Credit, Collections & Insolvency News
Complaints to the Financial Ombudsman Service (FOS) increased by more than 13,000 in the first half of 2023, compared to H2 2022. The latest figures showed that FOS received 93,114 complaints from January to June, up from 79,921 in the second half of last year. Banking and credit complaints were up by more than 6,000,…
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Online high-cost short-term lender Novaloans (trading as Cash4UNow) has entered administration. Novaloans Ltd is a family-run business founded in 2011, employed 38 people according to its total exemption. Its offices are at Limewood Business Park, in Seacroft. The Financial Conduct Authority (FCA) has confirmed that the firm is no longer lending. However, all existing loan…
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Almost 7 million people over 50 have no private pension, putting them at risk of retirement poverty, according to the latest research and analysis by SunLife. The research has revealed that around 2.4 million (20%) of men over 50 and 4.4 million (33%) women are relying on the state pension alone to fund their retirement, which…
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New research from Canada Life has found that over half of UK adults (57%) do not have a will, equating to approximately 30.4m people. Of this, 12% said they have no intention of making a will in the future. A third (33%) of adults who are aged 55 or over have not yet made a…
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Higher loan rejections and limited traditional affordability checks are impacting consumers’ ability to access credit to help make ends meet, according to new research from Tink. The company’s research found that those who hold either a mortgage or loan suggest that a significant number of consumers need to find a way to bridge the gap…
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Almost four-in-ten younger finance professionals in the UK (39%) have taken time off work for stress, along with 36% of their senior colleagues, according to a new report from AccountsIQ. The full extent of the problem with stress in the finance team is revealed in the 82% of younger professionals who said the job has…
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Over one million Brits took out travel insurance between June and August 2023, despite the rising cost-of-living, according to data from Compare the Market. The data showed that 1,066,364 people who bought insurance this summer was up by nearly a fifth (19%) on the 894,112 who did during the same period in 2022. Compare the…
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One in four people (26%) say rising prices have forced them to eat into savings – and one in 20 (5%) say it has forced them to empty their accounts according to research by by Opinium for Hargreaves Lansdown. The research found that higher rate taxpayers are much more likely to have spent some at…
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The EY ITEM Club forecast presents a mixed picture for consumer spending, which is expected to benefit from several supports. Although pay growth is expected to ease, inflation should decline more quickly. Falling energy bills, easing food price inflation and weaker pipeline price pressures mean inflation is predicted to average 7.4% this year (down from…
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Latest figures UK Finance showed that there was an 8.7 per cent increase in outstanding balances on credit card accounts over the twelve months to July and 49.9 per cent of outstanding balances incurred interest compared to 51.5 per cent twelve months ago. There were 374.5 million credit card transactions in July, 8.5 per cent…
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TotallyMoney has calculated the cost of a poor credit score for customers looking to lock in a personal loan. The research found that for the most commonly provided loan of £3,000, somebody with a poor credit score could pay an extra £2,668 in interest charges over 36 months, when compared to somebody with an ‘excellent’…
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New research from St. James’s Place (SJP) has found that that the nation is lacking in preparation towards their future financial affairs and passing down their digital legacy, as over two fifths (43%) of consumers – 22.9 million people – admit they have not shared all details of their financial accounts with someone they trust. Despite…
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The Financial Conduct Authority (FCA) has fined Equifax 11,164,400 for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime.…
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