Credit, Collections & Insolvency News
Tesco Bank has announced plans to transfer its collections and recoveries operations (Financial Assist) within its Customer Service division to Arrow Global. Arrow Global says that the partnership will allow Tesco Bank to deliver an enhanced service to customers in financial difficulty by providing the necessary support and flexibility they will need in the future.…
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A third of self-employed homeowners have increased their unsecured debts and a quarter have deferred mortgage payments to prop up their finances during the Covid-19 pandemic according to research by The Mortgage Lender. The survey, which was carried out in March this year among 1,000 self-employed homeowners, or those who want to own their own…
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England’s so-called ‘Freedom Day’ on the 19th July 2021 prompted a surge in spending which surpassed pre-pandemic levels in 2019, according to the latest Lloyds Bank Spending Power Report. Pub and restaurant-goers spent 53% more in the three weeks following the 19th July 2021, than the same period in 2019, as well as 41% more on cultural…
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Over two in five vulnerable customers feel that they have been unfairly treated by organisations in the last 12 months according to new research Vulnerability Registration Service (VRS), The findings in the research suggest that 17.7 million consumers consider themselves vulnerable with 34% of the UK population, with 13.1 million (25%) people saying they have…
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New research from Yolt, has revealed that over one in six (16%) UK adults never review some of their key household expenses. The research indicates that the 8.6 million in the UK who are ‘bill blind’ could be missing out on the most competitive deals available. This follows Ofgem’s recent announcement that the energy price cap…
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Nearly three-quarters (73 per cent) of consumers are currently paying for a multitude of subscriptions and memberships, with over half (54 per cent) having bought into at least one new service since the pandemic started. This averages out as an extra £17.65 per person each month, or a collective spend of £7.9 billion across the…
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Data from Barclaycard showed that consumer card spending grew 11.6 per cent in July compared to the same period in 2019, as the heatwave and easing of restrictions saw consumers make the most of their newfound freedoms. The data revealed that spending on essential items grew 14 per cent last month, compared to July 2019. This…
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The stamp duty holiday helped drive higher engagement with credit scores, according to Experian. Mortgage applications were 31% higher during the stamp duty holiday than the equivalent period between 2019 and 2020 and those consumers who took out a new mortgage were more likely to check their credit score. Credit score engagement peaked in July…
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The ONS has released new statistics charting 50 years of housing change patterns between 1961 and 2011. The report showed that in 1961, only 42% of households owned their own home, and in several parts of London fewer than 10% did. By 2011, 64% of people owned their own home, and the area with the…
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Furlough and forbearance measures helped the UK avoid the spike in loan defaults that were expected at the start of the pandemic, but as they are phased out this year, a recent surge in payment holidays for unsecured loans suggests one in ten borrowers are still concerned about maintaining repayments according to new analysis by…
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The average number of tenants in rent arrears is at its lowest level for ten years research by Paragon Bank has found. The Bank has highlighted that in Q2 2021 each landlord surveyed had an average of 1.3 tenants with outstanding rent payments. This is the lowest number since Q1 2011 when research agency BVA…
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Energy suppliers have increased the cheapest energy deals by £180 in a year, since the start of July 2020, with the new price cap level expected to rise for millions of households, according to research from comparethemarket.com. The increase comes as energy deals have reached the highest cost for more than two years. The average…
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Latest figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales decreased by 4.3% compared to Q1 2021’s figures. There were 27,622 seasonally adjusted individual insolvencies in Q2 2021, a fall of 4.3% compared to Q1 2021’s figures of 28,895 and a fall of 13.9% compared to Q2 2021 (32,134).…
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