Credit, Collections & Insolvency News
After two Bank Rate cuts in 2024, and with markets forecasting further cuts this year, first-time buyers are feeling more optimistic about becoming a homeowner than they were a year ago according to analysis by the Building Societies Association (BSA). The research that more than half of aspiring homeowners (54%) think house prices will continue…
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Digital-only financial providers (including neobanks such as Monzo, Starling and Revolut and fintechs such as Klarna), expanded their reach from 16% of adults in 2018 to a staggering 50% in 2024 according to research from RFI Global, the only global data and insights company focusing exclusively on financial services. RFI Global’s UK banking research surveyed…
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Analysis of the Bank of England’s latest data on Credit Unions from independent financial services consultancy Broadstone has demonstrated the growing demand from households for affordable credit solutions. There are 2.14 million adult members of Credit Unions in the UK as of Q3 2024, an increase of 86,543 compared to a year ago with 2.06…
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New research reveals that there is healthy optimism among brokers about the future of the UK mortgage sector, despite a challenging economic backdrop, including stamp duty rises expected in April and falling rent prices causing worries for buy-to-let buyers. The research, conducted by Nottingham Building Society, gathered the opinions of mortgage brokers across the UK,…
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One in eight customers used Buy Now Pay Later (BNPL) services for the first time in 2024 – an estimated 6.8 million people according to new research from personal finance site Finder. Three in ten (31%) used buy now, pay later (BNPL) services last year. BNPL is particularly popular with younger people with one in…
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The average cost of car insurance has declined by £221 (23%) year-on-year, according to new research from Compare the Market. The average premium fell to £729 in December 2024, compared to £950 in December 2023. It is the cheapest monthly average premium since May 2023 when the average was £718. The drop in average premiums may…
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Nearly a fifth (18%) of UK people have lied on their CVs and job applications in order to land a role, or know someone who has, in the last 12 months – research from the fraud prevention service, Cifas, has revealed. Its latest Fraud Behaviours Survey shows falsifying CV qualifications and supplying false information on…
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The Finance & Leasing Association (FLA) has responded to the call for input on modernising the redress system, highlighting concerns about the Financial Ombudsman Service (FOS). The FLA says that FOS has evolved away from the type of alternative dispute resolution body that Parliament originally intended it to be. While it still has a remit…
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Property development finance company CrowdProperty has announced it has appointed Steve Deutsch as its new Chief Executive Officer (CEO), subject to FCA approval. Deutsch succeeds Mike Bristow, co-founder and CEO since 2018, who will be stepping down to take a sabbatical. Deutsch brings a wealth of senior-level experience, having operated at Board level within financial…
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Latest data from the Equity Release Council’s quarterly market report for Q4 2024 shows that more than 15,000 customers were active in the equity release market for the first time in over a year since Q3 2023, either agreeing on new plans, taking drawdowns from existing plans or agreeing on further advances (extensions) to existing…
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Almost half a million pensioners in the UK still have not paid off their mortgages, according to the latest research from SunLife. The report found that 69% that are homeowners, more than one in five (23%) still have a mortgage, owing £67,478 on average. And while most (86%) of those with outstanding mortgages are still…
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A new report from BioCatch, has revealed that criminals are targeting young people in the UK with nearly two-thirds (65%) of money mules in the UK being younger than 30. The report follows new research from Cifas which found that more than one-fifth (22%) of adults in the UK thought that money muling was legal. The NCA estimates…
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Research amongst 1,500 UK parents with children aged 0-15 years, conducted by 3Gem on behalf of Scottish Friendly, shows six out of 10 (58%) of parents are concerned their child won’t be able to afford to live independently. With over half (55%) worried that the cost of the deposit for a rented accommodation is out…
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