Credit, Collections & Insolvency News
Young people are three times more likely than older generations to have their mental health impacted by money worries, research from responsible lender,Creditspring reveals. Four in ten (39%) people aged 18-34 say theirmental health has significantly worsened as a direct result of the cost of living crisis, compared to just 13% of over 55s. Three in…
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Analysis of the Bank of England’s data by Ebury’s SME Borrowing Tracker shows that SMEs repaid almost £10 billion across 2023, with the final three months of 2023 marking the largest quarterly change in SME loans outstanding for 2023 as repayments accelerated towards the end of the year. In 2023, SMEs repaid a net sum of…
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Britain’s younger generations are fueling the growth of the subscription economy, as nearly one in three are choosing to lease their vehicles through a monthly payment, according to AA Car Finance. From streaming to gym memberships, businesses offering their services for affordable monthly payments are breaking barriers for cash-strapped younger generations, as shown by the…
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Customer research published by Ofwat and consumer watchdog CCW has revealed that the vast majority of people do not trust water companies to do what’s right for the environment. Less than a quarter (23%) of respondents said they trust their water provider to do what is right for the environment down from 31% in 2021.…
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Drivers could typically save up to £46 by paying for their annual car insurance premium in a single lump sum rather than as monthly payments, according to new research from Compare the Market. The cost of paying monthly for an annual car insurance policy is £938 on average, as of February 2024 – £46 more…
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New analysis by Lowell shows the widening gulf between generation rent and homeowners. The new data shows tenants in private rental hotspots, like Bristol West, are struggling with loan defaults and resorting to benefits to say afloat, exposing the full, significant impact of rent rises and high housing costs on personal finances. Conversely, areas of…
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Credit risk solutions provider, Atto has announced a strategic partnership with FICO, which will enable lenders to integrate Open Banking data into the credit scoring process. Atto and FICO are combining their expertise to deliver transaction-based scores that rank-order consumers’ risk by analysing up-to-date consumer-permissioned current account and tradeline transaction data. The combination of Attos…
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