Credit, Collections & Insolvency News
New research released by Resolver has revealed widespread confusion over payment holidays and the potential impact on people’s future finances. The company says to help people face down the financial challenges posed by the pandemic, the Financial Conduct Authority (FCA) introduced clear rules for lenders so they could offer people ‘holidays’ from mortgage, loan, credit…
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The persistent debt crackdown from the Financial Conduct Authority (FCA) has pushed credit card firms to be more supportive of customers struggling with long-standing debt since the rules came into force in 2018. However, according to the latest analysis from Moneyfacts over the same period the interest-free balance transfer market has contracted. The analysis reveals…
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A new report from Christians Against Poverty (CAP) has shown that over 50% of their clients forced into bankruptcy, should be allowed to use a much cheaper route out of debt CAP is calling for urgent changes to be made to Debt Relief Orders (DROs) so thousands of people can access a simpler way out…
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A poll from AA Financial Services suggests 21 million are considering taking out a loan this year. The survey saw 44% of respondents say they are planning to borrow money once the coronavirus lockdown ends, with new cars, family holidays and home improvements the most common reasons cited for borrowing money The research, conducted among…
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Latest figures from the Bank of England (BOE) have shown that lending fell by £16.6 billion over the past year. The figures also reveal that deposits in bank and building society accounts rose by almost £ 21 billion in December, whereas pre-pandemic they typically increased by about £5 billion a month. Separately the figures showed…
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A growing proportion of consumers are taking control of their finances by seeking financial products for debt consolidation, according to the latest findings from Experian’s Credit Barometer. Searches for balance transfer cards via Experian’s comparison services have risen in January, from 31% of the total credit card searches in December 2020 to 37% in January…
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As 2020 came to a close, the fuller picture of Covid-19’s effect on UK household finances continued to emerge, demonstrating the significant mounting financial impact of the pandemic, according to the January 2021 Money Statistics, produced by The Money Charity. Moving into the final month of 2020, the uneven and heavy financial burden being shouldered…
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Here is an overview of The Money Charity’s latest statistics for January 2021 Personal debt in the UK People in the UK owed £1,692.5 billion at the end of November 2020. The average total debt per household, including mortgages, was £60,720 and per adult was £31,940, around 108.0% of average earnings. Net mortgage lending rose by…
Read moreThe UK credit card market is showing signs of recovery, with new accounts up by 16% month-on-month in November, and by 162% since the May 2020 low, according to data from the latest Equifax Market Pulse series. Credit limits, an indicator of lenders’ risk appetite and applicants’ financial health, are however still sliding, down 10%…
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RegTech company, TruNarrative has announced a new partnership with TrustID, to integrate their expert document review service into the TruNarrative platform. TruNarrative delivers financial crime detection, customer onboarding and transaction monitoring to Banks, Financial services, e-commerce businesses and gambling operators. Andy Pearson Head of Data Partnerships, TruNarrative said “TrustID is an important partnership, they bring…
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Latest data published by UK Finance has revealed that spending across debit and credit cards fell in October 2020 compared to the previous month, as additional social distancing measures were introduced across the UK. There were 1.7 billion debit and credit card transactions in the UK in October, a 0.4 per cent decline from September…
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Younger drivers more than twice as likely as older generations to have deferred car financing repayments in 2020 according to new research by Deloitte. The research, based on responses from more than 1,500 driving-age consumers in the UK, revealed that 27% of drivers aged 18-34 have requested a payment deferral on car financing in 2020,…
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From the moment Covid-19 swept across the globe and became a pandemic, Experian has been tracking the impact of the virus on the UK economy, and the businesses and consumers that drive it. We have brought together our market-leading data and enthused it with insight from our experts to deliver a comprehensive view of the…
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