Credit, Collections & Insolvency News
A new poll by MoneyMagpie reveals that 65% of over 60s don’t save ahead for Christmas, instead relying on their current income at the time to pay for the festive season. The poll showed that while 81% of the 61 to 70 age group spend more than £100 on Christmas, they are also the most…
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Latest data from UK Finance has shown that there were 33,840 new loans advanced to older borrowers in Q3, up 2 per cent year on year. The value of this lending was £5.2bn, which was up 9.7 per cent compared with the same quarter a year previously. There were 5,830 new lifetime mortgages advanced in…
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New data analysis by Hargreaves Lansdown has found that in 2023/24, 30% of people had a mortgage, 35% owned outright, 19% rented privately (32% in London) and 16% rented from the social sector. The average weekly mortgage payment in England was £222. Outside London, it was £209 (up £47 in a year) and in London…
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New research by Mojo Mortgages has found that 89% of the top 100 most trending Christmas presents can be purchased through Buy Now Pay Later (BNPL) methods. The research also showed that 75% of these products promote BNPL options on their product pages, enticing consumers to make purchases they might not have planned for or…
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Complaints regarding banks’ handling of fraud have reached a record high, with the Financial Ombudsman Service (FOS) reporting 9,091 cases from July to September, a significant increase from 6,264 in the same period last year. This surge includes 4,956 cases related to authorised push payment (APP) scams, where consumers mistakenly send money to fraudsters. In…
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Target Group has announced that it has partnered with Provenir meaning that the compan will use its data-driven Mortgage Hub platform to reduce the time between application and offer. Melanie Spencer, Sales and Growth Lead at Target Group, said: “In today’s climate, it has never been so important for lenders to be able to make…
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New research from credit reference agency Equifax has revealed that the number of consumers using Buy Now, Pay Later (BNPL) could have peaked, but average spending continues to grow and will be key for many this Christmas. Four in ten (38%) consumers now indicate they have made use of BNPL, down from almost half (48%)…
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Research by First Direct has found that six in ten (59%) of Gen-Z savers have a five-year financial plan, this compares with four in 10 (40%) of Millennials, born between 1981 and 1996. The data also showed that approximately 76% of millennials and 73% of Gen-Z individuals are committed to achieving their financial goals, despite…
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Monzo has announced that it has appointed Tom Oldham, a former executive at Nubank, as its new Chief Financial Officer (CFO). The appointment has suggests potential IPO ambitions for the digital bank. Oldham, who will join the bank in the New Year, he replaces James Davies, recently hired by Ovo Energy. Monzo, which has rapidly…
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Mortgage broker, Just Mortgages has announced the appointment of Ray Rodrigo as Divisional Sales Director. Rodrigo has be tasked with growing his team of employed mortgage advisers, supporting Felicity J. Lord estate agency branches across London. He has more than 25 years of experience in the mortgage market and financial services to support them in…
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A new report by Lenvi has revealed that four-fifths (81%) have borrowed money – with the most popular form of loan being the ‘bank of mum and dad’ (40%). However, parents and guardians may be pulling some strings to make this happen – in this instance, driving themselves into debt – to support their children.…
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A report by Global Anti-Scam Alliance’s (GASA) conducted in association with UK’s leading fraud prevention service, Cifas has revealed UK people lost £11.4 billion to scams in the last 12 months, up £4 billion on last year. With Black Friday imminent and expected to trigger a spike in scam attempts this week, GASA and Cifas are…
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The latest GfK consumer confidence index increased by three points this month, now standing at minus 18, indicating a slight recovery despite remaining in negative territory. The index measuring changes in personal finances during the last year is up one point at -9; this is seven points better than November 2023. The forecast for personal…
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