Credit, Collections & Insolvency News
More than a third of families with children at home (38%) are set to spend less on Christmas compared to last year, as the economic impact of the second lockdown continues to hit household budgets, according to comparethemarket.com’s latest Household Financial Confidence Tracker. Nearly half (46%) of families with children who are planning to cut spending…
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Latest figures from UK Finance have that there are 127,000 mortgage holidays (payment deferrals) in place in mid-November, a significant reduction in customers seeking this form of support from June’s peak of 1.8 million The figures indicate that the number of payment deferrals across mortgages and consumer credit reduced in recent weeks as more customers returned to making repayments or sought alternative…
Read moreNew research by MoneySuperMarket has revealed the financial impact of Covid-19 on middle-aged consumers with responsibilities for adult children and elderly parents. The financial role played by the ‘sandwich generation’ is well-known, with 50% of this group supporting their adult children (43%), or both their adult children and elderly relatives (7%). In pre-pandemic times, the sandwich…
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People struggling with money are paying an extra £478 for essentials like energy, credit and insurance because of the poverty premium, according to new research by the University of Bristol. The Fair By Design study of 1,000 low-income households accessing the services of national poverty charity Turn2us, shows that poorer households are spending the equivalent…
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Almost 700,000 consumers, including 120,000 children, have been plunged into poverty as a result of the pandemic economic crisis, according to research by the Legatum Institute. The report provides the first estimates of poverty in Winter 2020 using the Social Metrics Commission’s approach to measuring poverty, which the Government is currently developing as an Experimental…
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The Resolution Foundation has predicted that the coronavirus crisis will see Britain’s 15-year squeeze on household incomes prolonged, with pay cut by £1,200 annually within the next four years. The Foundation’s report ‘Here Today, Gone Tomorrow ‘shows that the Covid crisis is causing immense damage to the public finances and permanent damage to household finances…
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Women approaching retirement are facing a confidence conundrum: they are the most anxious about being able to afford a comfortable retirement yet are the least likely to consider alternative funding options to plug the gap. A new report published by the Equity Release Council (the Council) and finance specialist, Key, titled The Pension / Property…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2020. The section edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.The list…
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New survey results from PayPlan, have found that during a year where two-thirds of us saw our income drop due to Covid-19, 66% of us now feel under pressure to spend on friends and family at Christmas. The closure of high street stores during the second lockdown has limited our shopping choices and has driven…
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Consumers are more than twice as likely to feel anxious about their finances than they are to be content with them, leading to sleeping problems and distraction at work. A survey of 2,000 consumers revealed the average person loses almost 22 hours of sleep each year thinking about their money woes in the middle of…
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The amount spent by consumers on Black Friday has soared by 20% in three years according to the latest spending data from Lloyds Bank. Last year, when Black Friday fell on payday for many, customers spent in excess of £718m. Looking at the longer-term historical trend, and taking into account that 2020 Black Friday will…
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One in three people has got into debt since the start of the pandemic, according to a new report by national poverty charity, Turn2us. The findings also reveal how families with three or more children are twice as likely to run out of money as families with only one child. The report, which was co-designed…
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New research from over 50s experts SunLife has shows that many parents across the UK are concerned their own parents and in-laws will spend more than they can afford on the grandchildren this Christmas. The company research reveals that generous grans and granddads are planning to shell out a staggering £104 on each grandchild this Christmas, which,…
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