Credit, Collections & Insolvency News
Smart Money Cymru Community Bank and Newport Credit Union have announced that they will merge. The combined entity, which will be called Smart Money Cymru and will be the largest organisation of its kind in Wales, offering financial services to more than 15,000 members across a branch network extending through the Valleys and into Mid…
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Mortgage lender Halifax has announced that will impose a new 70-year age limit on the terms of its home loans for some borrowers. Adrian Lowery, Financial Analyst at wealth manager Evelyn Partners said “Having raised the limit to 75 only last summer, the lender is apparently reining back on lending that is now perceived as…
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A third of adults have less than £500 saved for emergencies, leaving them heavily exposed to income shocks, according to a nationally representative survey of 8,000 UK adults from Lowell. Nearly half (46%) of UK adults saw their financial situation worsen in 2023 and nearly 70% do not expect their financial situation to improve in…
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Just over one in five (21%) of adults across UK and 14 other countries around the world were defrauded between 2021 and 2023 according to research by the Social Market Foundation (SMF), a cross-party Westminster think tank that a surveyed almost 29,000 people. The SMF surveyed 15 countries, including Japan, Singapore, Brazil, Germany, USA, Mexico…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew in January 2024 by 2% compared with the same month in 2023. In the twelve months to January 2024, new business was 2% lower than in the same period in 2023. The credit card and personal loans…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in January 2024 by 3% compared with the same month in 2023. The corresponding value of new business also fell by 3% over the same period. In the twelve months to January 2024, new business by…
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Nationwide Building Society has had an all-cash bid for Virgin Money accepted. The move that will make Nationwide the UK’s second-largest mortgage provider, leapfrogging Natwest. Nationwide will pay 220p per share comprising 218p per share cash plus a 2p dividend in a deal that values Virgin at £2.9 billion, a 38% premium to Wednesday’s close.…
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The cost of car insurance for young drivers has jumped by £644 on average in the past year, according to new Young Drivers research from Compare the Market. Car insurance premiums for motorists aged under 25 have reached £2,009 in January 2024, compared to £1,365 in the same month last year. Insurance now represents 66%…
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The average quoted price of home insurance rose by 40.6% in the 12 months to January, the highest annual increase since Consumer Intelligence began tracking prices in 2014. The rise in quoted premiums beats the previous all-time high increases of 36.1% and 25.7% set in the previous two quarters. Premiums have most commonly been quoted…
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Mortgage reforms introduced after the 2008 banking crisis have ’tilted too far’ in support of financial stability, according to a report commissioned by the Building Societies Association (BSA). The report is calling for an overhaul of affordability and repayment rules, which have led to a decline in first-time buyer mortgages. The BSA is pushing for…
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Almost one in five first-time buyers (FTB) are now stretching their mortgage repayments over 35 years, according to new figures from UK Finance. The figures are up from 17% a year ago and 9% before the Bank of England started raising interest rates. Banks have raised concerns about the growing risks posed by longer mortgages,…
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As consumers continue to navigate cost-of-living pressures, new research shows that younger age groups face significant barriers when it comes to accessing credit according to a survey of 1,000 UK borrowers by Tink. The research found that over three quarters (78%) of 18-34 year olds have had a loan application rejected. When asked why they’d…
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New research by Skipton Building Society has found that four in 10 renters would consider moving back in with their parents so they can save enough to get on the property ladder. The poll of 2,000 renters with an ambition to buy a home found that 52 per cent of those considering it feel it’s…
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