Credit, Collections & Insolvency News
Around half of first-time buyers in their 20s receive financial help to buy their home, with large consequences for their subsequent wealth accumulation according to research by the Institute for Fiscal Studies (IFS). Those getting financial help receive an average of £25,000, making up almost half of their deposit. These wealth transfers help many of…
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New research by the British Retail Consortium (BRC) has found that cash use has grown for the first time in ten years as shoppers keep a close eye on their budgets while prices rise, retailers have said. The research found that 19% of purchases were made with money last year with retail sales rising 4.3%…
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Households and businesses have been resilient in the face of rising interest rates, the Bank of England said in its latest Financial Stability Report. However, households and businesses remain under pressure from higher borrowing costs, as interest rates are expected to remain higher for longer. The report says that households continue to face pressures from…
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Six in ten (62%) people in the UK have a credit card, however nearly two thirds (65%) don’t fully understand how their credit card use can impact their credit score, according to research from Compare the Market. The research found that although nearly a third (31%) of people say they have a “strong” credit score,…
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Banks and building societies in Britain will be required to assess gaps in access to cash under new rules proposed by the Financial Conduct Authority (FCA) to protect access to cash for businesses and consumers. The move follows new powers granted to the FCA by the Financial Services and Markets Act 2023. Under the FCA’s…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in October 2023 was at a similar level to the same month in 2022. In the ten months to October 2023, new business was 3% 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 by 3% in October 2023 compared with the same month in 2022. The corresponding value of new business was 2% lower over the same period. In the ten months to October 2023, new business volumes remained…
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Consumers are feeling more optimistic as the headline inflation rate begins to fall according to latest research by TransUnion. As signs suggest significantly improved economic fundamentals, consumers are reporting more positive sentiment. Overall, 37% of UK consumers are feeling optimistic about their household finances, up from just 28% in Q4 2022. The study also shows…
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Two-thirds (64%) of consumers have admitted to prioritising their money management this Christmas, compared to just a quarter (25%) last year according to research by Lowell. The research found that despite 68% of consumers feeling the pressure from social media, TV advertising, friends and family to spend big in 2023, people are planning to be…
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New research by Pepper Money has found that 900,000 potential mortgage customers are likely to have adverse credit in 2024. The 2023 Specialist Lending Study found that 15.16m people have some history of adverse credit, including missed credit payments, defaults, CCJs, unsecured arrears, secured arrears or entering a debt management plan. It also found that…
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The Financial Conduct Authority (FCA) has published a proposed a range of reforms it which it says would improve quality of information collated by credit reference agencies (CRAs) to ensure consumers’ credit files better reflect personal financial circumstances. In November 2022, the FCA published an interim report which found that whilst the credit information market was working…
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New research by Chetwood Financial has found that two-thirds of people (65%) feel that big banks prioritise profits over supporting savers. The majority of consumers say they are unhappy with high-street banks, believing they have prioritised profits over passing higher interest rates on to savers and believe that mainstream banks are putting their profits ahead…
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One in four people (14 million people) plan to borrow money for Christmas according to research by the Money and Pensions Service. The survey of 3,016 UK adults, commissioned by the Money and Pensions Service (MaPS), shows that one in four (26%) are likely to borrow or use credit for upcoming holidays like Christmas and…
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