Credit, Collections & Insolvency News
The rising cost of living is driving a significant increase in credit card reliance according to new research by Money.co.uk. The research examined the spending habits consumers are using to cope with the increased cost of living. The research found that 1 in 4 (24.60%) Brits said that the cost of living is the main…
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Quarterly fraud analysis from global information and insights provider TransUnion found that the rate of suspected digital fraud attempts coming from the UK increased by 32% when comparing Q2 2021 and Q2 2022, with financial services and insurance having seen the biggest increases. In financial services, the rate of suspected digital fraud attempts has more…
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The Financial Conduct Authority (FCA) has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated after finding that some lenders were using web adverts and posts from social media influencers that are breaking rules. The FCA also reminded the businesses that the financial promotions of all BNPL products…
Read moreDigital bank Perenna says it has received its banking licence and plans to offer customers fixed-rate 30-year mortgages. The digital bank has been granted a banking licence with restrictions from the Prudential Regulation Authority and the Financial Conduct Authority, adding that once its banking infrastructure is in place it will begin selling long-dated fixed-rate mortgages…
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Spending on credit cards has increased by a third as more people have turned to borrowing cash amid the cost-of-living crunch. The research by UK Finance found that credit card holders spent just under £20 billion in May, a 33 per cent jump in the total spend compared to the same month last year. Debt…
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New research on inequalities, carried out for the IFS Deaton Review of Inequalities and funded by the Nuffield Foundation, finds that disadvantaged pupils start school behind their better-off peers, and the education system is not succeeding in closing these gaps. Educational inequalities result in substantial differences in life chances, leaving millions disadvantaged throughout their lifetime.…
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A survey of thousands of individuals and small businesses has indicated how well banks are looking after their customers as people face the rising cost of living. The latest independent results from large scale surveys ranking the service quality of personal and business current account providers in Great Britain and Northern Ireland are available via…
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New data from specialist lender Hodge has found the average age of its 50+ mortgage customer has dropped by eight years since 2017. Analysing data from the past five years, the lender found since 2017 the average age of its 50+ mortgage customer has dropped from 73 to just 65 in 2022. Hodge also saw…
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A new study from Juniper Research has predicted that the number of BNPL (Buy Now Pay Later) users will surpass 900 million globally by 2027, increasing from 360 million in 2022. The research says that the substantial growth of 157% will be driven by the anticipated economic downturn, which will increase the demand for low-cost…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in June 2022 by 12% compared with the same month in 2021. The corresponding value of new business decreased by 6% over the same period. In the first half of 2022, new business volumes were 6%…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 7% in June 2022 compared with the same month in 2021. In the first half of 2022, new business was 24% higher than in the same period in 2021. The credit card and personal loan sectors together…
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More than £800 billion of equity was available for release in UK homes in Q2 2022, an increase of over £25.6bn in three months and the first time it has exceeded this milestone according to the latest Halifax quarterly regional house price index and analysed by Canada Life. The figures reveal that the total amount…
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With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5% to 1.75%, research from international audit, tax and advisory firm Mazars shows UK households face an immediate increase in interest payments of £1.67bn. Analysis of Bank of England data by Mazars shows UK households are currently paying £24.1 billion annually in…
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