Credit, Collections & Insolvency News
The latest GfK Consumer Confidence Index reveals a decline in expectations for Britain’s economy, marking the first drop in six months. The index fell four points to minus 15 in August, reflecting concerns about the economic outlook. However, optimism regarding personal finances has risen, with a three-point increase to plus six, attributed to recent mortgage…
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New research by Mojo Mortgages’ data has revealed that extending a mortgage from 25 to 35 years can cost the average first-time buyer an extra £87,180. The data found based on the average mortgage rate and house price, extending your mortgage rate by 1 year can cost an additional £8,472. 2 years can cost an…
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Analysis from Broadstone has found that Credit Union lending has increased by 42% over just the past four years, in evidence of borrowers’ ability and willingness to shop around beyond major high street banks and lenders. The research from the independent financial services consultancy shows that as of the end of 2023 Credit Unions have £2.3…
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People in the UK are feeling significantly less financially included than they used to be, as the pressure of the cost of living crisis continues to weigh on the public according to research by Principal Financial Group. The proportion of people who feel financially included in the UK has dropped to 56% from 73% a year ago, as…
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A record number of cases were filed to the National Fraud Database (NFD) in the first six months of 2024 – over 214,000 in total, representing a 15% increase compared to the same period in 2023 according to fraud prevention service, Cifas. The data, recorded between January-June 2024, reveals the tactics favoured by fraudsters including…
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Monzo has been named the number one bank for customer satisfaction in the Competition and Markets Authority (CMA) league table. The league table, the 13th published over 7 years, shows how personal and business current account holders rated the quality of their experience. These tables were first published following the Competition and Markets Authority’s (CMA)…
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Latest UK Finance card spending data for May 2024 has shown that outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months to May and 48.9 per cent of outstanding balances incurred interest compared to 49.7 per cent in May 2023. The data showed 2.3 billion debit card transactions…
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New data analysis from the Mortgage Advice Bureau shows that one in three people have delayed buying a home because of financial pressure stemming from matters such as high interest rates, steep rents and rising costs. The research shows that a fifth have taken on an extra job to increase their funds. In 1980, the…
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Young people (16-27) are facing more financial hurdles than previous generations, despite much of Generation Z being the first to benefit from financial education being added to the national curriculum ten years ago, according to a new report released by Yorkshire Building Society. The report found that young people are facing acute pressures meaning over…
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New figures released by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided £76.7bn of new lending in the first half of the year (H1) 2024, 1% higher than in H1 2023. £20.1bn was provided to businesses for investment in machinery, equipment, and…
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The latest fraud threatening the UK could cost lenders at least a £4.2billion if businesses fail to act according to latest research from LexisNexis Risk Solutions. Synthetic ‘Frankenstein’ identities exploit stolen and faked personal information to spoof credit checks and commit high-value fraud against banks and credit providers. The study reveals there are almost three…
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New data from Compare the Market has found that the cost of home insurance continued to rise between April and June this year. The analysis showed that home insurance premiums have increased most significantly in Northern Ireland, rising by 62% from £268 in the second quarter of 2023, to £433 this year, the highest in…
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New TUC analysis has found that women are nearly five times more likely to be out of paid work because of caring commitments – one of the biggest causes of the income gap in retirement as it limits their ability to build up a workplace pension. The gender pension gap means that retired women effectively…
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