Credit, Collections & Insolvency News
New research from LiveLend has revealed that more than one in four (26%) people who took out a loan in the last five years were stung by extra costs they’d not noticed. The research showed that most consumers are most likely to be caught out by fees for ‘same day money’ followed by missed or…
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According to new research by the Money Advice Service, in partnership with the National Association of Student Money Advisers (NASMA), around one in ten undergraduate students have fallen behind on or missed payments in the last six months. 11% of students surveyed in April had fallen behind or missed payments on university accommodation, credit cards,…
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The Financial Ombudsman Service (FOS) has published its latest quarterly update about the financial products and services complaints data. The statistics include the number of enquiries and new complaints received, the number of complaints referred to an ombudsman’s final decision, and the proportion of complaints resolved in consumers’ favour. The latest statistics analyse April, May…
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Citizens Advice is calling for better regulation of unaccountable bailiff firms as it reveals households have fallen behind on their essential bills, such as council tax and utilities, by an estimated £18.9 billion. Last year, the charity helped one person every 3 minutes with bailiff issues. In 2014, the government introduced reforms which were meant…
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New research has revealed that 42% of contactless payment users would like to see the limit for transactions increased, with of them 38% saying it could be £50 or higher, while 9% would like to be able to make payments of £100 or more. Currently, individual contactless card transactions are limited to £30 but research…
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The number of households in personal debt default is set to increase to 3.8 million by the end of 2022, up from 3.3 million at the end of 2017 according to the latest econometric forecast from Arrow Global’s ‘Debt Britain 2018’ research. Arrow Global’s forecast is based upon analysis of the Office of Budget Responsibility…
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The Dedicated Card and Payment Crime Unit (DCPCU) has prevented £25m of fraud and carried out 84 arrests and interviews under caution in the first half of 2018, new figures have revealed. The DCPCU, a specialist police unit sponsored by the finance industry, achieved estimated savings of £25m from preventing and disrupting fraud in the…
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Three Irish Credit Unions in South Dublin have announced that they will merge in a move that will create one of the top 10 community lenders by size. The merger of Capital, Francis Street and St Kevin’s has been ratified and means that the new combined entity will have 48,000 members. Capital has already taken over…
Read moreA third of loan searches carried out through Experian’s comparison services are for debt consolidation loans, new analysis has revealed. These type of loans can help consumers with outstanding debts from various lenders to roll their monthly payments into one to reduce their costs and to take more control over their finances. On average, shoppers…
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The Money Shop has announced that it has stopped giving high-cost short-term loans to new or existing customers. The Money Shop, part of the Dollar Financial group, who also own the Payday UK and Payday Express brand which both stopped lending last year. The business is now believed to be focused on travel money, pawn-broking and gold…
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In the same month that the Bank of England base rate has risen to 0.75% – the highest level since 2009, debt growth has fallen to its lowest level in over a year. According to the August 2018 Money Statistics, produced by The Money Charity, debt growth per adult slowed to £900.74 in the year…
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New figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer new car finance business volumes grew by 1% in June, compared with the same month in 2017, while the value of new business was up by 9%. The percentage of private new car sales financed by FLA members…
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New figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage market increased by 2% in June. Commenting on the June 2018 new business figures for the second charge mortgage market, Geraldine Kilkelly, Head of Research and Chief Economist at the Finance & Leasing Association (FLA), said “The second charge…
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