Credit, collections & insolvency news
New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in November 2024 by 2% compared with the same month in 2023. The corresponding value of new business grew by 4% over the same period. In the eleven months to November 2024, new business was 2%…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in November 2024 by 1% compared with the same month in 2023. In the eleven months to November 2024, new business in this market was 1% higher than in the same period in 2023. The credit card and…
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The Bank of England’s quarterly credit conditions survey finds that lenders reported that demand for secured lending for house purchases increased in Q4 2024, but was expected to decrease in Q1 2025. Demand for secured lending for remortgaging also increased in Q4 2024, but similarly was expected to decline in Q1 2025. Lenders also reported…
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More than 42,000 households could be poised to take out homeowner loans this year, according to analysis of market statistics and housing market forecasts by Pepper Money, the specialist mortgage lender. Approvals for second-charge mortgages, or homeowner loans, were up 17% year-on-year during the first 11 months of 2024, according to analysis of official data from…
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Consumers lack awareness of the true costs of Buy-Now, Pay-Later (BNPL) products, underscoring the need for more awareness of these products, alongside proactive outreach from lenders to those who may be struggling financially according to new research by the or the LSB (Lending Standards Board). BNPL use increased around the Christmas, Black Friday, and Cyber…
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Latest ONS data has shown that inflation dropped slightly to 2.5% in December, up from 2.3% in October, down from 2.6% in November. Commenting on the inflation figures, Paul Noble, CEO of Chetwood Bank, said “Some good news to start the year for Britons. Many will have approached today’s result with some apprehension, but 2025…
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Rent and mortgage spending increased 1.8 per cent year-on-year last month, the lowest rate of growth since August 2024, according to the latest Barclays Property Insights report. Though encouraging, costs continue to increase, and consumers’ confidence in their ability to afford their rental and mortgage payments dropped to 52 per cent in December (down 3…
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Cash usage is thriving as withdrawals ratcheted up for the third year in a row since the pandemic, data from Nationwide has found. The recent surge comes as many people opt for cash to budget at a time when the cost of living remains high. The biggest building society recorded around 32.8 million cash withdrawals…
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Optimism in the financial services (FS) sector fell at the quickest pace since September 2022, according to the latest CBI Financial Services Survey. That is despite business volumes growing at a faster pace in the quarter to December. The quarterly survey, conducted between 21st November and 9th December 2024, showed that FS firms expect a…
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Consumer credit grew by £0.9 billion in November, down from £2.3 billion in November 2023, according to latest Bank of England data. The figures show that consumer credit growth dropped to its weakest level in more than two years. The data also showed that mortgage approvals fell in November. However the figures still remain above…
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Lloyds Bank is warning that rogue retailers are preparing to rip off shoppers in the January sales, offering big online discounts to lure people into purchasing items that are never dispatched. The number of rogue retailers identified by Lloyds in January 2024 was 140% higher than the normal monthly average across the year, indicating that…
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The majority of UK households are heading into 2025 feeling financially secure, but more people think the health of the economy is worsening than improving according to KPMG’s UK Consumer Pulse survey. The analysis shows that 57% of people feel financially secure, while just a fifth (21%) feel insecure. While half of those polled said…
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Younger Brits are proving to be savvier with their finances than older generations, a new survey has shown. The study, conducted by credit score app CredAbility, reveals that nearly 60% of young adults (18- to 34-year-olds) understand their credit score and how it works, compared to just 42% of over-55s. The study also found that…
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