Credit, Collections & Insolvency News
Since the pandemic began, 45% of households have started scrutinising their finances more regularly, compared to just 4% who said they paid less attention to their spending, according to new research from comparethemarket.com. The research also found that for those who are paying closer attention to their outgoings, nearly half (45%) are concerned about running…
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The Government’s Second WaveHousehold Resilience Study has indicated that one in ten mortgagors (712,000) and one in five private renters said it has been difficult to pay for housing in the past year with 12% of people were behind with at least one household bill. Among private renters, this rose to 24%. Private renters were…
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Buy Now Pay Later (BNPL) specialist travel agency, Butter has predicted that the UK BNPL sector will be worth £26.8bn by 2024, a 175% increase driven by an increasing market share of the UK’s e-commerce market. The company says that the BNPL sector has established a firm foothold within the UK, driven in prominence by…
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Latest UK Finance card spending data for January has revealed that the number and value of debit card and credit card purchases fell to its lowest point since the first lockdown. Credit card spending fell to £10.7 billion in January, down 37.9 per cent compared to January 2020. With high street shops closed due to lockdown…
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Analysis by the Resolution Foundation suggests that British households have been hit harder by the pandemic than those in France and Germany. As part of a new project, supported by JP Morgan Chase, the Resolution Foundation has examined and compared the strengths and weaknesses of family finances across the UK, France and Germany on the…
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Latest figures from FICO have indicated that the average spend on credit cards fell by £33 to £547 in February 2021, with sales 16 percent lower than a year ago. Stacey West, Principal Consultant for FICO Advisors said “This drop is opposite to the usual trend we see at this time of year,” continued West. “However,…
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Scottish personal insolvencies figures continued to decline in March 2021 according to latest figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland fell by 19% in January-March 2021 compared with October-December 2020, and fell…
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More than two in five (43%) households cut their energy consumption to be able to afford their bills, according to new research bycomparethemarket.com. The survey of more than 4,000 people reveals that households were forced to ration their energy use this winter to cope with increased costs. The impact on households with younger people, who…
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The impact of the Covid-19 pandemic was the fifth most common reason for debt according to StepChange’s Statistics Yearbook 2020, The report also reveals some noteworthy shifts in client trends and characteristics in 2020 compared with previous recent years. However, the debt charity says that what is equally striking is that all the debt pressures…
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Latest Barclaycard data has revealed that spending fell by 7.2 per cent in March compared with the same month in 2019, as the lockdown continued. However, spending on hotels, resorts and accommodation, as well as entertainment, showed early signs of improvement as consumers began to make plans for when restrictions are lifted. The report also…
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New research by Exizent has found that the estate administration process causes stress, frustration, financial issues and even mental health problems for the bereaved. In its first annual Bereavement Index, Exizent has discovered that 25% of people dealing with the administrative side of bereavement suffered financial difficulties as a result, while 40% saw their mental health…
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A year on from the start of the pandemic, new research from StepChange Debt Charity has revealed that nearly a quarter (23%) of the 1.6m people who’ve accessed credit payment deferrals have subsequently missed repayments, while half (50%) say they have resumed repayments but with difficulty. Since last week people struggling financially as a result…
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A new KIS Finance survey has revealed some of people’s financial concerns relating to lockdown restrictions easing and the pressure to socialise again with nearly 40% are concerned about being able to afford socialising after lockdown. The company’s research has found that 38.1% of people are concerned about overpressure from friends and family to go…
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