Credit, collections & insolvency news
Latest data by the Finance & Leasing Association (FLA) has shown that consumer finance new business fell in September 2023 by 3% compared with the same month in 2022. In the nine months to September 2023, new business also remained 3% lower than in the same period in 2022. The retail store and online credit…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 4% in March 2023 compared with the same month in 2022. In Q1 2023, new business was 2% lower than in Q1 2022. The retail store and online credit sector reported new business up by 5% in…
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The latest Bank of England household interest rate figures reveal the cost of borrowing continued to increase in June across consumer credit products following a warning from the Financial Conduct Authority (FCA) for people in financial difficulty. The analysis from Freedom Finance found that average credit card rates jumped to 21.43% and are now approaching…
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Latest figures from the Bank of England (BOE) have revealed that consumers borrowed an additional £1.3 billion in consumer credit in March, of which £800 million was new lending on credit cards, taking total credit card borrowing in the first three months of this year to £2 billion. The figures show credit card borrowing was…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 33% in November 2021 compared with the same month in 2020. In the eleven months to November 2021, new business was 14% higher than in the same period in 2020. The credit card and personal loan sectors…
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Lenders have reported a lower borrowing demand at the close of the year according to a new report from the Bank of England (BoE). The quarterly survey of banks and building societies found that demand for secured lending for house purchases fell in the final quarter of last year. The demand for mortgages fell back…
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Latest figures from the Bank of England (BoE) show that credit card spending increased in November, with spending and borrowing showing signs of normalising after being distorted by pandemic-driven support measures. The report shows that £1.2 billion was borrowed in November using credit cards, overdrafts and personal loans, with £862 million spent on credit cards.…
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Millions of people in the UK are being put off accessing credit products because they fear a rejected application could harm their chances of a loan in the future, according to new analysis from Freedom Finance, one of the UK’s leading online consumer lending platforms. The research shows that more than one in 10 (11%)…
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A new report by The Bank of England (BoE) says that Britain’s financial system is healthy enough to withstand a deep recession. The report found that major UK banks are strong enough to keep supporting households and businesses, even in severe scenarios. The Bank’s annual stress test found that the country’s eight biggest lenders would…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 13% in August 2021 compared with the same month in 2020. In the eight months to August 2021, new business remained 15% higher than in the same period in 2020. The retail store and online credit sector…
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