Credit, Collections & Insolvency News
New research from GoCompare has revealed the £41billion bill for modern goods and services -things that are sapping our finances now, but which most of us wouldn’t have been paying out for just 10 years ago. The comparison site has identified 20 so-called ‘Nouveau Bills’ that are costing UK adults £66 a month or £788 a year…
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A new report by Which? has revealed how the broken deposit system is placing financial pressure on renters, with some tenants facing weeks to get their money returned or having to challenge charges that they feel are unreasonable. The consumer champion’s findings reveal that two in five (43%) renters that faced moving costs used a…
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Personal Insolvencies for the UK’s under 25s have risen 20% in just a year, from a total of 4,709 in 2016 to 5,640 individuals in 2017, according to new analysis from Moore Stephens. Within the under 25s age bracket, women are more likely to become insolvent than men with 3,175 women going insolvent in 2017…
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A new study from LV has revealed that people in their early thirties are putting off life milestones such as having children or buying a home, due to being one of the least financially resilient groups in the UK. A quarter (24%) of the 30-35-year-olds in the study, of which there are 4.7 million in the…
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Most (77%) UK consumers have made a contactless payment in the last year, with over 19 million (37%) now saying contactless is their first-choice payment method for purchases under £30, according to new research, commissioned by GoCompare Money. The research reveals that 77% of people (40 million) have made a contactless payment in the last 12…
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New research by credit experts TotallyMoney has revealed the best average credit score locations across the UK, with Greater London soaring to the top, and Hertfordshire following close behind. The Free Credit Report company looked at credit scores for all available postcode areas, to calculate the average score for that district. TotallyMoney then ranked them…
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The Bank of England has published its latest monthly Money and Credit report showing consumer credit growth remained at 8.8 percent in the year to June 2018. Outstanding balances for consumer credit stand at £213.2 billion. The figures are published days after the Office of National Statistics revealed that British households spent around £900 more…
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The Insolvency has published the latest personal insolvency figures for England and Wales which indicate that total individual insolvencies continued to increase in Q2 2018, reaching the highest quarterly level since Q1 2012. The Insolvency Service says that this was driven by increases in individual voluntary arrangements (IVAs), which reached a record high, and debt…
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A new report from the Office of National Statistics (ONS) has shown that, on average, each UK household last year spent or invested £900 more than they received in income. The Office for National Statistics said the shortfall amounted to nearly £25 billion and the overspend was mostly paid for with borrowed money, though households…
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New research on the UK car finance market has found that payments have now hit over £1 billion a month according to Kwik Fit. Kwik Fit has found, the average payment is now £226.12 per month. The North West was the region with the most drivers paying finance, 867,000, while Wales had the smallest finance…
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Lloyds Bank latest Spending Power Report has given a glimpse into the financial impact of the UK consumer’s daily commute. 84% have seen their commuting costs either stay the same or increase over the past 12 months, and one in five (18%) believe that the amount they are spending on this is causing them to…
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UK Finance has published mortgage product transfer figures for the first time. The figure highlights indicate that: 390,200 homeowners switched product with their existing provider (product transfers) in the first quarter of 2018. By value, this represents £53.7bn of mortgage debt refinanced internally. These figures do not feature in any market data on remortgaging, or other…
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The Treasury Committee has published a new report on household finances. In response to the report, MPs have called for greater support to help UK households that struggle financially, to help them deal with debt and encourage saving. The report highlighted that many households are over-indebted and lack a ‘rainy day’ savings buffer and that…
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