Credit, Collections & Insolvency News
A reduction in desire for car ownership is a growing issue, according to dealers according to research by Startline. Each month, the research asks used car retailers about the future challenges facing their sector and this factor has jumped to second place since last month, being named by 42% of respondents against 18% in August.…
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2.2 million homeowners are set for 0.75% interest rate shock with the Bank of England set to announce the rate increase this Thursday (23rd September). TotallyMoney and Moneycomms have calculated the potential impact of the MPC’s expected interest rate hike on homeowners without a fixed rate mortgage deal. The research has found that for the…
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Businesses are failing to strike the right balance between innovation and user experience, according to new research from Studio Graphene. The digital agency found the majority (58%) feel that businesses are too eager to move to new digital platforms without properly considering whether users will be able to adapt to the new system. Three in five…
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New figures released by the Finance & Leasing Association (FLA) has shown that consumer car finance new business volumes fell in July 2022 by 3% compared with the same month in 2021. However, the corresponding value of new business increased by 5% over the same period. In the first seven months of 2022, new business…
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New figures released by the Finance & Leasing Association (FLA) have indicated that consumer finance new business grew by 11% in July 2022 compared with the same month in 2021. In the first seven months of 2022, new business was 22% higher than in the same period in 2021. The credit card and personal loan…
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UK Finance has today published its Household Finance Review Q2 2022, which explores trends in household spending, saving and borrowing through the second quarter of 2022. Consumer spending remained stable in Q2 and house purchase activity returned to pre-Covid-19 trends, but data indicates that there are tough times ahead. Household savings remained stable but did not…
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Analysis from Freedom Finance has found that membership of Credit Unions continues to rise amid a growing hunt for affordable credit products as the cost of borrowing rises sharply and the cost-of-living crisis worsens. The latest data from the Bank of England for the first quarter of 2022 finds that 1.93 million people in the…
Read moreAs households are hit by unprecedented levels of inflation, the latest update to Lowell and the Urban Institute’s Financial Vulnerability Index (FVI) has shown that households increased borrowing despite interest rate rises to meet the inflated cost of food and energy bills. The reaseach shows that: Credit usage increases as households battle inflation – The…
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More people in the UK aged between 65 and 74 are still working compared to six years ago new research from Aviva has found. The survey, conducted earlier this year, shows a marked increase in the number of people over 65 who remain in the workforce compared to 2016, and a fall in the number…
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On average, working households are only 19 days from the breadline, according to a report from Legal & General. The new research has shown that households have seen the amount of time they can fund basic expenses decrease by 21%, five days less than in April 2020. Households have average savings of £2,431 and debts…
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New Google trends have indicated 400% rise in people searching for ‘interest rate’ according to research by Loan Corp. The company says that the rise in the search term comes after the Bank of England put it up in August to 1.75% to stop prices rising so fast and to bring down the rate of…
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US bank, Citi, has forecast that CPI will hit 18.6% in January, the highest rate in nearly 50 years. as it expects the energy price cap to rise to £3,717 in October, then to £4,567 in January and £5,816 in April. The banks says higher prices for the essentials will hit those on lower incomes harder – because they…
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More than 80 per cent of regulated firms in the legal, property and finance and banking sectors are considering a switch to electronic verification of their customers new research from SmartSearch has found. The ‘big switch’ to technology comes as firms feel the growing weight of compliance around anti-money laundering (AML) and sanctions regulations –…
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