The Analysis News & Opinions
Opinion
Consumer car-finance market up by 2%
Caution urged after lender’s collapse
A senior industry professional has urged a cautious response from debtors in the wake of the failure of WageDay Advance. Caroline Siarkiewicz, director and debt
New figures released from the Finance & Leasing Association show that new business in the point-of-sale consumer-car finance market increased 2% by volume and 6% by value in February 2019, compared with the same month in 2018. The percentage of private new-car sales
financed by our members through the point-of-sale market was 91.1% in the 12 months to February, 0.1 percentage points lower than in the same period to January 2019. The point-of-sale consumer used-car
finance market reported new business in February up 2% by volume and 7% by value, compared with the same month in 2018. The point-of-sale consumer car-finance
market reported further modest new business volumes growth in February, as consumer confidence remained subdued amid uncertainty about the outlook for the economy. We continue to expect new business
volumes in 2019 overall to be at a similar level to 2018 if there is a reduction in Brexit- related uncertainty.
Geraldine Kilkelly Head of research and chief economist, the Finance & Leasing Association
advice expert at the Single Financial Guidance Body, said: “The news of the WageDay Advance collapse will cause uncertainty for their customers. While the news may tempt some to stop their repayments, it is important they carry on as normal, because customers who have entered into a loan agreement must fulfill it. “When 11.5 million UK adults have less
than £100 in savings, it is inevitable that consumers have to borrow money to deal with everyday emergencies. Credit can also be vital for consumers making bulky purchases or smoothing income and expenditure.
Caroline Siarkiewicz
Accessing credit and loans can be complicated and confusing, and with half the UK population not feeling confident in making financial decisions, quick and easy short- term credit can be all too tempting. “We would urge anyone thinking they need to borrow money to shop around.”
Utilities debate due to tackle the key issues
Senior professionals from the utilities sector are set to gather to discuss a range of issues that impact on the work that they do and the customers who they seek to help, often in difficult and complicated circumstances. The latest of CCRMagazine’s successful
range of discussions will be run in association with The Zinc Group to look at this important industry and the unique challenges that it faces. Stephen Kiely, editor of CCRMagazine,
said: “Utilities creditors are a key part of the industry, where professionals work very hard to help their customers make the right financial choices, as well as to build a more profitable future for their businesses.
“It is never easy, but professionals in this
sector work hard to get their judgements right. So we are delighted to be working with The Zinc Group to produce this debate, as a forum for industry professionals to network, share their knowledge, and to talk about some of the issues that they are facing.”
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www.CCRMagazine.com
May 2019
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