Credit, Collections & Insolvency News
New research from HSBC and Young Enterprise has found that Gen Z feels judged about their financial management, with 67% expressing embarrassment, primarily from family. Nearly two thirds (63%) of Gen Z respondents say they’ve ‘felt judged’ about how they manage their money – whether by family (39%), friends (31%), or by social media (17%).…
Read more
UK Finance has published its later life mortgage lending update for Q1 2025 which showed that there were 38,510 new loans advanced to older borrowers in Quarter 1 (Q1), increased 33.5 per cent year on year. The value of this lending was £6.1 billion, which was up 42.6 per cent compared with the same quarter…
Read more
The Financial Conduct Authority (FCA) has issued a further update on the key considerations for a potential redress scheme, which would set rules for how firms assess claims and calculate redress, and also put checks in place to ensure they are following the rules. The FCA stressed that the integrity of the motor finance market…
Read more
Nine in ten (87%) of Africans living and working in the UK have been turned down for a mortgage because of circumstances relating to the fact that they are a foreign national, according to research of 500 UK-based African diaspora by specialist lender Afin Bank. The research found that almost half (48%) said they were…
Read more
Latest Bank of England data has shown that net borrowing of consumer credit was £1.6 billion in April, up from £1.1 billion in the previous month. Within this, net borrowing through credit cards increased to £0.8 billion in April, from £0.4 billion in March. Net borrowing through other forms of consumer credit increased slightly to £0.8…
Read more
New data from UK Finance has shown that the average first-time buyer mortgage term is now 31 years. The data also showed that mortgage lending surged in the first quarter of 2025 (Q1), driven by homebuyers seeking to complete purchases before changes to Stamp Duty took effect in April. Mortgage completions rose sharply in the first…
Read more
Two in three people whose loan repayments have been declined say they have funds elsewhere, according to new research by Acquired. The data showed that 61% of sub-prime borrowers, 64% of near-prime borrowers and 68% of prime borrowers said they have funds available elsewhere when a loan payment declines. In many cases, these funds can…
Read more
A quarter of adults in the UK are ‘silent savers’, preferring to keep financial matters private and rarely discussing savings or investments with others, according to new research by KPMG UK and the charity National Numeracy. The study of 2,000 UK adults which also found that 18 per cent identified as ‘cautious calculators’, who carefully…
Read more
New research by Compare the Market has shown that 469,192 homeowners who took out mortgages in 2020 are facing a substantial increase in monthly payments as they come off five-year fixed-rate deals that had an average interest rate of 2.11%. Any of these homeowners who move onto their current lender’s standard variable rate (SVR) could…
Read more
Britain’s financial sector reported 3.31 million fraud cases in 2024, marking a 12% increase from the previous year, according to latest UK Finance data. The surge resulted in £1.17 billion being stolen, unchanged from 2023. Fraud accounts for 41% of all reported crime in the country. Banks prevented £1.45 billion of unauthorised fraud through advanced…
Read more
Over a third (35%) of people say they don’t know how much interest their current or savings account earns, according to research from savings app, Spring. The findings come as the UK inflation rate jumped to 3.5% in April – the highest in more than a year – eating away at the potential savings of…
Read more
The winners of the 2025 Credit & Collection Industry Awards have been announced following a live in-person event yesterday (Thursday 22nd May) at the Milner Hotel in York There were eighteen winners (four of which were partnership wins) from the twenty awards categories, which were presented by awards compare’ Brennan Reece. The Credit & Collections…
Read more
A new report from PIMFA, UK Finance and KPMG UK has revealed opportunities for how the government can further support the UK’s Private Banking and Wealth Management (PBWM) sector in helping to deliver growth, provided four key barriers can be addressed. This comes at a critical time as the Chancellor prepares her growth and competitiveness strategy…
Read more