Credit, Collections & Insolvency News
Latest figures from UK Finance have shown that consumer credit card spending on some services slowed during March. Lockdown restrictions implemented towards the end of March resulted in a sharp drop in “non-essential” retail activity, travel and entertainment spending. The figures showed that there were 1.6 billion transactions on debit cards made by UK cardholders…
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Millions of consumers have run up unexpected debts – covering the cost of a family member’s funeral. Research polling 4,000 UK adults found 47 per cent have helped pay for a funeral after a family bereavement, setting them back an average of £2,000 – the equivalent of £49 billion across the UK. Two-fifths of those…
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Consumers who have experienced mental health problems are three times as likely to run out of money within a week if they lost their main source of income as those who have never had issues, during pandemic according to a new report by the Money and Mental Health Policy Institute. People with mental health problems…
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Following a period of authorisation with restrictions, Castle Trust Capital has been granted full authorisation as a bank by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). After being authorised with restrictions in March 2020, Castle Trust undertook extensive testing of its new savings system and asked its customers to vote on…
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The Finance & Leasing Association (FLA) continues to call for the Government and the Bank of England to take immediate action to support the non-bank lending market, as new FLA figures released today show that the number of Covid-19 related requests for forbearance reached 1,623,000 (over 1.6 million) in the twelve weeks to 29th May…
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Over half of financial services professionals neglect safe data practices working from home according to new research by Tessian. 56 per cent of financial services professionals are less likely to follow safe data practices and 61 per cent feel they can ‘get away’ with riskier behaviour when working remotely. The State of Data Loss Prevention…
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The Financial Conduct Authority (FCA) has fined Lloyds Bank and its subsidiaries Bank of Scotland and The Mortgage Business £64,046,800 (over £64 million) after it was found to have failed its vulnerable mortgage customers. Failures were found in relation to their handling of mortgage customers in payment difficulties or arrears. The banks have estimated that…
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The impact of the Coronavirus on the lives of consumers may lead them to consider consolidating loans to pay off debt leading to a healthier financial situation. according to analysis by Moneyfacts.co.uk The company says that despite a drop in base rate by the Bank of England, interest rates on unsecured personal loans are starting…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in April 2020 by 64% compared with the same month in 2019, and decreased by 19% in the first four months of 2020. Credit card and personal loan new business together fell in April 2020 by 48% compared…
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New data from Barclaycard has indicated that consumer spending contracted 26.7 per cent year-on-year in May. The data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that spending on essential items grew slightly by 0.9 per cent. This was bolstered by a 24.5 per cent rise in supermarket…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in April 2020 by 94% compared with the same month in 2019, and by 33% in the first four months of 2020. The consumer new car finance market reported new business volumes 97%…
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Families with children at home during the coronavirus lockdown are turning to payment holidays to help them through the crisis. According to comparethemarket.com’s Household Financial Confidence Tracker, fewer than one in ten (9%) households without children at home say they have taken a payment holiday, but this figure leaps to over a fifth (21%) among…
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Mortgage lending was flat in the first three months of 2020 compared with a year ago with an increase in buy-to-let activity offset by a drop in first-time buyers, according to UK Finance’s Household Finance Review for Q1 2020 . The report finds also highlighted that there was a modest pick-up in arrears towards the…
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