Credit, Collections & Insolvency News
A new report published the Institute of Fiscal Studies (IFS) suggests that a quarter of very low-income households have high debt repayments or are behind on bills or repayment. The size of overall unsecured household debt tells us little about how much ‘problem debt’ there is. Over 60% of unsecured debt is held by households…
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New research from GoCompare Money has revealed that Brits are hiding a collective £13bn worth of secret personal debt from their friends, families and even their partners. The study from the comparison site found that 40% of UK adults had some form of personal debt (excluding mortgages), owing £6,131, on average. However, despite nearly a third (29%)…
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The average adult will shell out £4,600 on ‘financial’ New Year’s resolutions such as conquering their debts or moving house, according to a study. Expensive pledges such as paying off debt, buying a car and travelling the world are just as popular as traditional resolutions such as quitting smoking. The average person will attempt two…
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Consumer insight specialist, Callcredit Information Group, is predicting the emergence of a dual speed data economy as the phased adoption of Open Banking starts on 13th January 2018. Callcredit anticipates a gap will emerge between those businesses that are willing and able to harness the additional potential insights and enhanced consumer benefits Open Banking brings,…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 8% in November, compared with the same month in 2016, while the value of new business increased by 2% over the same period. The percentage of private…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in November by 5%, compared with the same month in 2016. Credit card and personal loan new business together grew by 3% compared with November 2016, while retail store and online credit new business increased by 13%. Second charge…
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Financial inclusion as a concept can stir mixed feelings in some people: on the one hand it means bringing as many people in to the safety of the financial mainstream as possible, away from those services on the fringes designed primarily to rip off people in vulnerable financial circumstances. On the other hand financial inclusion…
Read moreRapid growth in Britain’s consumer credit has been driven by borrowing by people with good credit scores, not subprime lending, according to research the Financial Conduct Authority (FCA) and Bank of England (BOE). Unsecured consumer lending grew at near double-digit rates in 2016 and 2017, and concern that lenders had overestimated their borrowers’ creditworthiness led…
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Car sales in the UK declined in 2017, the first decline in five years. The Motor industry is blaming government for a collapse in consumer confidence in diesel vehicles Total sales for last year were 2.54m new vehicles, a decline of 5.6% on 2016, with diesel sales dropping 17%. The Society of Motor Manufacturers and…
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Household bills increased by £280 in 2017, according to new findings from comparethemarket.com. The research reveals that the costs for energy, motor and home insurance have risen by 13% over the past year from £2,216 to £2,502, leaving consumers £286 out of pocket. Energy bills have seen the most dramatic price hike, as customers have paid on…
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New research from uSwitch.com has indicated that one in four consumers will carry an average credit card debt of £452 into this year. Despite the cost of living reaching a five year high in 2017, the British public has not held back on their Christmas spending, with almost £8.5 billion being spent on plastic this…
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One in three consumers shopped ‘blindly’ this Christmas – by not checking their bank balance before, during or after hitting stores and retail websites according to latest research by Asda Money Despite 77 percent setting a typical budget of £539 the study of 2,000 adults found overall one fifth spent more than they intended to.…
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Decisioning software specialist LendingMetrics is set to launch a new Open Banking service in 2018. The “Open Bank Vision” campaign will launch in early 2018 as a free service. There will be zero setup fees, transaction fees, account fees, or indeed fees of any nature. The company has also emphasised that this is not an introductory offer,…
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