Credit, Collections & Insolvency News
The Bank of England has cut interest rates from 4.75% to 4.5%, taking the base rate to the lowest level for more than 18 months. The Bank of England Monetary Policy Committee (MPC) has voted to cut interest rates by 0.25% to 4.5%. The MPC voted 7 to 2 in favour of the cut, with two dissenting…
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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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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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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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The Department for Work and Pensions (DWP) has announced new measures which could see welfare fraudsters, who cheated the taxpayer out of £7 billion last year, banned from driving if they repeatedly fail to reimburse the public and repay their debt. As part of new legislation set to be introduced in Parliament to deliver the biggest…
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Latest data from UK Finance has found that in Quarter 3 (Q3) in 2024 there were 48,862 new buy-to-let loans advanced in the UK, worth £8.6 billion. This was up 6.5 per cent by number (8.9 per cent by value) compared with the same quarter in the previous year. The average gross buy-to-let rental yield…
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Consumers lack awareness of the true costs of Buy-Now, Pay-Later (BNPL) products, underscoring the need for more awareness of these products, alongside proactive outreach from lenders to those who may be struggling financially according to new research by the or the LSB (Lending Standards Board). BNPL use increased around the Christmas, Black Friday, and Cyber…
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Latest ONS data has shown that inflation dropped slightly to 2.5% in December, up from 2.3% in October, down from 2.6% in November. Commenting on the inflation figures, Paul Noble, CEO of Chetwood Bank, said “Some good news to start the year for Britons. Many will have approached today’s result with some apprehension, but 2025…
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The Bank of England has decided to maintain interest rates at 4.75% following a split vote among its Monetary Policy Committee (MPC). While six members opted to keep rates unchanged, three advocated for a 0.25 percentage point cut due to concerns over stagnating economic growth. The MPC’s new projections indicate zero GDP growth for the…
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Three men from London have been sentenced at Inner London Crown Court to a combined six years and nine months for using a SIM farm to send out masses of fraudulent texts and calls, conning victims out of an overall sum of £223,183.53. The sentencing follows an investigation and arrest by specialist banking industry sponsored…
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The Financial Conduct Authority (FCA) has announced that it has extended the time firms have to respond to complaints about motor finance agreements not involving a discretionary commission arrangement (DCA). Firms now have until after 4 December 2025 to provide a final response to non-DCA complaints, in line with the extension already provided for complaints involving DCAs.…
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The Office for National Statistics (ONS) has published its latest Consumer Prices Index, which shows the rate of inflation rose to 2.6 per cent in the 12 months to November. The announcement means that the inflation rate has increased for the second month in a row, rising at the fastest rate since March. Fuel and…
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Car finance lenders have been granted permission by the Supreme Court to appeal a landmark ruling on motor finance commission payments that has left firms fearing a potential £30 billion compensation bill. The Court of Appeal ruled in October that paying ‘secret’ commission to car dealers – without disclosing the sum and terms of that…
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