Credit, Collections & Insolvency News
New research has found that just over half (51%) of consumers are not aware of their credit score. The research by NerdWallet has found that18% want to improve their credit score but don’t know how to, whilst 17% of UK adults feel anxious about the state of their credit score. 12% of respondents believe have…
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The Financial Conduct Authority (FCA) said there should be no increase in the amount of money that customers can get back if their bank, building society or other investment company collapses. It said the £85,000 limit is enough to cover most cases. However, it suggested the level be reviewed every three years to ensure it…
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New plans from the Financial Conduct Authority (FCA) will aim to ensure a higher and more consistent standard of consumer protection for users of financial services and help to stop harm before it happens. The FCA is concerned that currently, financial services do not always work well for consumers. The new plans will fundamentally shift…
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New research by MoneySuperMarket finds Gen Z are some of Britain’s savviest credit card users, confidently using them as a tool to manage spending and reach long-term personal finance goals. Despite being a form of payment thought to be declining in popularity among young adults, well over half (59%) of 18–24-year-olds own one. Moneysupermarket said ,…
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New research published by open banking platform Tink has revealed an increase in spending among Europe’s financial executives, with 47% saying their open banking budgets have risen in 2021. This follows a challenging year in 2020, where financial institutions battled budget restrictions against the race to serve more customers digitally. The research, based on 308…
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Latest figures from UK Finance have shown that new later life mortgages dropped 7% in Quarter (Q3) 2021. The figures showed that there were 44,130 new later life mortgages in Q3 2021, with total lending in the quarter of £6.46 billion. This represents a 7% decrease in mortgage volumes compared with Q2 2021, but a…
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Here is an overview of The Money Charity’s latest statistics for November 2021 Personal debt in the UK People in the UK owed £1,749.2 billion at the end of September 2021. The average total debt per household, including mortgages, was £62,938 and per adult was £33,072, around 108.6% of average earnings. Net mortgage lending rose by…
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Consumers will be able to get access to better financial products and services, as Experian launches a new service to help lenders provide even faster, more accurate and bespoke lending decisions. Work Report™ is the first digital verification service that will allow consumers to consent to digitally share their payroll information with another organisation. It…
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Latest figures released Building Societies Association (BSA) for Q3 2021 have shown continued momentum in the housing market, with gross lending by building societies up 22% compared to the same period in 2020. The figures indicated that gross lending in Q3 2021 was £16.9 billion, up 22% on the same period last year (Q3 2020:…
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New research by Credit Karma has found that near-prime consumers have been hit hardest as borrowing costs rise. The research findings show that near-prime borrowers pay £39,000 more interest over a lifetime than prime with the gap increasing by 10% (£3,400) over the last 12 months. Credit Karma’s report annually quantifies the lifetime cost of borrowing…
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More than a quarter (28%) of UK shoppers are now regularly using Buy Now Pay Later (BNPL) services to spread the cost of purchases, and thousands more will be doing so for the first time as the festive season approaches according to new data from Equifax. The research has revealed just how much of consumers…
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Individuals who have been tricked into transferring money to a fraudster are set to be entitled to reimbursements under new plans by the Payment Systems Regulator (PSR). The PSR is also calling for the biggest banks to publish their performance data in relation to authorised push payment (APP) scams. The PSR is consulting on proposals…
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British SMEs are starting to feel more confident about the performance and resilience of their own businesses, despite challenges in the wider economy, according to the latest quarterly Barclaycard Payments SME Barometer. Over half (54 per cent) of UK SMEs are expecting revenues to increase in Q4, compared with performance in Q3 2021. Yet concerns…
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