Credit, Collections & Insolvency News
The latest Deloitte Consumer Tracker shows that consumer confidence increased for a fifth consecutive quarter to its highest level in two years. The research showed that overall confidence was boosted by a seven percentage point (+7.2) increase in confidence in household disposable income (up 20 percentage points year-on-year) as consumers appear increasingly less pessimistic following…
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The Bank of England has announced that it has kept interest rates at 5.25%. The MPC voted 6-3 to hold rates steady, with two dissenters preferring an increase in rates to 5.5% and one preferring a cut to 5% The Resolution Foundation that the Bank of England’s latest economic outlook will bring relief to consumers and mortgagors, as forecasts…
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Latest figures from the Equity Release Council has indicated that lending has decreased. The figures show that total annual lending in 2023 was £2.6 billion following a record-breaking £6.2 billion in 2022, returning the market to the level of activity last seen between 2016 to 2017 (£2.1 billion to £3.1 billion). New and returning equity…
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The Bank of Mum and Dad is still providing vital financial support to the younger generations as they continue to struggle through the cost of living crisis, according to research Saltus Wealth. The research found that 74% are providing financial support for either their adult children, adult grandchildren or both. Most respondents in the survey…
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Latest data from the Bank of England has indicated an increase Credit Union lending, with loans to members in England passing the £1 billion mark for the first time. The figures showed that loans to members increased 5.3% quarter-on-quarter to £2.34 billion. However, the average amount in arrears grew for the 8th successive quarter, increasing…
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Research by Phoenix Group has found achieving a comfortable retirement is the top long-term savings goal for people in midlife, but many face an uphill challenge to meet this standard. Midlife is a key life stage which often prompts people to think about their future finances, with retirement less than 10 years away for some…
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Latest Bank of England (BoE) data has shown that consumer borrowing dropped sharply in December, suggesting the UK economy probably slipped into recession at the end of last year. Consumer borrowing fell from £2.1bn to £1.2bn, with credit card borrowing experiencing a steep decline. Consumers repaid, on net, £800 million of mortgage debt in December compared…
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According to findings from Royal London, homeowners are three times more likely to have life insurance than income protection meaning that many people in the UK are underprepared to pay their monthly housing costs if they’re unable to work due to illness or disability. When it comes to providing a financial safety net in the event…
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The 2024 Credit & Collections Technology Awards have opened for entries. Launched in 2017, the eighth annual awards seek to recognise excellence in credit and collections technology. The Credit & Collection Technology Awards powered by Credit Connect are judged by independently selected judges from across the industry, who have the enviable task of identifying the best and greatest innovations in…
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The Financial Ombudsman Service (FOS) is expecting more than 181,000 consumer complaints in the next financial year, with many involving everyday financial concerns. The complaints include a rise in disputed transactions driven by an increase in financial fraud and scams, as well as unaffordable lending linked to cost-of-living pressures. The FOS has set itself a…
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The price of insuring high-value items within home insurance policies has risen by almost a quarter (24%) in the past 12 months, according to new data from Compare the Market. High-value items, usually worth more than £1,500, should be specifically declared on a home insurance policy to ensure they are fully protected. Contents valued at…
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Motor insurance customers who buy cover monthly can end up paying hundreds of pounds more than those who pay for policies annually, Which? research has found, as the consumer champion calls on the Financial Conduct Authority (FCA) to produce an action plan to tackle the issue. Which? used sales data from GoCompare to find the average difference between prices…
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Londoners are the most likely to have loaned money to a family member to help with the cost of living, according to new research from Hodge. Around three quarters (73%) of people aged over 50 based in the capital have gifted or loaned money to their children or other family members, and 77% of those…
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