Credit, Collections & Insolvency News
A new survey from Aegon shows that 14% of people think they will still be paying their mortgage at age 70. The research says that traditionally, mortgages were paid off well before typical retirement ages but new research from pension and investment company Aegon has found that 14% of people believe they will still be…
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One-in-five (22%) British adults have had an outstanding credit card balance for at least six months, including the 4% of British adults who have had an outstanding balance for over five years, according to a survey of over 2,000 British adults by insolvency trade body R3. The research, part of a long-running survey of Britain’s…
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New research from TDX Group has indicated that people living in East Anglia, Brighton and Newcastle residents are the most likely to be insolvent. Commenting on the research Richard Haymes, Head of Financial Difficulties at TDX Group, an Equifax said “Our latest research shows a significant and growing disparity between the level of individual insolvencies across…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in May grew by 11%, compared with the same month last year. Credit card and personal loan new business together grew by 11% in May, while retail store and online credit new business increased by 8%. Second charge mortgage…
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New research by credit experts TotallyMoney suggests consumers will pay an estimated £23.8 million solely on interest and transaction fees from using credit cards to gamble on 2018’s World Cup. Credit card payments used for gambling are treated by lenders as a cash advance. This usually means the borrower is charged a transaction fee, a…
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New research from equity release lender More 2 life has revealed that unsecured debt amongst 55 to 74-year-olds has risen by more than a third (+34%) over the last four years – or more than twice as fast as the national average (+14%). While 34% of over 55s have some form of unsecured debt, it…
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At least 2.97 million families living in properties across the UK do not have life insurance cover to ensure that their mortgages are paid off should the policyholder pass away, according to new research by Compare The Market. The lack of life insurance protection is particularly concerning given the growing levels of mortgage debt and…
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Millions of Brits are ‘fed-up’ with ‘overly complicated’ web and phone security measures, a new study has found. Researchers who polled 2,000 UK adults found 77 per cent don’t see the need for what they consider ‘unnecessary’ procedures. Around half are sick of having to answer ‘endless’ security questions whenever they call customer service departments.…
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Latest research by the Joseph Rowntree Foundation (JFR) has revealed that low-income families need a third more disposable income than a decade ago to make ends meet and are facing bigger barriers to meet rising costs – despite tightening their belts and shopping around online for better deals and tariffs. The rising cost of transport,…
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New research from Compare the Market has revealed very low levels of engagement with electricity and gas meters across the UK. The findings show that the majority (80%) of households – over 22 million across the country – do not submit monthly meter readings, while 1 in 10 admit to not knowing who is responsible…
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The Bank of England has published its latest banking statistics which show that consumer credit growth rates continued to slow in May, but remains rapid relative to 2009-12. Although net lending fell slightly on the month, at £1.4 billion, it was in line with the average amount borrowed monthly over the past year. The decrease…
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New research from Paym, the UK’s mobile payment service, has found that one in five (21%) consumers have had a falling out over money – making it one of the most common reasons for friendship-troubles, causing more problems than politics (15%), or sport (10%). One of the main reasons for feeling awkward about owing money…
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The expense system of businesses in the UK is in a farcical state, according to recent research of UK employees commissioned by expense software company Expend. Nearly 1/3 (29%) of respondents have asked friends or family for cash while out of pocket waiting for company expenses to be reimbursed or paid, showing the dire personal…
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