Credit, Collections & Insolvency News
A TDX Group Consumer Debt Report has revealed that over a quarter (28%) of Brits fear they may not be able to keep up with repayments on their personal debt. The online survey, conducted by YouGov, also found that unsecured debt now tops average monthly earnings¹, with more than one in four (28%) owing in…
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The number of purchases using debit and credit cards has more than doubled in the past 10 years, as contactless payments and online retail have driven a change in the way consumers pay, according to a report from The UK Cards Association. Debit and credit cards were used to make 16.4 billion purchases in 2016,…
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More than half of Scots (51%) say they occasionally run out of money before payday, with 15% saying they do so ‘most of the time’ or ‘always. The figures are part of a new report by Citizens Advice Scotland which aims to take a snapshot of the financial realities facing Scots in 2017, and in particular,…
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Here is an overview of The Money Charity’s latest statistics for June 2017: Personal debt in the UK People in the UK owed £1.532 trillion at the end of April 2017. This is up from £1.485 trillion at the end of April 2016 – an extra £886.84 per UK adult Per adult in the UK…
Read moreChristians Against Poverty (CAP) has launched its latest Client Report. The report examines the collaboration between CAP and other organisations, which makes transformation in people’s lives and circumstances possible. One client’s story explores how the credit industry, referral partners, local communities and the Church can all work with CAP to tackle poverty and its causes.…
Read moreA new guide that helps finance providers identify and support customers in vulnerable situations during the credit application process is being launched today by the Finance & Leasing Association (FLA) and The UK Cards Association. Developed by the University of Bristol’s Personal Finance Research Centre (PFRC), in partnership with both Associations, Vulnerability: a guide for…
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Debt charity Christians Against Poverty has discovered that household bills and costs have tripled in the past ten years. A decade ago, the average client owed £1,412 in priority arrears, a figure representing just nine per cent of that person’s whole debt problem. In 2016, it had ballooned to £4,582, nearly a third (32%) of…
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The Financial Ombudsman Service (FOS) has published it’s annual Complaints report which indicates a continued rise in complaints about payday loan companies. FOS said there were 10,529 complaints about payday loan companies in 2016/17. This is more than a three-fold increase since the 3,216 complaints in 2015/16. Complaints about consumer credit rose by 89%. 25,984 complaints…
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UK household spending has fallen for the first time since 2013. Kevin Jenkins, UK & Ireland Managing Director at Visa said “Consumer spending fell for the first time in nearly four years in May, following some marked slowdowns in growth since the beginning of the year. Our Index clearly shows that with rising prices and stalling…
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New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market fell 19% by value and 28% by volume in April, compared with the same month in 2016. This mirrored a reduction in private new car sales in April which…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in April, compared with the same month last year. Credit card and personal loan new business together grew by 3% compared with April 2016, while retail store and online credit new business fell by 4%.…
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One out of every 10 Irish borrowers is in some form of arrears on their mortgage. A total of 76,400 mortgages on homes were in arrears in the first three months of this year, new Central Bank of Ireland figures show. Of the total in arrears, almost 34,000 mortgage accounts are more than two years…
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The importance of addressing the priority digital collections needs within your business “New and improved” technology is touted as the solution to the collection industry’s growing complexity. But just as endless “improvements” overhyped in grocery products lead to consumer distrust, technology-solution claims deserve a similar sceptical reaction. Consumers and collectors alike would benefit from taking…
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