Credit, Collections & Insolvency News
Strong car finance application figures and a surge in people searching for deals online have given motor traders a boost as the new ‘70’ plate launches, according to latest figures from Experian. Car finance applications rose to 597,000 between 1st July to 24th August, a 24% increase on the 481,000 recorded in the same period…
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The Bank of Mum and Dad (BoMaD) will be a driving force behind the recovery of Britain’s housing market as buyers struggle with the economic impact of the COVID-19 crisis, new research from Legal & General and Cebr shows. Nearly one in four housing transactions (23%) will be backed by ‘BoMaD’ in 2020, with a…
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As the ban on evictions ends in just over three weeks, six leading organisations representing tenants, landlords and letting agents have united to urge the government to provide financial help to private renters plunged into ‘Covid rent arrears’ through no fault of their own. The coalition, which includes Shelter, the National Residential Landlords Association, ARLA…
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Credit card pre-approval rates have doubled in the last month, according to new insights from Experian’s Credit Barometer. Half (50%) of consumers searching for a new credit card through Experian’s price comparison service will now be shown a card they are pre-approved for, meaning their application should be successful. Economic uncertainty during the COVID-19 pandemic…
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Around two million borrowers have taken a mortgage holiday, according to latest figures from UK Finance representing about one in six mortgage holders. Since the launch of the payment deferral schemes, lenders have granted a total of two million mortgage payment deferrals, 1.05 million credit card payment deferrals and 707,000 personal loan payment deferrals, as…
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The finalists for the fourth annual Credit & Collections Technology Awards, the UK’s celebration of technology innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect, brings together credit and collections technology executives to honour the industry’s leading players across 19 categories. The technology focused-Awards scheme seeks to champion…
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Sub-prime lender, Provident Financial has revealed its made an adjusted pre tax loss of £32.6 million for the first six months of the year to 30th June 2020 The group includes Vanquis Bank, car finance provider Moneybarn and a consumer credit division (CCD) comprising Provident home credit and Satsuma. The impact of lockdown and the…
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One in five consumers have no idea how much debt they’re in and don’t want to know either. A poll of 2,000 adults commissioned by Skipton Building Society found 17 per cent would rather not find out the exact figure they owe, and 21 per cent don’t want to worry about something they feel they…
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New data released by UK Finance has revealed that the final month of full lockdown saw the annual growth rate of outstanding credit card balances fall by 12.6 per cent in the year to May, as consumers continued to pay down their credit card bills. May also saw credit card spending by UK cardholders slowly…
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New research commissioned by GoCompare Money reveals that a third of UK adults are avoiding using cash because of the risk of spreading the Coronavirus. The research found that since the UK went into lockdown, the use of ‘tap and go’ cards and online payments have outstripped the use of bank notes and coins. 27% of those surveyed…
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New research from MoneySuperMarket reveals that graduates are leaving university with additional non-student loan debts worth £3,770 – up £209 on £3,561 in 2019. Following last week’s A-level exam results, for those students who received the required grades for university and start to plan for their academic year, the UK’s leading price comparison spoke to recent graduates…
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Household finances in the UK fell more sharply in August than the previous month after rising levels of unemployment hit average incomes and persuaded millions of families to cut back on spending according to the latest IHS Markit UK household finance index. The finance index was down following steady increases through May, June and July,…
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Consumer group Which? has urged the Financial Conduct Authority (FCA) to extend loan repayment holidays and interest-free overdrafts until January 2021, saying demand for support will surge after the job retention scheme winds up on 31st October. The consumer champion’s submission to the FCA’s consultation makes four key recommendations that the regulator should adopt to…
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