Credit, Collections & Insolvency News
Two in five consumers find discussing their finances makes their heart race or leads to stress according to MoneySuperMarket research. The company asked consumers to rate a range of financial events on a stress scale of 1 to 10, revealing even day to day matters are causing anxiety and that being unemployed but needing to…
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New research by Resolver has found that thousands of people are being penalised or pursued for buy now, pay later (BNPL) debts incorrectly, as a direct result of errors by retailers and credit companies. Resolver says that it has helped people sort out more than 17,500 complaints about buy now, pay later credit in the…
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New research by Key has indicated that retired households saw their average disposable incomes fall by 12% last year. The analysis shows average disposable incomes for retired people fell in the financial year ending 2020 from the previous year by nearly 12% with much of the cut coming from lower private pension income and investment…
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Squeezed savings, lower income from employment and less money available to spend kept UK household finances under pressure in the opening quarter of 2021 despite greater efforts to pay down debt, according to the Scottish Widows UK Household Finance Index (HFI). The headline seasonally adjusted index which measures households’ overall perceptions of financial wellbeing – registered 42.0 in Q1, up from 41.1…
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Consumers paid off £1.2 billion in credit card debt and overdrafts in the final month of full lockdown according to the latest Bank of England figures. The figures showed that net repayments on products such as credit cards, personal loans and overdrafts were at the strongest annual rate in 27 years. The repayment figures are…
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One in five consumers in the UK (20 percent), equating to an estimated 10.2 million people, say they are worried their finances will not fully recover from the impact of Covid-19, according to new research from the Money Advice Trust. The research, based on a poll of more than 2,000 adults conducted online by YouGov,…
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Nearly a third (31%) of credit cardholders have been unable to repay their balance in full each month since the pandemic began, which can lead to further interest and debt accruing due to high APR rates, according to new research from comparethemarket.com. Among 25-34-year-olds, this figure increases to more than two-fifths (41%). Millennials are the hardest…
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The divide between rich and poor is widening, as many consumers have grown their savings during the COVID-19 pandemic, while others are struggling to make ends meet according to new research by TransUnion. The research reveals the pandemic has given over a third (35%) of UK adults the chance to increase their savings and 16%…
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Credit Connect’s hosted its second Online Collections Technology Think Tank 2.0 last week which saw collections strategies and the impact of the pandemic discussed by fourteen collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, affordability, and open banking collections were discussed by panellists and Chair Vanessa Northam from StepChange.…
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New research from Lowell as part of Debt Awareness Week has revealed that seven in ten people don’t discuss their debt with anyone. Further analysis in the report shows that seven in ten (69%) of people don’t discuss their debt, with over half (53%) too embarrassed to talk about it The research found that talking…
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Two-thirds (66%) of consumers wait over a year to do something about their debts according to new research from debt advice specialist PayPlan. The report also shows that 73% feel embarrassed to reach out for debt support and A third of people put off help as they don’t want their friends or family to find out…
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Marking the start of the Debt Awareness Week, debt charity StepChange is encouraging people to take TheFirstStep towards getting debt help, by opening up the conversation around debt and removing the stigma that can surround financial problems. Debt Awareness Week is the charity’s annual campaign to raise awareness of problem debt and remind people that…
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Research from global information and insights provider TransUnion has revealed an increase in optimism around household finances in the UK. More than half (54%) of those surveyed now feel optimistic about their current financial situation, up from 42% at the end of 2020. The confident outlook coincides with the successful UK rollout of the Covid-19…
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