Credit, Collections & Insolvency News
Latest Bank of England (BoE) figures show that consumer borrowing rose in May, outpacing the amount repaid for the first time since August 2020. Net borrowing rose by £280 million during the month, up from a net repayment of £228 million in April. The report shows that borrowing on credit cards fell but there was…
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New research from leading equity release lender, more2life, has revealed that over three-quarters (78%) of advisers think more of their customers will look to equity release to support basic retirement needs over the next year. More than half (59%) of advisers also think a greater number of their clients will enquire about equity release as a…
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Over one in ten (13%) (equating to 377,000 people nationwide) single-parent household saw their debt increase in lockdown, almost three times as many as those in households without children (5%) according to new research by comparethemarket.com. The research showed that during the second national lockdown, 39% of single parents were concerned over their ability to pay…
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New research by Opinium for Hargreaves Lansdown suggests that the richer you are, the more likely you are to fall debt ( ‘into the red’) The research also found that higher rate and additional rate taxpayers are more likely to be in the red for at least half the month (14% compared to 9% among…
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The Bank of Gran and Grandad has gifted nearly £1 million a day during the Stamp Duty holiday according to new data analysis from equity release adviser specialist, Key. Following the Stamp Duty Holiday, which kicked off on in July 2020, older homeowners have gifted £323.9 million worth of their own housing equity to help…
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Almost one in six people expect to be over the age of 65 by the time they repay their mortgage (15%) according to research by Opinium. The research shows that among those who were aged 55 and over and still had a mortgage, one in five expected to repay over the age of 70 (19%),…
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One in five households (21%) are paying for subscriptions they have forgotten about or no longer use, according to research from comparethemarket.com these households are typically spending £265 a year on services they don’t need. The research found only 28% of households check every month how much they are spending on subscriptions. As a result,…
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New data from FICO has revealed the levels of consumer tolerance to new account opening security checks. With 23 percent of respondents admitting to going to a competitor financial services provider if asked to visit a branch or post documents as part of the digital application process. According to the data, if asked to visit…
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Consumer spending was 7.6 per cent higher than in May two years ago according to new analysis by Barclaycard. The data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that spending on essential items grew 11.4 per cent compared to May 2019 – the sharpest increase since before…
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Nearly nine in ten (85%) 16-24 year olds say they know what a credit score is and what it is used for, but half (49%) are unaware that credit scores are used to check credit card eligibility, and 45% are unaware that credit scoring is used to secure mortgages or personal loans. The new study…
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New figures from the ONS have highlighted the gap between the incomes of the richest and poorest fifths of people in the UK. The figures show that In the period leading up to the pandemic, the richest (£107,800) one-fifth of people’s average household incomes before taxes and benefits was over 12 times larger than the…
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More than 285,000 households could be automatically moved onto more expensive ‘default’ energy tariffs this month if they do not switch tariffs or providers when their deals come to an end according to research by comparethemarket.com In June, there are 166 fixed energy tariffs coming to an end, which could mean an average increase to…
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Latest Bank of England (BoE) figures show that consumers continued making net repayments of consumer credit in April 2021. The figures show that households collectively made a £377 million net repayment in consumer credit, the repayment figures included credit cards, personal loans and overdrafts. Analysis shows that while people have been making significant net consumer…
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