Credit, Collections & Insolvency News
Latest data from Barclaycard has revealed that spending on essential items rose 12 per cent in February. This increase was largely driven by an 11.2 per cent rise in spend on fuel, likely due to climbing prices at the pump, as well as the easing of work-from-home guidance encouraging more Brits to commute. While supermarket…
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Nearly one in 10 smartphone users in the UK (9%), as many as 5.7 million people, have fallen victim to identity fraud in the last 12 months, according to research by GBG, the experts in digital identity. GBG’s State of Digital Identity Report 2022 has revealed that young adults aged 18-to-24 were hardest hit with…
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Millions of people are failing to compare lending products from at least two providers and risk not getting the best deal available to them, according to analysis of FCA data from Freedom Finance, The data shows a widespread lack of shopping around across most loan products, and a low-level understanding of terms like APR that…
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Latest Bank of England (BOE) data shows that borrowing declined in January, with borrowing using credit cards, personal loans and overdrafts totalling around £600m compared to £800m in December. This was split between £100m of additional borrowing on credit cards, and £500m in borrowing in other forms of consumer credit (such as car dealership finance…
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The Financial Ombudsman Service (FOS) has published its quarterly data in relation to financial products today – this covers the period October 2021 – December 2021. The data shows complaints about current accounts, credit cards, car/motorcycle insurance and personal loans continue to feature in the top five most complained about products. Packaged bank accounts was…
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New analysis from Experian finds that comparison searches for loans have doubled over the last year, while consumer research reveals that almost one in five consumers (18%) intend to, or already have, borrowed money in 2022. When comparing this January with the same month in 2021, loan searches increased by 101%, while loan applications increased…
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A new survey from UK fintech Pave shows the vast majority of Buy Now Pay Later (BNPL) customers are unclear about the impact of BNPL on their credit scores, leading to the majority of customers to say they were worried about its impact. The research found that 78% of respondents (18-44) who have used Buy…
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New figures released by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided £132 billion of new business in 2021, 15% higher than in 2020. Of this total, £20 billion went to SMEs and £47 billion was provided by non-bank lenders. Stephen Haddrill,…
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New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported new business volumes up in December 2021 by 2% compared with the same month in 2020. In 2021 as a whole, new business volumes grew by 9% compared with 2020 to almost 2.1 million cars financed, but…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 16% in December 2021 compared with the same month in 2020. In 2021 as a whole, new business grew by 15% compared with 2020, but remained 4% lower than in 2019. The credit card and personal loan…
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Data collected by Barclaycard reveals that growth in spending on debit and credit cards slowed in January as Plan B restrictions kept consumers at home. The analysis showed that spending increased by 7.4% in January compared with pre-pandemic levels in January 2020, the lowest level of growth since April 2021. Fuel spending rose by 6.7%,…
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More than 5 million adults are unnecessarily financially excluded, meaning they could potentially struggle to access affordable and fair financial services and the most affordable home energy and broadband deals, according to research conducted by LexisNexis Risk Solutions. The report found that 1 in 7 adults in the UK (c.7.1 million people) fall into the…
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Following a comprehensive strategic review, Masthaven Bank has announced that it will be withdrawing from the UK banking market over the next two years. Masthaven, which was founded as a non-bank lender in 2004 and acquired a banking licence in 2016, is now communicating the news of its strategic withdrawal from the market to employees,…
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