Credit, Collections & Insolvency News
New research by Citizens Advice finds more than one in four adults (28% – the equivalent of 15.1 million people) say they’re likely to use Buy Now Pay Later (BNPL) to help with festive spending. This rises to 56% of parents with primary school-aged children. The findings come as the charity reveals those unable to…
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The bank of mum and dad has gifted more than £35bn to help their children and grandchildren get on the housing ladder according to the latest research from over 50s specialists SunLife. The report has revealed that almost 6 million (23%) of people over 50 have given ‘significant cash gifts’ to family over the past…
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Latest Bank of England has found that consumer borrowing fell in October, showing that consumers borrowed £1.3 billion last month compared to £1.4 billion in September. The decline came as consumers borrowed less on credit cards, with the rate of other forms of credit remaining stable. The data also showed that individuals repaid, on net,…
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The Economic Affairs Committee has published a new report which is calling for the operational independence of the Bank of England to be preserved. The report that reforms are vital to improve its performance; strengthen its accountability to Parliament; and ensure it focuses on its key objectives of tackling inflation and maintaining financial stability. The…
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New research from GfK has found that there were signs shoppers were feeling more confident in their spending. GKF’s monthly Consumer Confidence Index was still in negative territory in November, but had increased by six points to -24. Joe Staton, Client Strategy Director GfK, said “Consumer confidence strengthened in November with improvements across all measures.…
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Nearly three-quarters (70 per cent) of financial services firms are in the pilot stage of testing the use of generative (content production-focused) AI, while nine out of ten (91 per cent) already use predictive AI for functions including fraud detection and risk analysis by UK Finance and global management consultancy Oliver Wyman. Three-quarters of firms…
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Almost half of adults (48%) have used Buy Now, Pay Later (BNPL) to spread the cost of purchases. In 2023, 7.4 million more people used BNPL compared to the year before. The increased usage of BNPL, isn’t expected to slow down as we enter the busy festive shopping period, in fact it has become essential…
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Chief Executive Officers (CEOs) are accelerating investments in generative artificial intelligence (GenAI) to maintain a competitive advantage, but most are facing challenges in developing and implementing AI strategies, according to the findings of the latest EY CEO Outlook Pulse survey. The survey of 100 UK CEOs which provides insights on AI, capital allocation, investment, sustainability and…
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Latest data by the Finance & Leasing Association (FLA) has shown that consumer finance new business fell in September 2023 by 3% compared with the same month in 2022. In the nine months to September 2023, new business also remained 3% lower than in the same period in 2022. The retail store and online credit…
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Morses Club and sister company Shelby Finance have entered into administration. The two companies provided short-term consumer loans, with Morses Club providing home collect credit and Shelby Finance providing loans online under the ‘Dot Dot Loans’ brand. Ed Boyle and Rob Spence from Interpath Advisory have appointed joint administrators. The Companies have been under sustained…
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Latest data from UK Finance has found that there were 377.9 million credit card transactions in August, 0.1 per cent fewer than in August 2022. The total spend of £20.6 billion was 2 per cent higher than August 2022. Outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months…
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Two individuals guilty of making £3 milion worth of fraudulent mortgage applications. Larry Barreto, based in the East Midlands, has been found guilty today of 11 charges of fraud by false representation following a prosecution brought by the Financial Conduct Authority. At an earlier hearing, Mr Barreto pleaded guilty to two offences of arranging and…
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New research by FICO suggests that Authorised Push Payment (APP) fraud — when someone is tricked into sending money from their bank account to a fraudster — is not being taken seriously by UK consumers. The new data also suggests one of the most vulnerable sections of society — the 65+ age group — are…
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