Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 14% in August 2022 compared with the same month in 2021. In the first eight months of 2022, new business was 21% 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 grew in August 2022 by 5% compared with the same month in 2021. The corresponding value of new business increased by 13% over the same period. In the first eight months of 2022, new business volumes remained…
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Half of all UK adults (51%) have been affected by scams, according to new research from Canada Life. This equates to 27m people across the UK. Most of these cases can be described “phishing scams” (51%), when a fraudster attempts to imitate a legitimate company or person to secure important information from the victim. Crypto…
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Almost two-thirds of consumers believe banks and other financial providers should be doing more to help their customers during difficult economic times. While the majority of people in the UK plan to cut back on both essential and non-essential spending, one in five (19%) people in the UK say they still plan to borrow more…
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As a reflection of long-term fixed-rate mortgages rising in popularity during the cost-of-living crisis, almost a third (32%) of homeowners coming to the end of their fixed term within the next three years will only consider remortgaging to a long-term fixed rate deal, according to new research by Comparethemarket. Traditionally, a two-year fixed rate deal…
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Banks including Santander, HSBC and Yorkshire Building Society have suspended mortgage deals after a fall in the pound prompted forecasts of rising interest rates, with the lenders joining Virgin Money and Skipton Building Society in halting mortgage offers for new customers. Meanwhile, Nationwide said it will lift rates on a range of fixed mortgages, Lloyds…
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The Financial Ombudsman Service (FOS) received the most complaints in the first half of this year regarding banking and credit concerns. In the first half of 2022, there were roughly 44,200 complaints regarding banking and credit, which was a small decrease from the 46,220 complaints in the second half of 2021. Credit cards and current…
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The Birmingham Inner Circle Community Credit Union has entered administration following regulatory breaches under the PRA/FCA prudential and conduct rules and solvency issues. Founded in July 2002, the credit union is based in Ladywood, Birmingham and acts as a financial cooperative, offering its members financial security through saving and borrowing. In 2020 it recorded a…
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Close to one million consumers will experience severe and long-term damage to their credit scores if they cancel their energy payments in October according to research by Credit Karma. Credit Karma says combining data on the damage caused to scores from missing just one utility bill payment and polling to estimate the number of consumers…
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Only one-fifth of women studying at degree level are currently thinking about pursuing a career working in data, a new study from Experian has revealed. The research, which surveyed 1,204 UK consumers in education, found that most female students are put off because they don’t think they have the right set of skills, with nearly…
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The latest Bank of England figures have revealed that quoted household interest rates on consumer credit products continued to rise in August amid an economic environment of rising interest rates, mortgage rates and inflation. The analysis from Freedom Finance has highlighted the impact of the rising cost of borrowing on households and they urged consumers to…
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Only half of UK consumers currently feel that they have sufficient access to credit, according to figures revealed in TransUnion’s latest Consumer Pulse study. Despite the majority of consumers (71%) acknowledging the importance of credit in helping them achieve their financial goals, just 49% say that they have sufficient access. Almost a fifth(18%) state they…
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A new report out today from GoCompare Car Insurance has revealed that the cost of getting a young driver on the road has risen to £6,574 – the highest since 2019, representing a shift backwards to pre-pandemic costs. Costs for young drivers – those aged between 17- 21 – and their families dipped to £6,394…
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