Credit, Collections & Insolvency News
The EY Item Club predicts that UK interest rates will start to be cut in May, as inflation is expected to fall to the Bank of England’s 2% target by that time. It is predicted that the UK’s prolonged period of economic stagnation should begin to fade this year as falling inflation, potential interest rate…
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UK Finance has released its latest card spending data for October 2023 highlighting that there were 377.7 million credit card transactions in October, 6.1 % more than in October 2022. The total spend of £20.4 billion was 5.7 % higher than October 2022. Outstanding balances on credit card accounts have grown by 8.7 % over…
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Nova Credit, the cross-border and alternative credit analytics company, has announced a strategic collaboration with Creditinfo, a global service provider for credit information and risk management solutions, to help Ukrainians gain access to the necessary financial services needed to effectively rebuild their lives abroad. The partnership is powered by Nova Credit’s Credit Passport®, the only…
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New research reveals 12.7 million adults (a quarter of the population) have spent more than £200 in the last 12 months trying to keep up with the spending habits of friends and family. On average across the country, adults spent £165 trying to match up to their friends’ lifestyles, equating to over £8 billion and…
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The majority (84%) of UK executives think reputation management is more important for businesses now than it has been previously according to research by Amp Corporate Communications. The research found that less than half (47%) of the C-suite leaders surveyed believe their business is fully prepared to deal with reputational challenges. Regulatory compliance, cyber attacks…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in November 2023 was 2% higher than in the same month in 2022. In the eleven months to November 2023, new business was also 2% lower than in the same period in 2022. 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 November 2023 by 7% compared with the same month in 2022. The corresponding value of new business was 5% lower over the same period. In the eleven months to November 2023, new business volumes were…
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North-West law firm, Barings Law has welcomed the FCA’s decision to investigate whether millions of people were overcharged for car loans, having issued more than 6,000 claims in the courts against some of the UK’s leading lenders, with thousands more to be issued soon. In addition to the legal action, the firm has also began successfully…
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The Financial Conduct Authority has announced that it begin a a study of the motor finance industry, amid rising tensions between consumers and lenders on discretionary commission arrangements. In 2021, the FCA banned discretionary commission arrangements. This removed the incentive for brokers to increase the interest rate that a customer pays for their motor finance. The FCA…
Read moreHigher interest rates increase the expected government cost of financing the student loan system in England by more than £10 billion per year, new analysis by researchers at the Institute for Fiscal Studies (IFS) shows. The IFS says that in recent years, the government’s borrowing costs have always been lower than the interest rates it…
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New polling research by Aegon shows the majority of people in the UK are feeling positive about their finances for the year ahead. The research finds over half of UK adults (52%) say they are feeling positive overall about their finances in 2024, while just under two in five (38%) are feeling negative. Females (47%),…
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New research by KPMG has shown that 21% (over a fifth) of consumers haven’t visited a bank branch in the last year, up from 14% in the previous year, The research showed that the Covid-19 pandemic has accelerated the transition to online banking with individuals visiting their local bank branches less often and less frequently.…
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Latest Bank of England data has found that mortgage approvals for house purchases rose from 47,900 in October to 50,100 in November. The report also revealed that mortgage lending to individuals was at net zero in November compared to £0.1 billion of net repayments in October. The annual growth rate for net mortgage lending reached…
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