Credit, Collections & Insolvency News
The low levels of disposable income for when Covid restrictions end have been highlighted by AA Financial Services research. The research found took a look at the health of the nation’s finances to see where people’s money goes each month and found that 88% of people’s paychecks are fully committed, leaving only 12% of their…
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A report from the Centre for Economics and Business Research (CEBR) and Scottish Friendly suggests that consumers will go on a £50 billion spending spree once restrictions are lifted, spending money saved over the past year. The analysis says households intend to take more holidays and eat out more, with a quarter of the £192…
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UK households have repaid a record £17.6 billion of mortgage debt in just three months, equivalent to £192m a day, as savings made under lockdown helped some existing borrowers to reduce their debt commitments. Analysis of official data by the Equity Release Council, the representative trade body for the equity release sector, shows a surge in…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in January 2021 by 34% compared with the same month in 2020. The retail store and online credit sector reported new business 1% lower in January than in the same month in 2020. By contrast, credit card and…
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UK Finance has published detailed proposals for a new service company that will support the UK’s world-leading open banking infrastructure. Open Banking (OB) provides a secure way for financial information to be shared across different finance providers. It enables services such as account aggregation, meaning customers who have accounts with a number of banks can…
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The number of households experiencing problem debt could rise to 1.5 million by the middle of the year, the highest level since the period following the global financial crisis and an increase of 370,000–480,000 since the start of the pandemic, according to research published by Pro Bono Economics for Citizens Advice. The report also suggests…
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Here is an overview of The Money Charity’s latest statistics for February 2021 Personal debt in the UK People in the UK owed £1,696.4 billion at the end of December 2020. The average total debt per household, including mortgages, was £60,860 and per adult was £32,014, around 107.5% of average earnings. Net mortgage lending rose by…
Read moreLatest Bank of England data released shows that households paid back £2.4 billion of borrowing on credit cards, personal loans and overdrafts in the first month of 2021. The total amount outstanding on credit cards and loans shrank to £199.4 billion, falling below £200billion for the first time since April 2017. Consumer borrowing fell at…
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A specialist police unit funded by the banking and finance industry prevented almost £20 million of fraud and arrested over 100 suspected criminals in 2020, including several involved in scams exploiting the Covid-19 pandemic. The Dedicated Card and Payment Crime Unit (DCPCU) targets the organised criminal gangs responsible for fraud and is made up of…
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New research from Experian reveals how the acceleration of digital transformation, through the Covid-19 pandemic, has led to greater demand for data insights to inform decision making and strategy. The annual Global Data Management report, which surveyed 700 data practitioners and data-driven business leaders globally, found that changing customer behaviour has intensified businesses’ need for high-quality data.…
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The House of Lords will this week debate an amendment to the Financial Services Bill to ensure a ‘fair debt-write down’ is incorporated within Government’s plans for a Statutory Debt Repayment Plan. The amendment, which has been tabled by former Green Party Leader Baroness Bennett and the Bishop of St Albans, seeks to make it…
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Credit Connect Media announced that it has launched a new event called the Lending Technology Think Tank which will take place on Thursday 22nd April. The event will focus on technological and innovational developments and strategies within lending. The inaugural Think Tank is a multi-session event that includes a diverse range of speakers and is…
Read moreNew Data published by the Bank of England has indicated continued growth for the Credit Union movement in the UK. The figures covering the financial year for 2020 shows that Credit Unions in England, Scotland and Wales now serve over 1.4 million people and collectively hold assets worth over £2 billion. The new data shows…
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