Credit, Collections & Insolvency News
Latest Bank of England data has shown that mortgage debt fell back to £4.3 billion in October, after a rise to £5.2 billion in September.. The data shows that gross lending slightly decreased in October, to £24.5bn from £24.8bn, with gross repayments increasing by £1.5 billion to £22.1 billion in October. Net mortgage approvals for…
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A new survey by leading specialist bank Vanquis has revealed that Gen Z shoppers are making nearly double the number of impulse purchases as the average person, fuelled by platforms like TikTok, leaving many with financial regrets. Gen Z spends multiple hours a day on social media, with many relying on it as a source…
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Paying for insurance with credit is continuing to gain popularity with customers valuing the ability to pay insurance bills monthly, according to new research by Premium Credit. Premium Credit’s Insurance Index found 28% of adults say they are more accepting of using credit to pay for insurance cover than they were a year ago confirming…
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More than one in eight people (13%) believe they would personally need more than £100,000 each year for a good standard of living in retirement, according to new research from Royal London. The figure is significantly higher than the £43,900 industry body Pensions UK’s Retirement Living Standards estimates that a comfortable standard of living will…
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New Financial Conduct Authority (FCA) research has warned that people should review and avoid using certain credit builder products. The review looked into credit builder products and the harm that they can cause to consumers, particularly if they are struggling with debt. Credit builder products claim to help people build a record of making payments,…
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Up to 1.9 million adults, equivalent to 4% of the population, are estimated to have used unlicensed money lenders or loan sharks in the past 12 months, according to an IPSOS UK survey commissioned by Fair4All Finance. The cost of living crisis has exacerbated this situation for many, reducing households’ headroom to absorb unexpected financial…
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A coalition of businesses and charities have outlined a series of demands for urgent reform to unlock home ownership for millions of renters. Following a summit in London on 29th October, the group have sent a joint letter to the Chancellor ahead of the Autumn Budget, urging reforms that would ensure renters’ payment history is…
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Latest data from UK Finance has found that there were 415 million credit card transactions in July, 2.4 per cent more than in July 2024. The total spend of £22.8 billion was 2.1 per cent higher than July 2024. Outstanding balances on credit card accounts have increased by 7.5 per cent over the twelve months…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 10% in August 2025. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in August 2025 by 2% compared with the same month in 2024. In the eight months to August 2025, new business in this market was 4% higher than in the same period in 2024. The credit card and…
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New research by UK Finance has found that more people are now using digital payments, with rising use of in-app purchases, digital wallets, and Buy Now Pay Later for shopping. At the same time, cash payments have again fallen. These trends indicate that people are increasingly opting for digital payment options, a trend that is…
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New research from MoneySuperMarket warned that former flatmate’s finances could be pulling down their credit score. Despite 79% of people having lived with a flatmate, 94% don’t realise that joint financial products – like shared bank accounts or bills – can directly link their credit score to a housemate’s. Worryingly, only 8% of those surveyed…
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Latest Bank of England data showed that net borrowing of mortgage debt fell by £200 million month-on-month to £4.3 billion in August. This came after a £900m decrease to £4.5bn in July. Mortgage approvals fell last month as uncertainty hit one of the key indicators in the property market. Mortgage approvals for house purchases decreased…
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