Credit, Collections & Insolvency News
UK banks have closed more than one in three branches over the past five years, according to an analysis report by the Financial Times. The data shows that Lloyds, NatWest, Halifax and Bank of Scotland are set to close another 113 branches before the end of November. The number of bank, building society and credit union branches…
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Atom bank has announced several key appointments in its technology senior leadership team, with a series of strategic changes and promotions designed to accelerate product launches and enhance delivery capabilities. The new structure, which sees nine internal promotions with three new value stream-aligned leadership roles, has been established and is directly accountable for product delivery…
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Waltham Forest Council Employee Credit Union (WFCECU), trading as Forest Savers, has entered administration and has now stopped trading. The credit union was founded in the 1990s and is based in Walthamstow, London and acts as a financial cooperative, offering its members financial security through saving and borrowing. Dina Devalia and Terri Mulgrew of Quantuma…
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Latest data from UK Finance has shown that credit card spending rises to £21.8bn, an increase of 1.8 per cent when compared to May 2024. There were 394.4 million credit card transactions in May, 3.1 per cent more than in May 2024. Outstanding balances on credit card accounts have grown by 6.4 per cent over…
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New research from Creditspring has found that over half (53%) of people report increased spending during summer, more than at any other time of year, Based on the UK population of 69.5 million, this equates to approximately 36.8 million people increasing their spending in the summer months. That figure is even higher among younger adults,…
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Latest Office National Statistics (ONS) data has shown that private renters typically spend 36.3%, or £1,232 in monthly rent, of their income on an average-priced let home in England. This is higher than Wales and Northern Ireland, where 25.9%, or £702, and 25.3%, or £751, of pay was spent on rent last year, respectively, according to the…
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The Competition and Markets Authority (CMA) has published its latest banking satisfaction survey, revealing that Monzo ranks first among personal current account providers in Britain and Northern Ireland. Challenger banks continue to lead the way in the latest set of banking satisfaction, while traditional banks generally scored lower than their digital rivals. Introduced by the…
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Latest credit card market data from global analytics software leader FICO shows how rising spend and falling payments to balance are continuing to push up average balances. Increased spending follows expected seasonal trends, but the percentage of balance paid continues to trend downwards, which will be a concern for lenders. The data showed that spending…
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Latest Ministry of Justice figures have shown increases in mortgage possession claims from 5,348 to 6,537 (22%), orders from 3,384 to 4,429 (31%), warrants from 2,959 to 3,787 (28%) and repossessions by county court bailiffs from 869 to 1,146 (32%) when compared to the same quarter in 2024. There were increases in mortgage possession claims…
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New data from the Royal Institution of Chartered Surveyors (RICS) UK Residential Survey for July 2025 revealed a slight retreat in the housing market, as previous signs of recovery became uncertain. Tentative signs of recovery that emerged in previous monthly feedback were partially reversed, with measures of demand and agreed sales slipping back into slightly…
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Consumer lender Evlo has announced a new partnership with community finance provider Moneyline to help underserved non-prime borrowers. Asif Nadeem, Chief Transformation Officer at Evlo said “We know that not everyone who applies for credit with us will be eligible, but we believe in doing right by every customer. “This partnership means that even when…
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Consumer card spending grew 1.4 per cent year-on-year in July, up from -0.1 per cent in June, but remaining below the latest CPIH inflation rate of 4.1 per cent. Essential spending declined -0.7 per cent, however discretionary spend rose by 2.4 per cent – an increase from June’s 0.8 per cent growth – as changeable…
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The Financial Conduct Authority (FCA) has issued a warning over scammers posing as car finance lenders, highlighting concerns over fraudsters offering fake compensation in exchange for personal details, such as names, addresses, birth dates and bank information. The regulator clarified that no car finance compensation scheme is currently in place, despite recent announcements about potential…
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