Credit, Collections & Insolvency News
Research from a YouGov poll has revealed that almost half (49 per cent) of people in Scotland admit to being in debt with many of these feeling the strain, just weeks before Christmas. The poll, which was commissioned by Scotcash and Scotwest Credit Union, revealed almost 1 in 2 (49 per cent) of adults surveyed…
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Christmas spending is set to hit £19 billion this year, with Brits ignoring the Brexit blues and splashing out an average of £415 each in the run-up to Christmas – 4.5 per cent more than the same time last year according to research by MoneySupermarket. The research predicts that: Brits will splash out £19 billion this year…
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Consumers are losing trust in businesses as a result of poor billing practices and being pushed onto direct debit arrangements, according to new research by Echo Managed Services. Research with a representative sample of 1,000 UK adults revealed that 15% of consumers had been put on a tariff where they are paying more than necessary.…
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Gross mortgage lending held steady in October and was an estimated £20.6 billion, according to the Council of Mortgage Lenders (CML). This closely matches September’s gross lending total of £20.5 billion and is 5% lower than October last year (£21.8 billion). Commenting on market conditions in this month’s market commentary, CML senior economist Mohammad Jamei…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point-of-sale (POS) consumer new car finance market grew 9% by value and 3% by volume in September, compared with the same month last year. In Q3 2016 as a whole, new business was up 7% by value and 3%…
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New figures released today by the Finance & Leasing Association (FLA) show that the number of second-charge mortgage repossessions in Q3 2016 was 36, down 35.7% on the same quarter in 2015. Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said “The third quarter of 2016 saw further…
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Debt collection agency Advanced Collection Systems (ACS) has received support from Innovate UK, the UK’s Innovation Agency and executive arm of the Department for Business, Energy & Industrial Strategy (BEIS), to develop and launch an intelligent software solution with the goal of changing the debt recovery model used throughout the sector. The project will be…
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Nearly two years on from tough regulations implemented by the Financial Conduct Authority, the payday loan market continues to show signs of irresponsible lending and poor treatment of people in financial difficulty, according to a new report from StepChange Debt Charity. The proportion of people coming to the charity with payday loan debts has fallen from…
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Here is an overview of The Money Charity’s latest statistics for November 2016: Personal debt in the UK People in the UK owed £1.503 trillion at the end of September 2016. This is up from £1.451 trillion at the end of September 2015 – an extra £1036.58 per UK adult. Per adult in the UK…
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The Insolvency has published the latest Insolvency statistics between July & September. The key finding from the statistics was that total individual insolvencies increased for the fifth consecutive quarter, driven primarily by an increase in individual voluntary arrangements. Bankruptcies increased this quarter. It is likely that changes to the bankruptcy application process have affected the…
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More customers in vulnerable situations will get extra help, under changes to the Priority Services Register announced by Ofgem. Customers on the Priority Services Register can get free, vital services from network operators and suppliers to help them manage their energy. These include: customers being given a password so that they can safely identify representatives…
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Parents and children are relying on financial support from each other, according to the latest findings from a SunLife’s report. The research shows that while one in six (17%) 55-65s are expecting to be supported financially by their grown up kids when they retire, one in five (19%) adult children are relying on inheritance from their…
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More than a quarter of Brits (28%) admit to dreading the cost of Christmas, according to Debt Advisory Centre. As the most expensive time of year approaches, 18 million people say that they dread Christmas due to the cost. Young people (aged 18-24), are the most likely to dread Christmas with more than 1 in 3…
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