Credit, Collections & Insolvency News
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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Hargreaves Lansdown has predicted that inflation is likely to rise slightly when figures are released next week. Inflation is also expected to remain above target for a while yet with investors putting the chances of a rate cut at just 12% next week. Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown said “Inflation…
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Support for vulnerable people to access banking, build savings and improve financial resilience were part of discussions after Treasury Minister Tulip Siddiq hosted the first meeting of the new Financial Inclusion Committee. Made up of consumer groups and financial institutions, the focus is on tackling financial exclusion will discuss ways to provide individuals with poor…
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National debt advice agency PayPlan has announced it has joined forces with the England Illegal Money Lending Team (IMLT) to warn people about the dangers of borrowing from loan sharks in the run-up to Christmas. The IMLT is a national organisation, hosted by Birmingham City Council, that was set up 20 years ago to investigate…
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Latest Data from the Bank of England shows that UK lenders approved the most mortgages in more than two years in October, with 68,300 home loans given the green light. This was the highest monthly total since August 2022 and compares to 66,115 approvals in September. While brokers had been anticipating a rebound in activity…
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The Financial Conduct Authority (FCA) has found that while life insurers provide good service to bereaved customers, they need to settle claims quicker and improve how they measure customer experience. The multi-firm review found evidence of good practice, such as firms providing additional support for claimants throughout what is a difficult time for them. The…
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