Credit, Collections & Insolvency News
Nearly three quarters (74%) of parents feel guilty they are not saving enough for their kids according to new research by leading financial mutual Scottish Friendly. A study of 1,000 parents found that nearly three quarters (74%) of parents admit to feeling guilty about their children’s savings. Nearly nine in ten (87%) worry about how…
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The cost to borrow on credit cards and personal loan costs for new borrowing have jumped in recent months, according to analysis by Moneyfacts. Between the start of June and the start of September 2023 (Q3 2023), the average purchase APR (which includes card fees) rose to an all-time high of 31.8% APR, according to…
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Naylors Finance, a high-cost lending firm based in Yorkshire has entered into administration. Ed Boyle and Howard Smith of Interpath were appointed Joint Administrators. The firm is no longer lending. All existing loan agreements remain in place and the Joint Administrators will provide updates to customers as soon as possible. The firm’s administration does not…
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The number of first-time buyers fell 22% between January and August this year, compared to the same period in 2022, according to the latest Halifax First-Time Buyer Review. First-time buyers still accounted for over half (53%) of all home loans agreed in the first eight months of this year, a similar proportion as during the…
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Women have significantly less confidence than men in the government and its ability to support their long-term financial goals, new research by My Pension Expert has revealed. Just 22% of women think the government has done a good job of supporting pension planners during the cost-of-living crisis. The figure rises to 28% among men. Only 20% of…
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The Financial Conduct Authority (FCA) and Prudential Regulation Authority have set out proposals to boost diversity and inclusion across the financial services industry. The rules would require large banks and insurers to report diversity and inclusion data to regulators and set new targets to address under-representation. In a consultation paper, the bodies say firms would…
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Consumer confidence in the UK rose to -21 in September, the best recorded since January 2022, according GfK’s latest Consumer Confidence Index. The index measuring changes in personal finances during the last year is up two points at -13; this is 15 points better than September 2022. The forecast for personal finances over the next…
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The Bank of England has announced that it has held interest rates at 5.25%, pressing pause on rate hikes after rising relentlessly since December 2021. The news followed a surprise fall in inflation in August, despite rising oil prices, some weakness creeping into the jobs’ market, and the Federal Reserve in the US deciding to…
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The Financial Conduct Authority (FCA) has warned insurers that they must prove they are providing fair value to customers for add-on insurance products. The FCA has identified evidence that some guaranteed asset protection (GAP) products In letters sent to all insurance firms, the regulator reminded them of its expectations to make sure they’re checking their…
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Bluestone Group has announced that it has agreed terms for the sale of its Irish motor finance operations, Bluestone Motor Finance Ireland (BMFI) to Close Brothers Limited. BMFI was established as a lending platform in 2014, after a period of several years managing acquired portfolios of assets in the Republic of Ireland. After its launch,…
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The Financial Conduct Authority (FCA) has published the findings of its initial data exercise on bank account access and closures. The information supplied by banks, building societies and payment companies suggests that no firm closed an account between July 2022 and June 2023 primarily because of a customer’s political views. The Payment Accounts Regulations ban banks or…
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As interest rates continue to increase, mortgage borrowers expect their monthly payments to increase by an average of £617 according to new research by The Mortgage Lender (TML). TML’s recent research found that 80% of homeowners reported being concerned about the effect of rising rates, with 37% being extremely concerned and 43% being somewhat concerned.…
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UK Finance’s latest card spending update has highlighted that there were 2.18 billion debit card transactions in June this was 8.2 per cent more than in June 2022 with the total spend of £65.3 billion was five per cent higher than June 2022. There were 368.5 million credit card transactions in June, 7 per cent…
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