. Families’ finances are set to suffer much worse than those with grown-up children – of whom just 5%…
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New research by OpenMoney has found that almost three fifths (57%) of adults aged 18 to 50 have now used Buy Now, Pay Later schemes (BNPL), up from half (49%) last year. The largest rise in usage has been among 45 to 50-year-olds, where 16% growth in the last year makes it the age group…
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The Bank of England has raised interest rates for the first time in three years amid growing concerns over inflation. The Bank’s Monetary Policy Committee (MPC) voted by a majority of eight to one to raise rates from the historic low of 0.1%. With inflation at a ten year high, the Bank said this was…
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New FICO data has suggested that the tide might be turning on consumer finances with average card spend falling and early missed payment rates rising as furloughs finish FICO says that though its, analysis of UK card trends for October 2021, says that it appears that with the first signs that lockdown savings — which…
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Millions of people in the UK are being put off accessing credit products because they fear a rejected application could harm their chances of a loan in the future, according to new analysis from Freedom Finance, one of the UK’s leading online consumer lending platforms. The research shows that more than one in 10 (11%)…
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A new report by The Bank of England (BoE) says that Britain’s financial system is healthy enough to withstand a deep recession. The report found that major UK banks are strong enough to keep supporting households and businesses, even in severe scenarios. The Bank’s annual stress test found that the country’s eight biggest lenders would…
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Net lending via credit cards and personal loans is also set to end the year in negative territory, falling 0.7% on top of 2020’s 9.8% decline according to the latest EY ITEM Club for Financial Services Forecast. The lrnfingfigures equates to a £1.4bn fall in the stock of consumer credit, as households have made more repayments…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 11% in October 2021 compared with the same month in 2020. In the ten months to October 2021, new business was 13% higher than in the same period in 2020. The credit card and personal loan sectors…
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A new report published today by Open Banking credit reference agency, Credit Kudos has found that nearly nine in ten (87%) of those say they plan to adopt it within the next two years, meaning that by 2023, seven in ten lenders (70%) overall are expected to be using Open Banking. One in four lenders…
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Mortgage lenders have announced a voluntary moratorium on possessions from Monday 13th December until Tuesday 4th January 2022. The industry is committed to providing ongoing support to those in financial difficulty as a result of the pandemic, especially those who may be worried about making their mortgage payments over the Christmas period. Members of UK…
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New analysis by UK Finance has indicated that unsecured debt levels have increased in line with spending, but customers continue to pay off their card bills on time each month. The analysis also indicated that mortgage arrears ticked down overall but heavier arrears continued to rise. Possessions increased slowly but a substantial backlog of cases…
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