Credit, Collections & Insolvency News
A third (30%) of the lending market is being underserved amid heightening scrutiny around affordability and compliance rules designed to raise the bar for how lending decisions are made, according to the latest market study from Chartis Research and LexisNexis® Risk Solutions. In line with HM Treasury’s push to expand access to affordable credit, nearly…
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New figures released today by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided £110.8 billion of new lending in the eight months to August 2026, 4% higher than in the same period in 2025. Of this total 27.5 billion was provided to…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 5% in February 2026 compared with the same month in 2025. In the first two months of 2026, new business in this market was 4% higher than in the same period in 2025. The credit card and…
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A man has been jailed for running an illegal sale-and-rent-back scheme targeting struggling homeowners. Rajinder Gill and his accomplices were sentenced for their involvement in a sale-and-rent-back scheme. Gill has been sentenced to two and a half years in prison for running a sale-and-rent-back scheme without being authorised and illegally providing credit agreements and mortgages.…
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The Financial Conduct Authority (FCA) has outlined new measures for Buy Now, Pay Later (BNPL) lending, which will aim to simplify information for borrowers whilst ensuring income checks and support for those in financial difficulty. Lenders must now be authorised and comply with the FCA’s Consumer Duty, ensuring clearer information on agreements and affordability checks.…
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Research by Pepper Money has found that more than 16 million people have now experienced adverse credit, showing that rising living costs and financial pressures are driving a sharp increase in credit struggles across the UK, the highest figure since the study began nine years ago. The data showed that adverse credit is now increasingly common…
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The Government has announced new legislation will see Buy Now Pay Later (BPNL) lenders fully regulated by the Financial Conduct Authority (FCA), meaning firms will be required to conduct affordability checks on consumers before offering loans. The announcement is backed by brand new reforms as part of the new Consumer Credit Act. The new regulation…
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The Financial Ombudsman Service (FOS) has reported a record 18,658 new complaints regarding car loans in the last quarter of 2024, surpassing credit cards as the most complained-about financial product. Motor hire purchase deal complaints jumped almost three times to 15,956 cases, followed by disputes about credit cards, current accounts, car/motorcycle insurance and motor conditional…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in December 2024 by 11% compared with the same month in 2023. In 2024 as a whole, new business in this market was 2% higher than in 2023. The credit card and personal loans sectors together reported new…
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Sainsbury’s has announced that it has sold its Argos Financial Services (Home Retail Group Card Service) cards portfolio to NewDay Group for £720 million, aligning with its strategy to concentrate on core retail operations. The supermarket has announced that it has also partnered with NewDay to launch a new Argos-branded digital credit offer. This move…
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High inflation, interest rates, and a confirmed recession are fuelling a household debt rise, with signs of consumers increasing their reliance on credit products, deferring payments, and spreading out debts for longer to face down the rising cost of living. Equifax data reveals a sustained increase in credit card debt, with levels rising by 9.6%…
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Home collected credit firm, CLC Finance has entered into administration. CLC Finance is a trading brand of Hamsard 3225 Limited. The company is a high-cost lender operating in various regions in England and Scotland including Yorkshire, Lancashire, Derbyshire, Nottinghamshire, Lincolnshire, North-East, Cumbria, Strathclyde, Tayside, Mid Lothian, Kilmarnock and Ayrshire. Robert Maxwell and Julian Pitts of…
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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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