Seconds volumes surge by a quarter

There were 611 seconds deals recorded over the course of the year including 153 in the last three months and 54 alone in February 2015.

Fiona Hoyle, head of consumer finance at the FLA, said: “It’s important that the new government creates the right conditions for FLA members to continue to serve their customers and support economic growth.

“Above all, that will mean a period of stability after the implementation last year of a new system of credit regulation.”

Over the same period car finance volumes increased by 16%, and retail store and online credit grew by 6%.