Credit, Collections & Insolvency News
Research by TotallyMoney has shown that consumers paying interest on their credit card debt are wasting hundreds of pounds by not switching to a better deal. The research found that by transferring the average credit card balance of £2,177 to the average balance transfer duration of 21 months, customers could save a huge £676. Customers…
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Two-thirds of consumers still don’t trust online banking, despite branch closures forcing many to go digital according to new research by SmartSearch. The research has found that since January 2015, banks and building societies have closed 3,770 branches in the UK leading to a seismic shift towards online banking. Yet, two thirds (66%) of the population do not trust…
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The Financial Conduct Authority (FCA) has warned that up to 4,000 financial services companies were at a ‘heightened risk’ of collapse even before the second wave of coronavirus struck. The Financial Conduct Authority (FCA) has published the results of its coronavirus financial resilience surveys. The surveys were sent to solo-regulated firms to inform the FCA…
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Consumer spending declined 7.1% year-on-year in 2020, as coronavirus restrictions impacted many sectors, with high-street retailers and hospitality hardest hit according to new data from Barclaycard. Yet there were some bright spots as changing consumer behaviours spurred e-commerce growth, while the rise of the ‘insperience economy’ saw digital services and subscriptions boom as consumers spent…
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Credit Connect has published its second annual Credit & Collections Technology company power list for 2020. The power listed is a round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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New research on average spend on credit cards rises in lead up to Christmas has indicated that it is only 2.6 percent lower than in November 2019 despite nationwide lockdown. Meanwhile, separate statistics show that the average balance of accounts missing two payments is at its highest in the last six years Stacey West, Principal…
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Here is an overview of The Money Charity’s latest statistics for December 2020 Personal debt in the UK People in the UK owed £1,688.5 billion at the end of October 2020. The average total debt per household, including mortgages, was £60,580 and per adult was £31,867, around 109.1% of average earnings. Net mortgage lending rose by…
Read moreThe divide between the ‘haves’ and the ‘have nots’ continues to grow starkly as we move towards the end of a year dominated by the Covid-19 pandemic, according to the December 2020 Money Statistics, produced by The Money Charity. As statistics move into the final months of 2020 and with winter still to come, the…
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NatWest has that it has announced that it has entered into an agreement with Metro Bank to purchase its £3.1 billion mortgage portfolio in a deal that will see 13,000 customers transferred over to the lender. The £3.1 billion purchase price represents a 2.7% premium on the gross book value. The portfolio consists of owner-occupied residential…
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Total debit and credit card spending in the UK fell slightly in September, with 4.2 per cent fewer transactions than in August, as tougher Covid-19 measures were introduced according to new analysis by UK Finance Card spending data also revealed that the proportion of contactless payments continued to increase in September to reach its highest…
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The Financial Conduct Authority (FCA) has fined Barclays Bank £26 million for failures in its treatment of more than 1.5m retail and small business customers in financial difficulties who fell behind on credit card and loan payments between April 2014 and December 2018. Barclays has pro-actively redressed these customers, paying over £273 million to at least…
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A recent financial survey by KIS Finance has revealed that 43.2% of consumers anticipate having to take out some kind of credit facility before the end of this year. The company says that Christmas is already an expensive time of year and scammers know that many people struggle financially and turn to borrowing to get them through. With…
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New research has found that 45.5% of people have been forced to take out some kind of financial facility or borrow money from friends/family due to the pandemic according to KIS Finance. Alongside this, a further 43.2% of people expect to seek out more financial help before the end of the year. Young adults between…
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