Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in May 2023 by 10% compared with the same month in 2022. The corresponding value of new business also fell by 10% over the same period. In the five months to May 2023, new business fell…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance’s new business fell in May 2023 by 5% compared with the same month in 2022. In the five months to May 2023, new business was 4% lower than in in the same period in 2022. The retail store and online…
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Mortgage payments will rise by at least £500 a month for nearly one million households by the end of 2026, according to the latest Financial Stability Report from the Bank of England. (BoE) Housholds on fixed deals who remortgage by the end of 2026 will see a sharp jump in costs of at least £6,000…
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Insurance customers are becoming more accepting of using credit to buy cover as financial confidence grows and credit becomes more available, new research from the Premium Credit has indicated. Around a quarter (24%) of customers say that over the past year they have become happier about using credit to fund cover which is slightly higher…
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As inflation continues to squeeze finances, savings are being depleted and more are turning to credit to help cover the soaring cost of living — including overdrafts, which have seen a 7.1% growth since August 2021 according to new TotallyMoney research. The analysis estimates that each month 15.5 million adults (30%) are dipping into their…
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The Financial Conduct Authority (FCA) has told the UK’s largest banks to do more to improve returns for savers following months of criticism over the gulf between the cost of mortgages and rates offered on easy-access savings accounts. In a statement after the meeting with senior executives from Barclays, Lloyds Banking Group, NatWest and HSBC, the regulator said they had…
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Nearly nine out of ten brokers (86%) are confident about their awareness of Consumer Duty just weeks ahead of its implementation, according to new research from Hodge. Two thirds (61%) of brokers do want to have more information about CD from financial providers to help them with the imminent changes, however. The specialist lender quizzed…
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The Financial Conduct Authority (FCA) will target home and car insurers that have failed to improve their treatment of struggling customers, saying that firms are taking a long time to deal with complaints and that customers have not been given appropriate settlements. Following an increase in complaints about insurance claims, the FCA uncovered examples of…
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More than 1.4 million households face mortgage repayment rises this year with millions of homeowners at risk of defaulting on their mortgage if interest rates move upwards again according to new research from Moneyhub Decisioning. Moneyhub’s research found that a quarter (26%) of homeowners with a mortgage said that a further interest rate rise would…
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The Bank of England’s Money and Credit statistics for May have shown households withdrew £4.6 billion from banks and building societies across the month – the highest level of household withdrawals on record – suggesting an increase in people turning to savings in order to cope with the cost of living. Individuals repaid £0.1 billion…
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Around 85 per cent of lenders operating in the UK’s mortgage market have signed a government charter agreeing to support borrowers. The Charter was published following the Chancellor’s meeting with lenders on Friday to discuss the impact of rising mortgage rates on homeowners. Chancellor Jeremy Hunt says the new Mortgage Charter signed by lenders will…
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One fifth (18%) of teachers have been forced to rely on buy now, pay later (BNPL) payment options to afford their weekly shop, according to new research from responsible lender, Creditspring. More than a quarter of teachers (26%) say they wish they’d never used BNPL options, with 14% admitting they’d were unable to meet repayments…
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The millions of households that have to remortgage this year face a 50% increase in their repayments, according to the National Institute of Economic and Social Research (NIESR). The research says that households are about to be hit by yet another shock as a result of the Bank Rate rising to 5 per cent, and…
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