Credit, collections & insolvency news
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 21% in April 2022 compared with the same month in 2021. In the first four months of 2022, new business was 30% higher than in the same period in 2021. The credit card and personal loan sectors…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in April 2022 by 1% compared with the same month in 2021. The corresponding value of new business grew by 12% over the same period. In the first four months of 2022, new business volumes were…
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New research by Marqeta has indicated that many consumers are frustrated with lending experience and want less jargon and more clarity, with 80% believing that lenders try to obscure the final cost of a loan. The findings part of Marqeta’s new report “Seeking out the alternatives: how consumers are engaging with the lending 3.0 landscape”…
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The British Vehicle Rental and Leasing Association (BVRLA) has announced that it has appointed Jon Lawes as the new Chair of the association Lawes will take over from Nina Bell, who oversaw an extended, three-year tenure due to the impact of the Covid-19 pandemic. Lawes was the Managing Director of Novuna Vehicle Solutions (a trading…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 19% in March 2022 compared with the same month in 2021. In Q1 2022 overall, new business was 34% higher than in the same quarter in 2021. The credit card and personal loan sectors together reported…
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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 March 2022 by 2% compared with the same month in 2021. The corresponding value of new business grew by 8% over the same period. In Q1 2022 as a whole, new business…
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Data covering quoted household interest rates on consumer credit products released by the Bank of England has revealed the rising cost of borrowing for UK households according to analysis by Freedom Finance. With the Bank hiking interest rates by 0.25% last Thursday and inflation expected to show a climb yet again for April, the data…
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The Financial Conduct Authority (FCA) is warning lenders and brokers to stop using misleading terms in their advertising or face regulatory action. The FCA says that the increased cost of living means that more people may take out loans. Marketing that does not give clear information and warnings about the potential consequences of borrowing puts…
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The Bank of England Monetary Policy Committee has raised rates to 1%, the highest in 13 years. The Bank also warned that the cost of living crisis could push the economy into recession this year. The Bank’s Monetary Policy Committee (MPC) voted to raise the base rate from 0.75% to 1%. Three of the nine-strong…
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Latest figures from the Bank of England (BOE) have revealed that consumers borrowed an additional £1.3 billion in consumer credit in March, of which £800 million was new lending on credit cards, taking total credit card borrowing in the first three months of this year to £2 billion. The figures show credit card borrowing was…
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Motor finance applications, including Personal Contract Purchase (PCP) and Hire Purchase (HP), rose by 13% month-on-month in March as the new ‘22’ plate launched, marking the highest rate in March since 2019, according to new research by Experian. Experian says that car deal searches have returned high levels of car finance applications following a turbulent…
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New data from Experian reveals that applications for car finance, including Personal Contract Purchase (PCP) and Hire Purchase (HP), rose by 13% month-on-month in March as the new ‘22’ plate launched. This is the highest rate in March since 2019. A surge in people searching for car deals has returned strong levels of car finance…
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The Bank of England has published its latest credit survey which has shown that the demand for lending on credit cards and loans rose in the first three months of the year and is expected to do so again this Spring, as households struggle to cope with rising prices. The survey also showed that demand…
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