Credit, collections & insolvency news
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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AutoProtect Group has announced that Mike Edwards has joined the business as Chief Sales and Marketing Officer. Edwards joins with extensive automotive experience from his role at Pendragon where he was Head of Finance & Insurance, and his previous 14-year tenure at Mercedes Benz Retail Group, most latterly as Group Finance & Insurance Manager. Edwards…
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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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Millions of people in the UK are being put off accessing credit products because they fear a rejected application could harm their chances of a loan in the future, according to new analysis from Freedom Finance, one of the UK’s leading online consumer lending platforms. The research shows that more than one in 10 (11%)…
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Net lending via credit cards and personal loans is also set to end the year in negative territory, falling 0.7% on top of 2020’s 9.8% decline according to the latest EY ITEM Club for Financial Services Forecast. The lrnfingfigures equates to a £1.4bn fall in the stock of consumer credit, as households have made more repayments…
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New figures released today by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business of only 1% by value, but 11% by volume in October 2021 compared with the same month in 2020. In the ten months to October 2021, new business volumes were 7%…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 11% in October 2021 compared with the same month in 2020. In the ten months to October 2021, new business was 13% higher than in the same period in 2020. The credit card and personal loan sectors…
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Demand for consumer credit has yet to match the pre-Covid peak seen in January 2020, but the latest Market Pulse from Equifax suggests that rapidly rising applications for credit, more than doubling between November 2020 and August 2021, point to returning financial confidence, especially among the young. Younger borrowers, in particular those aged 18 to…
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TotallyMoney has announced its API integration with Zuto to enable more personalised car financing options. TotallyMoney says that it’s API integration with Zuto offers customers personalised quotes, meaning greater transparency while removing surprises. Its customers will be shown guaranteed rates prior to application so they know what they’re getting before they apply. In addition to…
Read moreCredit Connect has announced its annual Credit & Collections Technology company power list for 2021. The third edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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Here is an overview of The Money Charity’s latest statistics for November 2021 Personal debt in the UK People in the UK owed £1,749.2 billion at the end of September 2021. The average total debt per household, including mortgages, was £62,938 and per adult was £33,072, around 108.6% of average earnings. Net mortgage lending rose by…
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Consumers will be able to get access to better financial products and services, as Experian launches a new service to help lenders provide even faster, more accurate and bespoke lending decisions. Work Report™ is the first digital verification service that will allow consumers to consent to digitally share their payroll information with another organisation. It…
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