Credit, Collections & Insolvency News
New equity release lending hit £1.5bn in the third quarter with the average customer borrowing more than £114,000, according research by adviser company, Key. Plan sales grew by 29% in the three months to September 30th to 13,341 compared with the same quarter last year while the value of new equity released rose to £1.525…
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Complaints to the Financial Ombudsman Service (FOS) regarding identity fraud soared over the Covid-19 pandemic, finishing 2020 at 44% higher than 2019, according to data obtained through a Freedom of Information (FOI) request by ID-Pal, a leading global identity verification provider. Despite seeing a decrease the following year as normality returned post pandemic, numbers in…
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Analysis from Freedom Finance found that more and more people in the UK are taking out loans from Credit Unions as the cost of borrowing reaches new highs. The latest data released by the Bank of England revealed that 1.94 million people in the UK were members of a Credit Union in the second quarter…
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Freedom Finance has announced that it has integrated its platform with Experian’s Marketplace lender panel. The partnership will give customers immediate access to seven new brands, complementing its existing direct connections to lenders and paves the way for even further expansion for loans and credit cards. Adding to the existing 50+ lenders on the Freedom…
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New research from Zuto Car Finance has revealed that even in a cost-of-living crisis, almost a third of consumers (31%) still haven’t looked for financial advice. Just 23% of those surveyed rely on the expertise of a financial advisor and 22% contact their bank first to discuss any financial matters. 12% would immediately seek help…
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New research by Yapily has indicated that cost of living rise has driven a move for consumers to use buy now, pay later (BNPL) schemes rather than dipping into overdrafts The research found more than a quarter of consumers turned to buy now, pay later services in the past year compared with 18% who had used…
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Latest Bank of England data shows that the annual growth rate for consumer credit, which includes borrowing using credit cards, personal loans, overdrafts and car finance, increased by 7.2% in September from 7.1% in August, the highest rate since March 2019. The annual growth rate of credit card borrowing was 12.1 percent with outstanding balances…
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New research by money.co.uk has shown that there has been a 49.7% rise in consumers looking to get interest free credit cards this year, likely due, in part, to the cost of living crisis. According to a recent survey, 12% of UK card holders are now using credit cards more than usual, to cope with…
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Mortgage lending is expected to rise 4% this year, following strong demand in the first half of the year, but slow sharply in 2023 with just 0.7% growth due to rising mortgage rates and falling real household incomes, according to the latest EY ITEM Club Outlook for Financial Services. This would be the lowest rate of mortgage…
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UK Finance is warning people to be alert to potential fraud, as more than half of the public (56 per cent) said they are likely to look for opportunities to make extra money in the coming months due to the rise in the cost of living. This could leave some people more susceptible to fraud.…
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Homeowners took out 13,452 new equity release plans in the third quarter with total lending hitting a record £1.7 billion, according to the Equity Release Council’s latest statistics. A record number of homeowners aged over 55 have turned to equity release to support their cash-strapped families through the cost of living crisis. According to the…
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Cardeo, the AI-powered credit card management app, has received full regulatory approval from the Financial Conduct Authority (FCA) ahead of the app’s full launch. The FCA’ss expanded range of authorisations will enable Cardeo to advise customers on the cheapest way to repay their credit card borrowing based on their open banking data, as well as…
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New research by TotallyMoney has investigated the gap in personal loan interest rates for those with poor credit scores. The research found that someone with a poor credit record borrowing £5,000 over 3 years might find themselves paying an extra £116.36 per month compared with a low-rate best buy deal. Similarly, a borrower with a…
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