Credit, Collections & Insolvency News
How cloud technology can improve collections performance In today’s world, few consumers are immune to the risk of personal debt. The uncertain nature of the global economy is creating a new breed of debtor, in the form of a consumer who has temporarily fallen on hard times, after living their whole lives as reliable bill-payers.…
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Research data by Aviva has shown that credit card debt among the over-55s has reached a six year high of £1,052, up 9% since last year and the highest level since Aviva began collecting the data in 2011. The findings come from its latest Real Retirement Report series, which suggests that both secured and unsecured debts are…
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A research report from Equiniti Credit Services depicts a rising market for credit in the UK, with consumer motivations for borrowing split between funding aspirational items such as holidays and household goods (47%), and managing or consolidating existing debt (53%). The report has also identified a stark age group difference in attitudes to technology with…
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Latest research from the Joseph Rowntree Foundation (JRF) has highlighted how a benefits freeze will affect families- the majority of which are in work. The freeze is the single biggest policy driver behind the expected rise in poverty by the end of the Parliament. JRF is calling for the Government to target its resources better…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 4% compared with the same month last year. Credit card and personal loan new business together grew by 4% compared with August 2016, while retail store and online credit new business increased by 7%. Second…
Read moreThe concept of the ‘Bank of Mum and Dad’ is growing in importance but more than half of potential first-time buyers expecting to receive financial help from family to complete their purchase would feel guilty about doing so, new research reveals. The latest First-Time Buyers Report by Yorkshire Building Society shows 66% of UK adults aged 18-40…
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Credit Bureau, Credit Kudos has announced its has received Financial Conduct Authority (FCA) authorisation. Credit Kudos are building a new credit scoring system to tackle the problem of increasingly persistent consumer debt. Commenting on the announcement, Freddy Kelly, founder and CEO of Credit Kudos said: “Credit is a crucial instrument for so many of us,…
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Research by Saga Money found that while retired people want to save to pass on an inheritance, their children would rather they spent the money on living today.. More than eight in ten children say they would rather their parents spent their money in retirement than leave them an inheritance, yet four in five parents…
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Research from independent car buying site, carwow, reveals that nine in ten Millennials are renting or leasing modern day essentials such as cars, homes and mobile phones because it’s the only way to afford to them. Due to soaring living costs, a poll of 2,000 car owners by carwow shows that one in two millennials…
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The Insolvency Service has released a statistical breakdown of individual insolvencies in England and Wales, by region, county, unitary authority and local authority levels. The statistics also include age and gender breakdowns of individual insolvencies at region level. The statistics cover the calendar years 2000 to 2016. Main Messages The total insolvency rate increased for…
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Among growing concerns about high consumer debt levels in the UK, a new study finds that almost a third of credit card and personal loan debt – up to £35bn – is sitting with people who are deemed to have low financial maturity. Aire, which uses Artificial Intelligence (AI) technology to help lenders provide applicants…
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R3 has published its latest UK personal finances statistics which indicated that two-fifths (41%) of British adults are at least fairly worried about their current level of debt, while a similar proportion (40%) say they sometimes or often struggle to make it to payday, says insolvency and restructuring trade body R3. The figures, from the…
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Mounting debt is causing six in ten (59%) ‘Middle Britain’ families to fall short of the recommended level of savings to be financially resilient – leaving them at risk of being hit hard if they were to lose their income, according to new research by leading insurer, LV=. In the final instalment of its ‘Income…
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