Credit, Collections & Insolvency News
Consumers borrowed an additional £800 million in consumer credit in October according to the Bank of England’s latest money and credit figures. Credit increased £200 million when compared to the £600 million borrowed in September but was below the previous six-month average of £1.3 billion. The figures show that new borrowing of mortgage debt by…
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Latest figures from the Building Societies Association (BSA) have shown that mortgage lending by building societies in the third quarter of the year was up 11% compared to Q2 despite the worsening outlook for the economy, and squeeze on household incomes. The number of approvals were however down 9%. Gross lending was also up by…
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A new survey from Aviva has revealed more than a million people under 45 could rule themselves out of the first-time buyer market, due to cost of living pressures. The survey, focused on under 45s who have never owned a property, identified that just under half (46%) of those asked were not currently house-hunting, but…
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The Financial Conduct Authority (FCA) has set out proposals to improve the credit information sector so it can deliver higher quality and more comprehensive information for consumers and firms. Credit reference agencies (CRAs) build financial profiles of consumers which they sell to credit information users to inform lending and other decisions. The FCA wants to…
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One in two (54%) UK adults are relying on their credit card more than their debit card because of the rising cost of living, according to new research by Comparethemarket. Over a quarter (27%) are also borrowing money from family and friends. The most popular credit card spending category, with more than one in three…
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The Financial Conduct Authority (FCA) has obtained a judgment against London Property Investments (LPI), NPI Holdings Limited, their director Daniel Stevens and his father, Tony Stevens, for arranging mortgages without FCA authorisation and exploiting vulnerable customers who were in financial difficulty. The judgment found that the defendants arranged high-interest, unaffordable bridging loans for consumers about…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in September 2022 compared with the same month in 2021. In the first nine months of 2022, new business was 19% higher than in the same period in 2021. The credit card and personal loan sectors…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in September 2022 by 5% compared with the same month in 2021. The corresponding value of new business in September was at a similar level to the same month in 2021. In the first nine months…
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Millions of people in the UK admit they never think about their credit score, despite many saying they are expecting to borrow more money from their bank or lender in order to manage the cost of living crisis according to new research commissioned by CRIF. The research show nearly half (46%) of UK consumers never…
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New data published by the Financial Conduct Authority (FCA) has shown that the regulator intervened to amend or withdraw 4,151 financial promotions between July and September, the highest since it started publishing the data. Retail lending, investments and banking are the sectors with the highest rate of amends to or withdrawal of adverts and amount to…
Read moreNew research from Freedom Finance, has indicated the potentially serious impact of credit declines on potential borrowers in the UK is creating application anxiety. Nearly half of all (46%) adults said that they wouldn’t apply again if they were declined for a loan or credit card from their bank. Over a third (36%) said that…
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The Financial Ombudsman (FOS) has announced that it received a 10% rise in received complaints between July and September. FOS received 38,470 new complaints compared to 35,029 between April and June. Between July and September 2022, we received 67,694 new enquiries and 38,470 new complaints about financial products The most complained-about product was current accounts,…
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Analysis from Freedom Finance found that more and more people in the UK are taking out loans from Credit Unions as the cost of borrowing reaches new highs. The latest data released by the Bank of England revealed that 1.94 million people in the UK were members of a Credit Union in the second quarter…
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