Credit, Collections & Insolvency News
Half of consumers say they have cut non-essential spend in the first quarter of the year and consumers are four times more likely to save than spend, according to new research from KPMG UK. KPMG UK’s Consumer Pulse survey tracks the quarterly confidence and spending behaviour of 3000 consumers across age and income groups and…
Read more
New research by TotallyMoney has found that one in five (9.7 million) current account customers are overdrawn by an average of £697, with £1.4 billion spent on bank overdrafts each year. The research showed that on average, one in five people (18.8%) are £697 overdrawn each day that with most high street banks charging customers…
Read more
The Financial Conduct Authority (FCA) has issued a letter to motor finance firms reminding them to maintain adequate financial resources as a probe into the market continues. The FCA is currently reviewing the historical use of motor finance discretionary commission arrangements (DCA). The regulator says that it has observed firms taking different approaches to account…
Read more
Analysis by MoneyComms has suggested that millions of people could be paying thousands of pounds worth of interest charges on personal loans due to a ‘lack of transparency’ from lenders. Under current regulations, banks only need to provide 51% of customers with an advertised offer and the representative or advertised rate is the lowest rate…
Read more
Drivers could typically save up to £46 by paying for their annual car insurance premium in a single lump sum rather than as monthly payments, according to new research from Compare the Market. The cost of paying monthly for an annual car insurance policy is £938 on average, as of February 2024 – £46 more…
Read more
Uswitch has reported that consumers lost £422 million from 92,739 reported cases of fraud in the last quarter. In Quarter 4 (Q4) of 2023, consumers between the ages of 30-39 were the most likely to be the subject of fraud and cybercrime, with those aged 20-29 following closely behind. Over three quarters (76%) of fraud…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in February 2024 by 1% compared with the same month in 2023. The corresponding value of new business was at a similar level to February 2023. In the first two months of 2024, new business by…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in February 2024 by 3% compared with the same month in 2023. In the first two months of 2024, new business was also 3% higher than in the same period in 2023. The credit card and personal loans…
Read more
The average age when an adult buys a home for the first time is 36, according to Office for National Statistics (ONS) data. Homeownership age in 2022 has increased by four years from 2004. The data shows that first-time buyers are increasingly reliant on help from family and friends to get onto the housing ladder.…
Read more
Consumer card spending growth flatlined in March, on par with February’s 1.9 per cent uplift, and significantly less than the latest CPIH inflation rate of 3.8 per cent according to latest analysis by Barclays. The data showed that retail spending remained almost flat at 0.7 per cent, brought down by falling in-store spending. Face-to-face retail…
Read more
Almost 7 million people aged over 50 have no private pension, putting them at risk of retirement poverty, according to the latest analysis by SunLife. The report showed that around 2.4 million (20%) of men over 50 and 4.4 million (33%) women are relying on the state pension alone to fund their retirement. With the…
Read more
Nearly a quarter of adults (23%) said they have used BNPL in the past year, mirroring pre-festive season observations according to research by TransUnion. The survey data points towards a robust and maturing sector, with more than one in five (21%) planning to apply for new BNPL services in the coming year. Yet despite many…
Read more
Figures from the Bank of England show UK mortgage approvals hit their highest level in 17 months in February, rising to 60,400 from 56,100 in January. The volume of mortgage lending rose to £1.5 billion in February from £1.1 billion at the start of the year. Net approvals for remortgaging also increased, from 30,900 to…
Read more