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“October saw the consumer finance market represented by FLA members hold steady, with a continuation of trends in the individual sectors seen in much of 2023 so far,” said Kilkelly.
“As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.”
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, also commented on the latest figures, particularly for the second charge mortgage market.
“The distribution by purpose of loan in October showed that 61% of new agreements were for the consolidation of existing loans, 12% for home improvements, and a further 23% for both loan consolidation and home improvements,” Hoyle said.
She indicated that the recent trends reflect a strong performance in 2022 that had not been sustained in.
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