Credit, Collections & Insolvency News
The UK Finance has released its latest car expenditure statistics for June 2017. Highlights from the statistics include: Total card spending reached £57.1 billion in June, up by 0.3% on May and 7% on June 2016. There were just under 1.4 billion card payments in June, a monthly record and a 12% rise in the…
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The number of debt judgments in Northern Ireland increased during the first half of 2017 according to figures released today by Registry Trust. There were 4,101 small claims judgments in the first six months of the year, a year on year increase of 11 percent. The total value rose by 21 percent to £8.3m. The…
Read moreHere is an overview of The Money Charity’s latest statistics for August 2017: Personal debt in the UK Total UK personal debt The average total debt per household – including mortgages – was £57,005 in June. The revised figure for May was £56,791 Based on June 2017 trends, the UK’s total interest repayments on personal…
Read moreAccording to a new study from protection specialist LV=, renters among the late-Millennial generation (25-34 years old) are one of the least financially resilient groups in the UK. Based on research conducted with over 9,000 people, the first instalment of LV=’s ‘Income Roulette’ research found that more than half (55%) of 25-34-year-olds fall short of the…
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Consumers are shrugging off concerns about a spending squeeze with increased confidence in their personal finances, according to the latest Lloyds Bank Spending Power Report. The latest poll – which saw Ipsos MORI survey 2,000 people with bank accounts across the UK – comes amid a raft of economic data highlighting the challenges faced by…
Read moreLoyal customers who don’t remortgage after their fixed term deal can pay £400 extra a year, Citizens Advice research reveals. The penalty affects people who are rolled onto their bank’s standard variable interest rate at the end of a fixed term mortgage deal. The Citizens Advice research finds that people who remain on the standard…
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The Credit Services Association (CSA) has secured an agreement with Royal Mail to bring the Test & Innovate Scheme (TIS) to the collections industry. TIS is an incentive for trying new ideas in mail applications that could prompt higher response rates from customers. These range from changes to letter content and layout through to envelope changes…
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There is a market failure in the provision of credit for financially vulnerable people who have to borrow to meet their essential costs, according to a major new report – ‘The high cost of credit’ – by StepChange Debt Charity. Over one million people in the UK are using high-cost credit to cover their everyday…
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UK Finance has released its latest UK Card Expenditure Statistics for May 2017. The statistics include: A third of card payments are now contactless, up to 33 per cent from 18 per cent in May 2016; A total of £4.5 billion was spent via contactless in May 2017, compared to £3.9 billion in April 2017; The…
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More than 4 in 10 UK consumers say that they are still negatively impacted by financial mistakes they made in the past, according to research from Aviva. A greater number still say they wish they had managed their finances differently (64%) while 63% wish they had learnt more about financial matters when they were younger.…
Read moreMoneySuperMarket analysed three million loan enquiries made on its Smart Search tool from January 2015 – March 2017 to find that more than one in four (28 per cent) Brits want to borrow an amount equal to at least half of their annual income. Worryingly, almost 10 per cent of personal loan enquiries are from people hoping…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in May by 8% compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with May 2016, while retail store and online credit new business increased by 3%. Second charge…
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Working families with children are facing bigger shortfalls in their household budgets this year, despite an increase in the National Living Wage and tax cuts, according to the Joseph Rowntree Foundation’s authoritative annual report on living standards. A return to inflation combined with a freeze in working benefits has caused the shortfall to increase for…
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