Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in March 2024 by 4% compared with the same month in 2023. In Q1 2024 as a whole, new business in this market was at a similar level to Q1 2023. The credit card and personal loans sectors…
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Half (49%) of younger parents aged 18-34 have decided to not to have another child as it has become too expensive due to the rising cost of living according to research from Creditspring. Younger couples who were planning on starting a family have also been forced to change their plans due to the financial climate.…
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Mortgage lending growth is set to more than double in 2025, according to analysis by the EY Item Club. While the analysis predicts that lending will climb by just 1.5% this year, it anticipates growth of 3.2% in 2025 and 3% in 2026, with this expected to be driven by falling inflation and lower interest…
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Two in five (40%) of the retired population in the UK have some form of retirement regret according to research by Canada Life. Canada Life asked current retirees if they would do anything differently in how they approached their retirements, and two in five (40%) said they would have done. Almost one in five retirees…
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New analysis by Barclays found that grocery spending saw its smallest increase since June 2022, with a record 73% of consumers trying to cut the cost of their weekly shop. The analysis showed that consumer card spending slowed to 1.6 per cent growth in April, down from 1.9 per cent in both March and February,…
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A new report from the Lending Standards Board (LSB) shows the progress made by UK banks and lenders over the last 12 months in offering better accessibility support to deaf customers. In the UK, one in five adults are deaf, have hearing loss, or tinnitus. Hearing loss affects more than 40% of people over 50…
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With the rise of artificial intelligence (AI) and machine learning, the way consumer loans have been offered and priced has been quietly revolutionised, opening up opportunities for more consumer-centric, personalised products. As a data scientist and advanced analytics consultant to the banking industry, I’m fascinated by modern AI tools and their ability to give pricing committees a much deeper view of their…
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A report from Scottish Friendly and the Centre for Economics and Business Research (Cebr) has revealed that just over a third of consumers (33.5%) can’t plan beyond a rainy day fund buffer until 2025. The Family Finance Tracker report shows that despite the cost-of-living pressures easing, UK households are still focused on their immediate finances…
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Weaknesses in some banks’ security could leave customers exposed to scammers, a new Which? investigation has found. The research found that with more people than ever before using mobile banking, criminals are increasingly viewing mobile phones as gateways to consumers’ personal finances. Which? researchers tested banking website and app security across four key criteria: login…
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Issues with banking and credit cards drove finance complaints up by 19% in the second half of last year, according to latest data from the Financial Ombudsman Service (FOS). Barclays had the highest number of complaints at 5,207, followed by Moneybarn with 4,495. FOS upheld 36% of complaints in consumers’ favour. Complaints tied to current…
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Mortgage approvals have reached their highest levels in 18 months, indicating a return of confidence to the property market, according to Bank of England data. In March, there were 61,300 net mortgage approvals, the highest since September 2022. Gross mortgage lending also rose to £20.1 billionn, the highest in 13 months. However, mortgage approvals are…
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Research by Canada Life has found that four in five (79%) of over 55s who have retired, did so without the help of financial guidance or advice, preferring to opt for a DIY approach to managing their finances. The research also showed that nearly one in three (29%) of the same group admit they are not…
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Data from the Equity Release Council has found that later life lending fell 6% to £504 million in the first three months of the year compared to the final quarter of 2023. The research found that the sector attracted 4,698 new customers between January and March, 11% lower than the final quarter of last year…
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