Credit, Collections & Insolvency News
Basildon Credit Union has entered administration. Dina Devalia and Michael Kiely of business advisory firm Quantuma have been appointed as joint administrators of financial cooperative. Founded in 1987, the credit union is based in Basildon, Essex and acts as a financial cooperative, offering its members financial security through saving and borrowing. The Credit Union entered…
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New research by Which? has found that car and home insurers are charging annual percentage rates (APRs) equivalent to credit card lenders for customers who pay for cover monthly payments. The research found that the average annual percentage rate (APR) for car insurers charging monthly is 22.84%, while home insurers average 21.59%. The consumer group…
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The Treasury has announced that it has launched a review of the Financial Ombudsman Service (FOS) to address concerns that it has been acting as a ‘quasi-regulator.’ The announcement is part of wide-ranging plans by the Government to cut between 100 and 130 regulatory bodies currently in the UK. It aims to streamline dispute resolution…
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UK Finance has published its plan for growth, which was submitted to the Government in early March. The plan brings together views from across our membership and sets out reforms needed to help the financial services sector make an even stronger contribution to the Government’s growth agenda, while also delivering benefits for consumers, businesses and…
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The Financial Conduct Authority (FCA) is considering whether to remove or increase the contactless card limit to enhance economic growth and benefit households and businesses. The FCA says that damilies and businesses across the country could benefit from greater choice, flexibility and smoother purchases. Making regulation less prescriptive would also give firms greater control and…
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The UK’s self-employed workers and freelancers are making huge personal and professional sacrifices just to achieve their home-ownership ambitions according to new research by Together, Many of the country’ entrepreneurial wealth creators have put on hold important life plans such as marrying, having children or expanding their businesses – potentially hitting future earning potential –…
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Buying a home in London requires an average earner to save a deposit of over £350,000 according to research by longer-term lender April Mortgages. With average house prices in the capital soaring to £581,310 – more than 12x the average income – average earners require huge deposits to afford a home. Based on a typical lending…
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The Government has announced that the Payment Systems Regulator (PSR) will be abolished and its remit absorbed by the Financial Conduct Authority (FCA). The move comes amid concern that the financial regulatory system is overly complex. The PSR, which looks after payment systems like Faster Payments and Mastercard, will mainly be consolidated into the Financial…
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The total outstanding balance of residential mortgages reached a record £1,678.2 billion in Q4 2024, an increase by 0.5% from the previous quarter to according to latest Bank of England data. The rise is attributed to first-time buyers, who accounted for nearly 30% of new lending. The average age of first-time buyers is now 33.5…
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The Financial Conduct Authority (FCA) has announced the next stage of its review into the motor finance scandal, with the regulator set to consult on an industry-wide redress scheme if the Supreme Court upholds the Court of Appeal’s ruling that commissions were not properly disclosed to customers. The FCA, which has identified widespread failings in…
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Many over-50s reflect on their financial choices and wish they had made different decisions in their youth, according to a survey conducted by Aviva. While 16% of respondents indicated they would have prioritised a detailed retirement plan earlier, 25% would have taken their pensions more seriously. Additionally, 22% expressed a desire to invest more in their…
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New research by Loantube has revealed that female consumers are most likely to apply for a loan for home improvements (42%), followed by debt consolidation (32%) and buying a new car (10%). Among the consumer borrowing trends, LoanTube’s data reveals that female consumers are most likely to apply for a loan for home improvements (42%),…
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First-time buyers in the UK are facing paying an extra £4,200 a year on their mortgage with increased mortgage payments, which now average £940 per month compared to £590 five years ago, according to latest Rightmove research. The data showed that the average price for a first-time buyer home currently stands at £226,887. The analysis…
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