Credit, Collections & Insolvency News
The ONS has released crime figures with reported crimes to the National Fraud Intelligence Bureau from Action Fraud, Cifas and UK Finance that showed there were 5.1 million fraud offences in the year to September 2021, up 36% from two years earlier with 26% of victims lost money that was never paid back. The statistics…
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The Payment Systems Regulator (PSR) has published its initial remedies consultation for its card-acquiring market review. Every time somebody makes a card payment, for example, when buying their weekly groceries, the merchant uses card-acquiring services to accept the payment. These services are critical to the UK economy because they enable consumers and businesses to use their…
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Global banking, payments and shopping service, Klarna has announced the launch of Klarna Card in the UK, which it says will give consumers with greater control, transparency and choice over how they pay. The new physical card will bring Klarna’s flexible and transparent payments experience to in-store payments anywhere where cards are accepted. The launch…
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Over a third of consumers will not spend money on a foreign holiday or staycation in 2022, according to new research by leading price comparison service MoneySuperMarket in a further sign that the cost of living is continuing to rise. The research, which explores consumers major spending intentions in 2022 and how they intend to…
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The Financial Conduct Authority (FCA) says competition in retail banking is growing, with a shift from large banks to small businesses. In an update to its 2018 strategic review of retail banking, the FCA says the increase in competition is providing more choice and lower prices for consumers. The analysis shows that the share of…
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Older homeowners released a record £4.4 billion in property wealth last year at a rate of more than £12 million a day as customers helped family and secured their own finances by repaying debt or remortgaging existing borrowing, data from the UK’s leading equity release adviser Key shows. Around one in five equity release plans (19%) taken…
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The amount of Christmas shopping put on buy-now, pay-later (BNPL) rose by £1billion in 2021 according to new analysis by Credit Karma. The research found that as Banks and retailers continue to jump on the increasing popularity of the BNPL payment method, with its high approval rates, 52% of consumers view BNPL as ‘easy credit.’…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 33% in November 2021 compared with the same month in 2020. In the eleven months to November 2021, new business was 14% higher than in the same period in 2020. The credit card and personal loan sectors…
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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 November 2021 by 33% compared with the same month in 2020. In the eleven months to November 2021, new business volumes were 9% higher than in the same period in 2020. The…
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Consumer card spending increased 12.2 per cent in December compared to the same period in 2019, as Brits finished their final preparations for Christmas. However, the impact of restrictions and fears over the Omicron variant began to take effect across the retail, hospitality and leisure sectors. Data from Barclaycard, which sees nearly half of the…
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New research by Interactive Investor has found that Bank of Mum and Dad are financing more than home deposits. The research found that helping with university costs (58%), allowing adult children to stay at home, rent-free (50%) and buying a car or helping with car-related costs (46%) were all more common ways of financially supporting…
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New research by TotallyMoney has shown that more than half (54%) of customers with an outstanding monthly credit card balance are paying interest, indicating that it could be costing consumers £1,831 by not transferring a credit card balance. The esearch shows customers are 31% more likely to be eligible for a credit card now than…
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Latest figures from the Bank of England (BoE) show that credit card spending increased in November, with spending and borrowing showing signs of normalising after being distorted by pandemic-driven support measures. The report shows that £1.2 billion was borrowed in November using credit cards, overdrafts and personal loans, with £862 million spent on credit cards.…
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