Credit, Collections & Insolvency News
The Dedicated Card and Payment Crime Unit (DCPCU) targets the organised criminal gangs responsible for fraud. It is made up of officers from the City of London Police and the Metropolitan Police Service as well as banking industry fraud investigators and support staff from UK Finance. Over the past year, the unit has worked in…
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Consumer spending grew 2.2 per cent year-on-year in February, propped up by digital subscriptions and takeaways, as consumers stayed home to avoid bad weather according to new data from Barclaycard. The date, which sees nearly half of the nation’s credit and debit card transactions, revealed that spending on essential items rose by 1.6 per cent.…
Read moreIn response to the coronavirus outbreak, Citizens Advice is urging the Chancellor to shore up protections for millions of workers in Wednesday’s (11th March 2020) budget, including making immediate changes to Universal Credit. The charity saw three times as many visits to its sick pay advice pages last week compared to the same time last…
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The poorest fifth of the population have experienced a 7 per cent fall in their disposable household incomes over the past two years, leaving their incomes no higher last year than they were back in 2004-05, the Resolution Foundation said in response to the latest ONS income and inequality data. The ONS latest data, which…
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While the UK’s rapid shift towards contactless and digital payments continues apace, these moves remain a very real problem and threat to the financial inclusion of a significant number of UK adults, according to the statistics, produced by The Money Charity. The latest figures released from LINK, the UK’s cash distribution network, show that the number…
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Citizens Advice is urging the government to protect millions of workers who may be pushed into financial hardship by government advice to self-isolate during the coronavirus. .This includes more than 5 million self-employed workers and at least 1.5 million low-income jobs that fall below the earnings limit to qualify for statutory sick pay. Plans published…
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The Bank of England has released its latest Money and Credit statistics which show that net consumer credit growth remained at 6.1% in January, stabilising after the downward trend seen over the past three years. Meanwhile, mortgage approvals for house purchase rose to 70,900, the highest since February 2016. Whilst UK businesses made net repayments…
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The average insolvency rate amongst individuals in ‘red wall’ constituencies is 27% higher than the UK average, according to research by UHY Hacker Young. ‘Red Wall’ constituencies are areas in the midlands and northern England which have historically supported the Labour Party but voted for the Conservatives in the 2019 General Election. The average insolvency…
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Here is an overview of The Money Charity’s latest statistics for Febrruary 2020 Personal debt in the UK People in the UK owed £1,675 billion at the end of December 2019. The average total debt per household, including mortgages, was £60,213 and per adult was £31,766, around 112% of average earnings. Net mortgage lending rose…
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IHS Markit’s UK Household Finance Index (HFI) hit 47.6 in February, from 44.6 in January, as UK households’ perceptions of their financial wellbeing rose to its highest-ever levels. The Household Finance Index rises to 47.6, from 44.6 in January as UK households foresee a solid improvement in their financial health over the next 12 months.…
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The proportion of people with a job who live in poverty went up for the third consecutive year in 2018 to a record high, with about 14 million struggling to make ends meet according to a report by Joseph Rowntree Foundation (JRF). The report shows that rising levels of employment have failed to translate into…
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Poverty rates fall from 35 per cent to 18 per cent when people move into work – but even sustained employment does not eliminate in-work poverty for too many households, highlighting the need for wider support, according to new research published today (Tuesday) by the Resolution Foundation in partnership with Clarion Housing Group. With almost…
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In the year up to November 2019, UK households borrowed almost as much as the Government, demonstrating that debt remains both a private and public sector issue, according to the January 2020 Money Statistics, produced by The Money Charity. The latest data available from the Bank of England and ONS shows that UK households borrowed almost…
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