Credit, collections & insolvency news
Buy-now pay-later is heading into uncertain terrain. Prior to being elected, Labour signalled its intention to tighten up the law as it applies to this unregulated niche of financial services, unhappy with the fact that a third of such loans are not paid off at the end of the term and 20% of borrowers miss…
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Increases in average salaries are still struggling to overcome ever rising costs in core expenditure for many UK households, with more signs of people leaning into credit to make ends meet, according to the November 2024 Money Statistics, produced by The Money Charity. Hard-pressed UK households will have welcomed the news of average salary rises…
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UK households were seen to be taking on more debt and reducing their saving rates through the end of the summer months in order to afford everyday expenses, indicating a continuing tightening of belts for challenged budgets. Numbers emerging from the third quarter of the year show increasing debt and reduced savings for UK households,…
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The ongoing challenges around the cost of living remain front and centre of minds for many UK households as increasing prices and debts push people towards stark choices of heating or eating. Heading into the end of the year, signs are that the cost of living continues to occupy a lot of people’s thoughts, with…
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The 7th October 2024 will be a landmark day for the banking industry and the wider fraud prevention community. The Payment Systems Regulator’s long-anticipated rule changes – to make reimbursement for fraud losses mandatory – officially go live. In what is arguably the most polarising policy initiative in the history of the UK counter-fraud industry;…
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Here at the Credit Services Association (CSA), we have launched our latest report titled ‘Tackling the Engagement Gap Addressing the reluctance of consumers to discuss debt; which takes a closer look at the reasons for customer disengagement. This report builds on work we started some years ago with our #heretohelp campaign, which sought to reassure…
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UK household budgets continue to be stretched, with particular pressure coming from housing expenses. The challenge of affording a place to live and call home remains one of the major stretches on UK household budgets, with difficulties being faced across the board; for those renting, hoping to buy, or those keeping up with their mortgage.…
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Lenders have never been in a stronger position to manage higher mortgage interest rates and increased default levels. Many mortgage holders have been eagerly awaiting the next Bank of England rate cut in the expectation that it will lead to significantly lower monthly mortgage payments for them. Unfortunately, they are largely wasting their time. Truth…
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Household saving ratios continue to climb upwards as more seek to take advantage of higher interest rates, but many are still challenged by their ability to find the right balance between saving and spending. Recent months have seen a gradual increasing of the ratio at which UK households are saving and while a positive sign,…
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As a corporate communications consultant with specialist expertise in financial services, it’s been a privilege to be part of the inaugural Credit and Collections Industry Awards which celebrate excellence and innovation across credit, lending and collections. The high standard of entries and breadth of impressive initiatives certainly brought to light the consumer-first approach that’s been…
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While signs appear positive for the UK economy gradually moving in the right direction, this progress is not yet translating into tangible benefits being felt by households. Recent months have brought news of a more positive outlook for the UK’s finances, albeit with progress relatively marginal and slow. However, while welcome news for hard-pressed households…
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It is nearing the end of exam season and in the last couple of weeks, I have also spent some time marking… judging industry award entries. As always it has been an interesting process, with lots of close entries, which often made it hard to determine winners. Of course a winner there has to be.…
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It’s ten years since Taking Control of Goods Regulations came into force. The regulations are used to define and measure the work of enforcement firms, but they are basic and no longer reflect modern enforcement practices. So what more is needed? The industry has been on a path of reform since the review of civil…
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