Credit, Collections & Insolvency News
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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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in November 2020 by 16% compared with the same month in 2019, and remained 18% lower in the eleven months to November 2020 than in the same period in 2019. The retail store and online credit sector reported…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes fell by 28% in November 2020 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said “The level…
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The Financial Conduct Authority (FCA) has proposed an extension to a ban on repossessions until April. The updated guidance on mortgages and consumer credit repossessions. follows a November announcement on further support for mortgage and consumer credit borrowers experiencing payment difficulties as a result of the pandemic. This included guidance for firms on the treatment of…
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According to KIS Finance’s financial survey, only 31% of adults in the UK could correctly identify what an APR (Annual Percentage Rate) is, including its purpose and how it should be used. Whilst 68% of credit card holders don’t know what an APR is, bearing in mind that the APR is undoubtedly one of the…
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More than seven in ten consumers say that life through two national lockdowns has fundamentally changed the way they manage money but, for once, the changes have been positive. Nationally, 62% of people say they are in better control of their money than they were before COVID struck, according to new research from ThoughtWorks, a…
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