Credit, Collections & Insolvency News
There are times when it feels like fate is finally stepping in to lend a hand, and the release of the Ministry of Justice consultation on the benefits of adding claimant data to the public Register, swiftly followed by the FCA’s publication of their Credit Information Market Improvements definitely feels like one of those times.…
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Latest analysis by Barclays showed that consumer card spending grew 2.9 % year-on-year in November – less than the latest CPIH inflation rate of 4.7 % but higher than October’s 2.6 % growth – as consumers’ confidence in their ability to spend on non-essential items (56 %) reached its highest level since April. The high…
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A London-based builder sentenced for Covid loan abuse after an investigation by the Insolvency Service. The self-employed builder from Hounslow overstated income to claim £50,000 Bounce Back Loan then lost it in scam crypto investment scheme. Lukasz Nowak a self-employed builder from Hounslow, West London, was sentenced to 20 months imprisonment, suspended for two years,…
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Consumers are feeling more optimistic as the headline inflation rate begins to fall according to latest research by TransUnion. As signs suggest significantly improved economic fundamentals, consumers are reporting more positive sentiment. Overall, 37% of UK consumers are feeling optimistic about their household finances, up from just 28% in Q4 2022. The study also shows…
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Latest research from the Financial Conduct Authority (FCA) has found almost half of UK adults (47%) feel pressured to spend above their means during Christmas to provide for loved ones, rising to almost two-thirds (64%) for those with children under 18. Two in five (40%) UK adults, and over half of those (52%) with children…
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Two-thirds (64%) of consumers have admitted to prioritising their money management this Christmas, compared to just a quarter (25%) last year according to research by Lowell. The research found that despite 68% of consumers feeling the pressure from social media, TV advertising, friends and family to spend big in 2023, people are planning to be…
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6.5 million people in the UK (14 percent) will struggle to heat their homes as much as they need this Christmas due to the impact of the cost of living, according to findings from National Debtline. The findings show 2.7 million people (5 percent) are having to choose between buying food or presents and four…
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New research by Pepper Money has found that 900,000 potential mortgage customers are likely to have adverse credit in 2024. The 2023 Specialist Lending Study found that 15.16m people have some history of adverse credit, including missed credit payments, defaults, CCJs, unsecured arrears, secured arrears or entering a debt management plan. It also found that…
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