Credit, Collections & Insolvency News
New Money & Credit figures released by the Bank of England show Latest Bank of England data has found that consumers have reduced their borrowing in February due to the uncertain economy, with credit card borrowing falling from £800 million to £500 million. Other forms of consumer lending, such as personal loans and car finance,…
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A new report from the Building Societies Association (BSA) will say that significant changes are required if we are to help prospective first-time buyers get on to the property ladder in the current housing market, without compromising the prospects of future generations of homebuyers. The report, which has been authored by housing expert Neal Hudson…
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The monthly cost to first-time buyers of owning a home is now £1,231, -£27 lower than renting an equivalent property according to research by Halifax. The figures show that this is the smallest gap between home ownership and renting recorded since 2019. The analysis, based on the housing costs associated with a mortgage on a…
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The Financial Conduct Authority (FCA) has issued guidance for memes, reels and gaming streams promoting financial services. The FCA has set out how adverts across social media channels must be fair, clear and not misleading, meaning they must have balance and carry the right risk warnings so people can make well informed financial decisions. …
Read moreCredit Connect’s hosted its sixth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by eight leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
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A new report by Lenvi has revealed the growing importance of brand and trust for borrowing decisions and AI innovation, a dip in the number of people factoring green credentials into their decision making and the growing popularity of Buy Now Pay Later (BNPL). The report reveals that borrowers are placing more emphasis on brand…
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A new credit card fraud report from Uswitch which analysed police figures has found that scammers stole £422 million last quarter, from 92,739 reported cases of fraud Consumers lost £1,212 million to credit card fraud in 2022, down 5% from the previous year with over three quarters (76%) of fraud was credit card fraud. The data…
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New research from Canada Life has revealed that over half of adults (51%) have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future. Nearly a third (30%) of those 55 or over…
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The Bank of England’s rate-setting body the Monetary Policy Committee (MPC) announced it has decided to keep interest rates on hold at 5.25% for the fifth time in a row. The MPC voted by a majority of 8–1 to maintain Bank Rate at 5.25%. One member preferred to reduce Bank Rate by 0.25 percentage points,…
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Lenders are expecting debt defaults to rise by nearly £788 million to over £19 billion this year, according to transaction analytics group Fuse. Analysis of the most recent financial statements of 20 of the UK’s largest lenders indicate that lenders are expecting losses to exceed £19bn compared to the Expected Credit Loss (ECL) in the…
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The average mortgage term for first-time buyers has increased, with more young people choosing longer mortgage plans, according to analysis by TSB. The data hows a year-on-year increase of the average mortgage term for first-time buyers – up to 32 years in 2023 from 30 in 2021. Overall, first-time buyers accounted for 35% of all…
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Research by SmartSave, a Chetwood Financial company, has found that more than two in five adults believe they will leave the workplace either at the current retirement age (66, rising to 67 in 2026) or before, despite many of them not having a clear financial plan in place for retirement. The digital bank commissioned an…
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The latest Property Tracker report from the Building Societies Association (BSA) shows a significant reduction in the number of homeowners concerned about paying their mortgage along with a decrease in those that see mortgage affordability as a barrier to home buying. The BSA says that the data is a welcome change, most likely reflecting the reduction in…
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