Credit, Collections & Insolvency News
Historians looking back on 2020 in 100 years will remember a remarkable year, shaped by a global pandemic and increasingly populist politics. With vaccines now being rolled out at pace, 2021 is looking to be far better, and as the outlook for physical health gets brighter so too should the outlook for people’s financial health. …
Read more
Here is an overview of The Money Charity’s latest statistics for July 2021 Personal debt in the UK People in the UK owed £1,721.3 billion at the end of May 2021. The average total debt per household, including mortgages, was £61,933 and per adult was £32,544, around 108.7% of average earnings. Net mortgage lending rose by…
Read moreNearly one in three people are retiring in debt this year with an average £20,650 to pay off, new research by equity release adviser Key, has indicated. People expecting to retire this year are facing debts around a fifth higher than those who finished work last year the study shows – although the number of…
Read more
New research by LifeSearch has indicated that consumers’ wealth continues to recover as £14.1 billion of debts repaid and £34.6 billion saved in the past 6 months. The research has found that 14% of consumers have repaid debts in the last six months, rising to 20% of Generation Y (aged 25-39); an average of £319…
Read more
Loans were taken out by small businesses to cover workforce costs spiked from 1% in March 2020 to 14% in April 2020, according to analysis by CapitalBox. CapitalBox research also found that 34% were unable to reinvest in their business to survive, 25% were unable to pay their employees whilst 25% turned down work. SMEs…
Read more
A new report from Juniper Research has found that global contactless card transaction values will reach $2.5 trillion in 2021, from $1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021. The pandemic has significantly accelerated an existing contactless card usage trend, and these value increases…
Read more
New spending analysis of UK card trends by FICO for May 2021, suggests that some consumers are practising pragmatic financial management, as well as continuing to make use of savings accrued during the pandemic. There are, however, warning signs of the financial pressure growing for those already in debt. Whilst the effects of a full…
Read more
TruNarrative and ieDigital have agreed to join forces to facilitate digital transformation and provide cutting edge customer onboarding and monitoring processes, reducing account opening time to less than four minutes. TruNarrative provides a platform for compliance, customer onboarding and financial crime prevention whilst ieDigital delivers interactive solutions, to banks, building societies, consumer finance, motor finance…
Read more