Credit, Collections & Insolvency News
New UK Finance data has indicated that later-life lending fell by nearly 12% year-on-year. The data showed that there were 28,840 new loans advanced to older borrowers in Q1, down 11.7% year on year. The value of this lending was £4.3 billion, which was down 8.5% compared with the same quarter a year previously. The…
Read more
Building Societies gross mortgage lending hit £31.3 billion in six months to March 2024, a 30% market share of all lending according to latest Building Societies Association data. Building Societies’ mortgage balances grew in the six months between October 2023 and March 2024, when they had declined across the rest of the market. At the…
Read more
Castle and Crystal Credit Union has been placed into administration. James Sleight and Peter Hart of the advisory team at PKF Littlejohn have been appointed as joint administrators. Castle & Crystal Credit Union is based in Dudley, it’s membership covered residents and employees who live or work across parts of the West Midlands. Regulatory bodies have…
Read more
New research by Uswitch has found that the UK’s attitudes to credit cards are changing, as nearly one in three (31%) young people perceive them as ‘potential debt traps.’ Only one in five (20%) of Gen Z say they have ‘no concerns regarding credit card usage’, with the remaining 80% stating their main concerns as…
Read more
Latest data from the Financial Ombudsman (FOS) has shown that financial complaints have risen by 20% according in the last 6 months according to latest half-yearly data figures. The data from the second half of 2023 showed that overall FOS received a total of 95,349 complaints between 1st July and 31st December 2023, compared to…
Read more
Coventry Building Society has agreed to a takeover of the Co-operative Bank for £780 million under the agreement the firms have signed a share purchase agreement under which the building society will acquire the entire issued share capital of Co-operative Bank. The combined group will be led by the mutual’s chairman David Thorburn and…
Read more
The Financial Conduct Authority (FCA) has confirmed that several firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value. To restart sales, firms need to demonstrate that their GAP products provide fair value to customers, in line with FCA rules. …
Read more
A new report by Scams.info has found that there are 2.7 million card fraud loss reported every year in the UK. Scams.info’s report has studied the number of of fraud across a five year period to determine which fraud types are most on the rise, and which types are becoming less common. The fraud type…
Read more
Consumer confidence has risen to its highest level in over two years, according to GfK’s consumer confidence index. The index rose by two points to minus 17 in May, which is the highest reading since December 2021 The analysis showed that consumer confidence continues to rise, with confidence in the general economic situation over the next…
Read more
Data released from Step Change shows one on four (24%) adults have relied on credit to pay for essentials such as food and household bills as in the cost of living crisis. RSM UK is reminding banks and other credit agencies of their responsibilities as lenders, in line with Consumer Duty rules. FCA guidance for credit providers…
Read moreNew research from Compare the Market has revealed that nearly seven in ten households (69%) have been caught out by surprise costs and fees when moving home with the average cost of these hidden fees being £5,837. The most common surprise costs when moving home include legal fees being larger than expected (41%), while one…
Read more
Criminals stole £1.17 billion through unauthorised and authorised fraud in 2023, a four per cent decrease compared to 2022 according to UK Finance’s annual fraud report. Losses due to unauthorised transactions across payment cards, remote banking and cheques were £708.7 million this year, down three per cent compared to 2022. The total number of recorded…
Read more
New analysis commissioned by the Liberal Democrats has revealed that over 3.5 million households in England and Wales remortgaged their homes last year, causing a combined £8.8 billion in additional mortgage payments a year as a result. The Liberal Democrats said it shows Rishi Sunak’s boasts on inflation would ring hollow for families facing eye-watering…
Read more