Credit, Collections & Insolvency News
House prices are projected to fall in the wake of the coronavirus crisis – but, for many young people looking to buy their first home, this trend won’t make things easier. Instead, falling incomes and the risk of more restrictive lending look set to make buying a home for the first time every bit as…
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Mortgage arrears number fall in second quarter of this year, according to latest figures from UK Finance. The figures showed that there were 73,580 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the second quarter of 2020, this was 3 per cent fewer than in the same quarter…
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One in three (31%) consumers used the enforced lockdown to pay down their debt, according to new analysis from Experian. The proportion of Experian’s customers that had high balances across their credit accounts stood at 12.6% around the start of lockdown (23rd March). This dropped to 8.6% at the beginning of June, just before measures…
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The stock of consumer credit is forecast to fall by almost 16% this year as net lending for credit cards and personal loans turned negative during the lockdown period according to analysis by EY ITEM Club. The lockdown has caused a significant slowdown in bank lending to household with demand for consumer credit is predicted…
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One in four over 50s worry cash will run out but new data reveals they have £127,000 tied up in their homes. New research fromSunLife has revealed that many over 50s are struggling financially and have concerns about the future; one in four say they are worse off than they expected to be at this…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June 2020 by 17% compared with the same month in 2019, and contracted by 25% in the first half of 2020. Credit card and personal loan new business together fell in June 2020 by 29% compared with…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the consumer used car finance market grew 9% by value and 2% by volume in June 2020 compared with the same month in 2019. In the first half of 2020, this market reported new business volumes 32% lower than in…
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The Financial Conduct Authority (FCA) has published the findings of a review into re-lending by firms that offer high-cost credit. The review, which was completed prior to the coronavirus pandemic, highlights concerns about poor practices by some firms and notes that nearly half of consumers regretted borrowing more money. As firms in this sector begin…
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Credit Connect Media is set to launch a series of online digital discussion platforms focusing on technological and innovation developments and strategies within credit and collections Starting in August Credit Connect will launch its new 45 minutes news round-up series discussions with monthly guests analysing the industry developments in an ever-changing world. Titled ‘Connected News‘…
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Metro Bank has announced that it has agreed to acquire peer-to-peer lender RateSetter. RateSetter was founded in 2010 and is the UK’s most popular peer-to-peer lender with over 750,000 people having invested or borrowed through the platform. In its financial year ending 31st March 2019, the company reported revenue of £33 million, a pre-tax loss…
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Two new reports have called for more support to ensure the Credit Union sector can increase its reach. The Carnegie Trust has published its findings into existing affordable credit provision in seven Scottish Council areas, and called for stakeholders to work together to increase affordable credit providers market share to at least 10% of the…
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The Financial Conduct Authority (FCA) has set out views on Employer Salary Advance Scheme (ESAS) ESAS are commonly promoted as an alternative to high cost credit and have a broadly similar economic effect. While most of these schemes do not fall under the FCA’s regulation, as they do not meet the definition of credit under…
Read moreFurloughed workers are three times more likely to have defaulted on at least one payment in the last month, new Which? research reveals, highlighting the challenge that the Financial Conduct Authority (FCA) faces as it considers what additional support measures may be needed for those struggling financially once the government scheme comes to an end…
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