Credit, Collections & Insolvency News
New research by Resolver has found that in the last twelve months alone, there were 8,577 complaints about buy now, pay later lending with 17,726 have been made in the two and a half years that Resolver has been helping people to complain about this type of credit. The data also reveals that problems are…
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The pandemic is having a significant impact on people’s household finances according to new analysis by TUC. The analysis has found that some consumers will be saving money, due to no longer having to commute or due to discretionary spending being constrained while holidays, meals out and pub visits aren’t possible. Whilsy others will be…
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A poll from AA Financial Services suggests 21 million are considering taking out a loan this year. The survey saw 44% of respondents say they are planning to borrow money once the coronavirus lockdown ends, with new cars, family holidays and home improvements the most common reasons cited for borrowing money The research, conducted among…
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Over two-fifths (44%) of UK adults who used a Buy Now Pay Later scheme (BNPL) to fund their Christmas shopping are now concerned about their ability to repay, according to the latest findings by comparethemarket.com. Worryingly, one-fifth (20%) are unable to meet these repayments without having to take on more debt, reflecting the concern that these…
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The Government has announced that it will legislate to bring currently unregulated, interest-free Buy-Now-Pay-Later (BNPL) into Financial Conduct Authority regulation in order to protect consumers under new plans announced by the government. The Government says that buy-now-pay-later products are rapidly increasing in popularity, with the volume of transactions tripling in 2020 as the pandemic drove…
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A growing proportion of consumers are taking control of their finances by seeking financial products for debt consolidation, according to the latest findings from Experian’s Credit Barometer. Searches for balance transfer cards via Experian’s comparison services have risen in January, from 31% of the total credit card searches in December 2020 to 37% in January…
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As 2020 came to a close, the fuller picture of Covid-19’s effect on UK household finances continued to emerge, demonstrating the significant mounting financial impact of the pandemic, according to the January 2021 Money Statistics, produced by The Money Charity. Moving into the final month of 2020, the uneven and heavy financial burden being shouldered…
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Here is an overview of The Money Charity’s latest statistics for January 2021 Personal debt in the UK People in the UK owed £1,692.5 billion at the end of November 2020. The average total debt per household, including mortgages, was £60,720 and per adult was £31,940, around 108.0% of average earnings. Net mortgage lending rose by…
Read moreThe Financial Conduct Authority has confirmed that it has extended its current guidance so firms should not enforce mortgage repossessions before 1st April as a result of the pandemic, except in exceptional circumstances. The guidance on consumer credit will permit firms to repossess goods and vehicles from 31st January 2021. In November 2020, banks and…
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Nearly 3.8 million consumers are excluded from the government’s income replacement schemes according to new analysis by Standard Life Foundation. The figures indicate that 7 per cent of consumers have lost earnings as a direct result of the pandemic and have not been either furloughed or able to get help from the Self-Employment Income Support…
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Data analytics company LendingMetrics is predicting a phenomenal spending rebound by the end of the second quarter 2021, if the brakes are taken off pent-up demand. The company, which supplies automated underwriting platforms and borrower vetting technology to lenders, has detected record volumes of suppressed demand in its data streams. And says that UK consumers…
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The Advertising Standards Authority (ASA) has published two rulings that have banned misleading adverts by two commercial debt advice firms. The rulings involve commercial debt advice companies, National Direct Service and Fidelitas Group who the ASA says made various misleading claims, in paid-for search ads and on their websites, about their services. An investigation was…
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The negative impact of the pandemic will hit household finances long after the current lockdown lifts, according to the latest Household Financial Confidence Tracker from comparethemarket.com. UK households believe it could take, on average, three years for their finances to recover to the levels of stability they enjoyed before the pandemic hit. The third national lockdown…
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