Credit, Collections & Insolvency News
Latest Office for National Statistics (ONS data has shown that inflation rose faster than expected in January, up from 2.5 per cent in December to 3 per cent. This is the highest annual rate of inflation since March last year. The increase was driven primarily by increases in the cost of transport, food, and non-alcoholic…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes held steady in December 2024 compared with the same month in 2023. The corresponding value of new business grew by 6% over the same period. In 2024 as a whole, new business was 2% lower by volume…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in December 2024 by 11% compared with the same month in 2023. In 2024 as a whole, new business in this market was 2% higher than in 2023. The credit card and personal loans sectors together reported new…
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Rent and mortgage spending increased slightly to 2 per cent year-on-year in January according to the latest Barclays Property Insights report. Despite this increase, consumers’ confidence in their ability to afford rent and mortgage payments remained unchanged month-on-month at 52 per cent. Anticipating the Bank of England’s recent decision to cut the Base Rate, consumer…
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The cost of home insurance in the UK increased by 14% year-on-year between October and December last year, according to new research from Compare the Market. The average home insurance premium climbed to £225 in the final three months of 2024 up from £197 over the same period in 2023. While the price jump seen…
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Mortgage lending growth is forecasted to more than double from 1.5% in 2024 to 3.1% in 2025, and grow to 3.2% in 2026, as rates fall and consumer confidence rises according to a report from EY Item Club. The growth is largely attributed to anticipated interest rate cuts by the Bank of England, which recently lowered…
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New research by Apil Mortgages has found that only 14% of the UK’s 100 largest towns and cities are affordable to single-income buyers. Buying an average home in 16 of the UK’s 100 largest towns and cities requires a deposit of more than £200,000 for a mortgage applicant earning an average salary. In more than half (52%) of these towns and…
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New research from American Express has revealed new trends in how consumers plan to prioritise their spend in the year ahead. The data has identified three types of spenders: Experience Seekers: Consumers are looking forward to an experience-filled 2025, with appetite for attending bigger events alongside smaller, regular treats. Savvy Spenders: Shoppers want more bang…
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New survey results from Provenir have found that nearly half of all financial services executives are struggling with managing credit risk and detecting and preventing fraud. The survey also discovered that many financial services are revamping their credit risk decisioning and fraud prevention strategies in 2025, with Artificial Intelligence (AI) playing a prominent role. Over…
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Boshhh Group has announced that it has partnered with Yapily to launch a fintech solution with an aim to end irresponsible BNPL lending amid the upcoming FCA affordability clampdown. The new FCA regulations tackling the lack of comprehensive affordability checks in BNPL lending come into effect in 2026 with lenders currently failing the financially vulnerable…
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One in ten high net worth individuals (HNWIs) have cut their pension contributions over the past year in order to balance pressures on their day-to-day finances, according to the latest findings from UK wealth management firm Saltus. The report found that the vast majority (93%) said that the current economic environment has negatively impacted their lifestyle…
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A third of couples (31%) planning to marry in 2027 or beyond will use loans to fund their weddings according to new research by Pepper Money, This is a significant increase from 23% in 2019. This shift highlights the growing financial strain on engaged couples. They are also less likely to be able to rely solely…
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The Financial Conduct Authority (FCA) has warned of a growing number of misleading and illegal financial promotions, with the regulator saying that almost 20,000 financial promotions were withdrawn or amended after intervention in 2024. This is almost double the number of cases recorded in 2023, when more than 10,000 were flagged. The report also shows…
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