Credit, Collections & Insolvency News
Holiday fraudsters conned UK consumers out of more than £15 million in 2022, twice as much as the year before according to new research by Action Fraud Action Fraud said there had been a surge in the number of people being conned into paying for fake flights and accommodation bookings as more people sought cheaper…
Read more
A new report launched by the Lending Standards Board (LSB) drives financial inclusion for deaf customers in the banking and credit industries. An estimated 11 million people in the UK experience hearing loss of some kind. The report by the primary financial self-regulatory body includes insights from leading community representatives and provides key insights and considerations for…
Read more
NatWest has bought 469 million shares back from the Government for £1.26 billion, bringing the UK’s stake in the bank down from 41.4% to 38.6%. The sale reduces the government’s shareholding to c. 38.6% – down from around 84% at its peak – delivering significant progress against the government’s intention as announced at Spring Budget…
Read more
Around 116,000 households will soon see the cost of their mortgage jump, with Financial Conduct Authority (FCA) data showing that their fixed-rate deals will come to an end this month. The FCA says that if they do not secure a new deal and move on to their lender’s standard variable rate, they could face an…
Read more
Digitalisation of the origination process is about delivering a flexible, agile, scalable, and above all, cost-effective solution. Critically this solution must successfully support the lending business which is ambitious for growth, delivering for a borrower who is hungry for the “Amazon experience” – now and in the future. Some will say “that will cost a…
Read more
New research from Go.Compare has found that 3% of consumers will be paying for their holidays in 2023 using a credit card. In the research Go.Compare asked more than 2000 people about their holiday plans for 2023, where respondents were asked How are you planning to pay for any holidays you hope to go on…
Read more
The UK economy has performed better than expected so far this year, and should avoid recession, leading the EY ITEM Club to upgrade its 2023 UK bank lending forecast for households and businesses. Total loans to households and businesses are expected to rise 1.2% this year (a net increase of £29 billion), improving on February’s forecast which…
Read more
The Competition and Markets Authority (CMA) is to investigate whether a ‘failure in competition’ means consumers are being overcharged for groceries and fuel. The CMA says that while the evidence shows that the majority of fuel price increases are due to global factors, such as the Russian invasion of Ukraine, indications are that higher pump…
Read more
Analysis of the latest Bank of England data on average quoted household interest rates from Freedom Finance has shown that credit card rates continue to increase to multi-decade highs despite other forms of consumer credit beginning to cool. The data shows thatthe cost of consumer credit shows that average rates on credit cards have reached…
Read more
The Bank of England has raised its key interest rate by a quarter of a percentage point to 4.5%, marking its 12th consecutive rate rise. The BoE revised up its growth forecasts from gloomy numbers released in February, but it also now expects inflation to be slower to fall than it had hoped, mostly due…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 4% in March 2023 compared with the same month in 2022. In Q1 2023, new business was 2% lower than in Q1 2022. The retail store and online credit sector reported new business up by 5% in…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in March 2023 by 8% compared with the same month in 2022. The corresponding value of new business fell by 7% over the same period. In Q1 2023, new business fell 6% by value and 5%…
Read more
Eight in ten tenants feel ‘trapped’ in the rental cycle – as ONS figures show house prices for first time buyers have risen by an average of 18 per cent in the last two years, an increase of £39,680. A study of 2,000 adults who live in a rental property found 86 per cent dream…
Read more