Credit, Collections & Insolvency News
New survey results from debt PayPlan have found that during a year where two-thirds saw an income drop due to Covid-19, the majority of parents are worrying about how they will feed their children and far too many are going without food themselves. A lack of income forced 55% of people to cut back on…
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A recent financial survey by KIS Finance has revealed that 43.2% of consumers anticipate having to take out some kind of credit facility before the end of this year. The company says that Christmas is already an expensive time of year and scammers know that many people struggle financially and turn to borrowing to get them through. With…
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One in seven (14%) of people have fallen behind on essential bills, including energy, water, mobile phone and broadband bills, council tax, rent or mortgage payments, the equivalent of seven million people in the UK, according to new research from Citizens Advice. A poll of 6,004 people, conducted by ICM Unlimited for the charity, also…
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The number of people experiencing destitution increased by more than 50% to 2.4m between 2017 and 2019, according to the Joseph Rowntree Foundation (JRF), which is calling for the Government to make permanent and extend a £20 uplift to the basic rate of benefits, along with other reforms to make the welfare system more generous.…
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New research has found that 45.5% of people have been forced to take out some kind of financial facility or borrow money from friends/family due to the pandemic according to KIS Finance. Alongside this, a further 43.2% of people expect to seek out more financial help before the end of the year. Young adults between…
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The rate of personal insolvencies in England and Wales rose for the fourth year in a row in 2019, to 26.1 per 10,000 adults according to new analysis of Government figures by insolvency trade body R3. Women (27.8 per 10,000) had a higher personal insolvency rate than men (24.1 per 10,000) whilst the North East…
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Nearly four in ten (37%) self-employed people surveyed expect it to take more than a year before their income returns to pre-Covid levels, while a tenth doesn’t expect their income to recover at all, according to new research from the Money Advice Trust. The charity is calling for the Government to introduce a Covid-19 ‘Self-Employment…
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In the first three quarters of 2020, older homeowners used their property wealth to gift over half a billion (£530 million) or around £59 million per month to family and friends, new analysis from Key. Help with housing deposits and early inheritances were the main consistent drivers behind this generosity. Over-55s were most generous in…
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Rising numbers of UK consumers are avoiding unnecessarily risking their credit score by checking their eligibility, as demand for credit grew in the second lockdown compared to the first lockdown according to the latest findings from Experian’s Credit Barometer. The number of consumers checking their eligibility for credit cards in the first two weeks of…
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New figures from debt advice provider Financial Wellness Group has indicated that people are falling into problem debt at a younger age. 31% of new debt advice and solution customers are now under 30, up from 23% last year. Alongside this trend, customers are also more likely to be single now (60% of all new…
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Average Christmas spend has fallen by £268 from this time last year, going from £1,057 (2019%) down to £789 (2020), according to new research from AA Financial Services. Asking a nationally representative sample of 2,131 adults what they planned to spend on socialising, decorations, food, travel and accommodation, the research found that, on every count,…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business fell in October 2020 by 11% compared with the same month in 2019, and decreased by 18% in the ten months to October 2020. Consumer car finance new business by value and retail store and online credit each…
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Economic upheaval is putting a disproportionate strain on young adults and parents in the UK, according to the latest European Consumer Payment Report by Intrum The annual European-wide survey of more than 24,000 consumers found that 36% experienced an income drop as a result of the Covid-19 crisis. Though 10% said their income has since…
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