Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 34% in February 2021 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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A new report from analytics company FICO has revealed that working from home over the pandemic has negatively impacted fraud protection, with 79% of banking executives saying there was a high or major impact. A further 49% of respondents said it was a major challenge having multiple systems for managing fraud and financial crime Toby…
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New research from global insights and information company TransUnion suggests an increased intention among consumers to engage with online-only banks or apps, narrowing the gap between these challengers and traditional high street banks. The figures show 11% of consumers intend to open an account with an online-only bank or app in the next 12 months,…
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A new report from the Institute of Economic Affairs (IEA) has drawn attention to the shortcomings of the Financial Ombudsman Service (FOS). The report has found that the FOS has failed to deliver its key objectives of ‘providing fair and reasonable resolution of disputes at speed’ and ‘providing value for money and supporting competition and…
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Here is an overview of The Money Charity’s latest statistics for March 2021 Personal debt in the UK People in the UK owed £1,700.2 billion at the end of January 2021. The average total debt per household, including mortgages, was £60,999 and per adult was £32,087, around 107.6% of average earnings. Net mortgage lending rose by…
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Consumers paid off £1.2 billion in credit card debt and overdrafts in the final month of full lockdown according to the latest Bank of England figures. The figures showed that net repayments on products such as credit cards, personal loans and overdrafts were at the strongest annual rate in 27 years. The repayment figures are…
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UK consumers lost a record £479 million last year to scammers according to new figures from UK Finance. The report showed that criminals turned to online and technology-enabled scams to exploit people’s fears about the Covid-19 pandemic. Impersonation scam cases, in which criminals impersonate trusted organisations to trick victims into handing over their money, almost…
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Nearly a third (31%) of credit cardholders have been unable to repay their balance in full each month since the pandemic began, which can lead to further interest and debt accruing due to high APR rates, according to new research from comparethemarket.com. Among 25-34-year-olds, this figure increases to more than two-fifths (41%). Millennials are the hardest…
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The divide between rich and poor is widening, as many consumers have grown their savings during the COVID-19 pandemic, while others are struggling to make ends meet according to new research by TransUnion. The research reveals the pandemic has given over a third (35%) of UK adults the chance to increase their savings and 16%…
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Credit Connect’s hosted its second Online Collections Technology Think Tank 2.0 last week which saw collections strategies and the impact of the pandemic discussed by fourteen collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, affordability, and open banking collections were discussed by panellists and Chair Vanessa Northam from StepChange.…
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Over-55s have used housing equity to clear more than £612 million of unsecured debt in 2020, according to new data analysis from Key shows. Credit cards (av. £8,500), overdrafts (av. £2,000) and loan balances (£11,700) were most commonly repaid as people looked to manage their retirement income by reducing outgoings. Around a fifth (18%) of…
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Almost one year on from the UK’s first national lockdown, UK Finance has outlined key statistics on the impact of the banking and finance industry’s support for businesses and customers across the country over the last twelve months. 2.75 million mortgage payment holidays were granted up until the end of 2020, with 1.8 million in…
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Nearly one in five of homeowners (19%) have been unable to remortgage their home since the pandemic started and could now face higher monthly mortgage repayments as a result, according to research by comparethemarket.com. The impact of the pandemic on employment and financial stability has meant that many households have become ineligible for competitive fixed-rate…
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