Credit, Collections & Insolvency News
New market and regulatory forces are having a major impact on the UK debt collections sector. The industry is going through a transitionary phase and as a result, businesses are having to shift their operational focus and adapt their business models. One of the biggest changes has been in the nature of the regulatory environment.…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell 3% in February, compared with the same month in 2016. Credit card and personal loan new business together fell by 4% compared with February 2016, while retail store and online credit new business was down by 5%.…
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Morses Club has announced the launch of Dot Dot Loans, its first online installment loans product. The launch follows the purchase of Shelby Finance earlier in the year The launch of this new online instalment product, Dot Dot Loans, is the next step in the Company’s strategy of developing digital products to complement its home…
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The British Bankers Association (BBA) has released February 2017 figures for the high street banks. The data shows that household borrowing of £13.4 billion in February was 4.6% higher than in the same month last year. Main highlights included: The BBA’s latest high street banking data show that consumer credit is growing at an annual rate…
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Research from the last three years shows that consumers are throwing away an astonishing amount of money on subscriptions they rarely use including gym memberships, credit reports and TV streaming plans. However, the 2017 data finds that consumers are becoming savvier, with the number of people wasting money on subscriptions falling from 42 per cent…
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Here is an overview of The Money Charity’s latest statistics for March 2017: Personal debt in the UK The average total debt per household – including mortgages – was £56,310 in January. The revised figure for December was £56,148. Based on January 2017 trends, the UK’s total interest repayments on personal debt over a 12…
Read moreNew figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in January, compared with the same month in 2016. Credit card and personal loan new business together grew by 11% compared with January 2016, while retail store and online credit new business increased by 1%.…
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The Citizens Advice has given its response to the budget announcement. Gillian Guy, Chief Executive of Citizens Advice, said “The Chancellor has set out good intentions for helping ordinary working families – the test will be if the government delivers on boosting income security and tackling failing consumer markets. We’ve repeatedly called for more support…
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Over 600,000 consumers of short term loans may no longer have access to credit, according to a report by the Consumer Finance Association (CFA) and economic analysts, Oxera. Without access to a regulated form of finance many consumers are unable to take action to manage their cash flow or cover emergency financial costs. They could end…
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The government has published a report on Household debt. The report includes the latest statistics and forecasts for household debt in the UK and international comparisons. There is also a guide explaining how to understand and interpret household debt statistics and a summary of research looking at its effects on the economy. In the report…
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The government has announced that it will be cracking down on misleading consumer practices including subscription traps, where people pay subscriptions they aren’t aware they’ve agreed to. A report from Citizens Advice last year found as many as 2 million people struggle to cancel continuous payments – often used for buying products online – and…
Read moreMorses Club has announced its latest company results to 25th February 2017. Total credit issued increased by 18% to £144m compared with the prior year, with customer numbers increasing by 9% to 216,000 as at 25 February 2017. This increase reflects the success of new territory builds and acquisitions in our core home collect credit…
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Here is an overview of The Money Charity’s latest statistics for February 2017: Personal debt in the UK People in the UK owed £1.516 trillion at the end of December 2016. This is up from £1.466 trillion at the end of December 2015 – an extra £995.53 per UK adult. According to the Office for…
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