Credit, Collections & Insolvency News
New research by LifeSearch has found that 14% of consumers have repaid debts in the last six months, rising to 20% of Generation Y (aged 25-39); an average of £319 was repaid per month, totalling £2.4 billion nationwide, and rising to £469 pm among the over 55s. A further 7% have overpaid on their mortgage,…
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A new survey by Nerdwallet has found that four in five consumers plan to spend above pre-pandemic levels throughout 2021 revealing that the recent financial behaviour of consumers and their spending plans have eased now that lockdown restrictions have changed. The research found that 85% expect to sustain or increase spending from current levels by…
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The number of borrowers releasing equity from their homes has neared pre-pandemic levels in the second quarter of this year, according to the latest figures from the Equity Release Council (ERC). There were 20,352 new and returning customers in the market between April and June, a rise from 16,527 in Q1 2021 and 13,617 in…
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The number of debt judgments registered against Northern Ireland consumers in the first half of 2021 (H1 2021) was 1,678, a fall of nearly 12 per cent from the 1,900 in the same period last year, according to figures released by Registry Trust. But, the total value of judgment debt owed by consumers rose by…
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Here is an overview of The Money Charity’s latest statistics for July 2021 Personal debt in the UK People in the UK owed £1,721.3 billion at the end of May 2021. The average total debt per household, including mortgages, was £61,933 and per adult was £32,544, around 108.7% of average earnings. Net mortgage lending rose by…
Read moreNearly one in three people are retiring in debt this year with an average £20,650 to pay off, new research by equity release adviser Key, has indicated. People expecting to retire this year are facing debts around a fifth higher than those who finished work last year the study shows – although the number of…
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New research by LifeSearch has indicated that consumers’ wealth continues to recover as £14.1 billion of debts repaid and £34.6 billion saved in the past 6 months. The research has found that 14% of consumers have repaid debts in the last six months, rising to 20% of Generation Y (aged 25-39); an average of £319…
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A new report from Juniper Research has found that global contactless card transaction values will reach $2.5 trillion in 2021, from $1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021. The pandemic has significantly accelerated an existing contactless card usage trend, and these value increases…
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New spending analysis of UK card trends by FICO for May 2021, suggests that some consumers are practising pragmatic financial management, as well as continuing to make use of savings accrued during the pandemic. There are, however, warning signs of the financial pressure growing for those already in debt. Whilst the effects of a full…
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The Government has revealed proposals to trial automatic switching for customers on expensive default energy tariffs to cheaper deals, and government to tackle ‘loyalty penalty’. Business and Energy Secretary Kwasi Kwarteng published proposals to trial automatic switching for customers on expensive default energy tariffs to cheaper deals. Research has shown that while around 5.8 million…
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The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have published an updated assessment of the UK’s access to cash infrastructure, taking into account the impact of coronavirus (Covid-19), alongside new research on consumers who rely on cash. The findings show that most people have reasonable access to cash through a combination of bank, building…
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New research from Experian found that nearly two fifths (38%) of consumers said they were considering buying a new home within the next five years, rising to 66% of people in their 30s and 67% of those in their 20s. People also suggested they are prepared to stretch themselves to secure their dream home, with…
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New research has found that 840,000 private renters have built up arrears as a result of the Covid pandemic meaning 56% of landlords have lost rental income. The research by Homeppl also found that there was also 71% rise in fraudulent applications, one in 50 are now fraudulent and that fraudulent tenants now costing landlords…
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