Credit, Collections & Insolvency News
The number of households experiencing problem debt could rise to 1.5 million by the middle of the year, the highest level since the period following the global financial crisis and an increase of 370,000–480,000 since the start of the pandemic, according to research published by Pro Bono Economics for Citizens Advice. The report also suggests…
Read more
Latest Bank of England data released shows that households paid back £2.4 billion of borrowing on credit cards, personal loans and overdrafts in the first month of 2021. The total amount outstanding on credit cards and loans shrank to £199.4 billion, falling below £200billion for the first time since April 2017. Consumer borrowing fell at…
Read more
New research from specialist lender Hodge Bank has revealed that more than half of Brits in their 50s haven’t started actively retirement planning. According to the research, which interviewed over 700 people, the majority of those in their 50s are still working (81%) and planning on leading an active lifestyle into their 60s, meaning that…
Read more
The Social Market Foundation (SMF) estimates that nearly 770,000 families are at risk of losing their homes if they suffer a loss in income when a ban on repossessions ends in April. The Social Market Foundation think tank analysed official data and found that of the 770,000 at risk of repossession, a quarter (26%) worked…
Read more
Latest card spending data published by UK Finance has revealed that online spending across credit and debit cards last November reached a proportion not seen since the first lockdown, in a month which included Black Friday sales and new coronavirus restrictions across the UK. Online card spending accounted for 38 per cent of the total…
Read more
New data analysis from Key has indicated shows that older homeowners gifted an average of £42,500 to younger relatives to help them get on or move up the property ladder in 2020. This is almost two-thirds of the average first-time buyer deposit (£57,278) and will have gone even further than before due to the stamp…
Read more
Over 620,000 families with children have started claiming Universal Credit since the start of the pandemic, according to the latest figures published by the Department for Work and Pensions (DWP). The figures indicate that more than a third of claims made since Universal Credit was introduced have been made during the coronavirus pandemic. There were…
Read more
SunLife’s ‘Covid and Over 50s’ Finances ‘research has revealed that 27% of people over 50 are worse off as a result of the pandemic, by £445 a month on average. Across the UK, this is the equivalent of £3 billion per month, which, since the pandemic started in March 2020 is a total of £33.2…
Read more
The Financial Conduct Authority (FCA) has published final guidance clarifying its expectations of firms on the fair treatment of vulnerable customers. The guidance aims to drive improvements in the way firms treat vulnerable consumers so that they are consistently able to achieve outcomes that are as good as everybody else. People can find themselves in…
Read more
Research by the National Institute of Economic and Social Research (NIESR) shows there were 220,000 more households living in destitution by the end of last year. The pandemic has helped push the figure up to 421,500 households – with destitution defined as a two-adult household living on less than £100 a week and a single-adult…
Read more
The number of people on Universal Credit has nearly doubled since March. With DWP figures due for release figures which could see this milestone breached Citizens Advice which has supported three people every minute with advice on Universal Credit since the start of the pandemic has warned that a cut to Universal Credit would hurt…
Read moreNew analysis published today by Standard Life Foundation has found that 1.8 million people excluded from government income support schemes have seen their total household incomes fall by at least a third during the pandemic – five times greater than the rest of the UK population. Only 9% of the rest of the population have…
Read more
New research from Experian has found that one in six (60%) of consumers are e continuing to embrace digital transactions by using universal mobile wallets. The research has found that more people become accustomed to the security and convenience of the digital channel, digital transactions including mobile wallet payments are continuing to increase. The Global…
Read more