Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in July 2023 by 2% compared with the same month in 2022. In the seven months to July 2023, new business remained 3% lower than in the same period in 2022. The retail store and online credit sector…
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The number of mortgage approvals made to home buyers fell by nearly 10% between June and July, according to Bank of England figures. The figures showed that net mortgage approvals decreased from 54,600 in June to 49,400 in July, while approvals for remortgaging slightly increased from 39,100 to 39,300 during the same period. Net borrowing…
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Latest Bank of England (BoE) data has shown that consumer credit rose to a five-year high in June. This follows a £500 million decrease in lending in May. Net borrowing of consumer credit by individuals rose to £1.7 billion in June, the highest since April 2018. Of the £1.7 billion borrowed £1 billion was borrowed…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance’s new business fell in May 2023 by 5% compared with the same month in 2022. In the five months to May 2023, new business was 4% lower than in in the same period in 2022. The retail store and online…
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As inflation continues to squeeze finances, savings are being depleted and more are turning to credit to help cover the soaring cost of living — including overdrafts, which have seen a 7.1% growth since August 2021 according to new TotallyMoney research. The analysis estimates that each month 15.5 million adults (30%) are dipping into their…
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The Bank of England’s Money and Credit statistics for May have shown households withdrew £4.6 billion from banks and building societies across the month – the highest level of household withdrawals on record – suggesting an increase in people turning to savings in order to cope with the cost of living. Individuals repaid £0.1 billion…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business fell in April 2023 by 10% compared with the same month in 2022. In the first four months of 2023, new business was 4% lower than in the same period in 2022. The retail store and online credit…
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Rates on consumer credit products either remained steady in May or registered small declines, according to analysis of the latest Bank of England data from Freedom Finance. The figures showed that on average quoted household interest rates came despite market volatility leading to disruption in the mortgage market with widespread product withdrawals and notable increases…
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Figures from the Bank of England (BoE) show this was down from the 51,500 approvals in March and indicates the market is again declining after two months of slim growth. However the number of approvals for remortgaging increased slightly, from 32,200 to 32,500 during the same period. Overall the value of this net mortgage debt…
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Latest Bank of England (BoE) data has shown that the annual growth rate for consumer credit rose for the sixth month in a row in March, accelerating from 7.7% in February to 7.9% with consumers borrowing an additional £1.6 billion in consumer credit in March, on net, compared with £1.5 billion borrowed during February. The…
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Research from Freedom Finance has revealed that the leading challengers and neo banks added over £1.5 billion of capacity to the UK’s unsecured personal loan market in 2022. The analysis reveals that a basket of challenger brands and digital-only lenders increased unsecured personal lending to consumers by over £1.5 billion, an increase of 34% on…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in February 2023 compared with the same month in 2022. In the first two months of 2023, new business was 1% lower than in the same period in 2022. The retail store and online credit sector…
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Latest Bank of England (BoE) data has shown that consumer credit grew at 7.7 percent in February 2023 as consumers borrowed an additional £1.4 billion in consumer credit, of which £0.8 billion was through other forms of consumer credit (such as car dealership finance and personal loans) compared with £1.7 billion borrowed during January. This…
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