Credit, Collections & Insolvency News
The winners of the 2020 Credit & Collection Technology Awards have been announced following a live interactive virtual awards broadcast yesterday (Thursday 19th November). The awards are the flagship event for innovational technological professionals working in credit and collections and the fourth annual event honoured the UK’s technological innovators, celebrating outstanding achievement across nineteen hotly…
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Average spending on credit cards has levelled after previous months’ increases, whilst rates of one missed payment fell according to new analysis by FICO. The analysis of card trends for September 2020, highlightedthe continuing impact of Covid-19 on household finances even while furlough and payment holidays remained in place during the month. Stacey West, principal…
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Older homeowners are using their property wealth to clear debt and help family with nearly three-quarters of the £884 million released going to boost their finances and support relatives, according to new analysis from equity release adviser, Key. Figures from the company’s Quarter 3 (Q3) Market monitor report highlight that the market has returned to…
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Data published by UK Finance reveals that contactless payments by debit card reached record levels in August, accounting for 62 per cent of all debit card transactions. Just under half (45 per cent) of all credit card transactions were contactless, with the number of contactless credit card transactions in August increasing 14.6 per cent compared…
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The Money and Pensions Service (MaPS) has released its response to 13 ambitious financial wellbeing recommendations from influential sector leaders, which were published last month. The response document, which details how the organisation will deliver alongside others in the sector to help support and build a financial wellbeing movement from 2021 onwards, includes an explanation of how MaPS will refocus its current campaigning activity to help those most in need of guidance and…
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Three-in-ten working-age consumers who have faced a sustained income hit during the pandemic are now unable to afford some basic household costs such as heating and fresh fruit and vegetables, as the persistence of the crisis exacerbates divides in how low- and high-income households are coping financially, according to new Resolution Foundation research. The Foundation’s…
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Young people have lost out the most from the initial national lockdown and other restrictions, according to new data from NatWest Group. On average, around one in five (21%) residents in Britain has experienced an income fall of 20 per cent or more. Young people across the country have been disproportionately impacted, with 27 per…
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More than half of consumers have no idea what their current credit score is which could have a huge impact on their financial health according to latest research from Experian. The research of 2,000 adults found three in ten never look at their credit score, while a quarter are unaware of what factors contribute to…
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New figures from the Insolvency Service’s latest personal insolvency figures have risen by 60% in October 2020 when compared to September in England and Wales. Personal insolvencies increased to 11,939 in October 2020 compared to September’s figure of 7,458, and were higher than October 2019’s figure of 10,030. There were, on average, 6,154 IVAs registered…
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Since the start of the year, 35% of grown-up children have returned to the family home, typically increasing their parents monthly outgoings by £425, research from Canada Life has revealed. Overall, the living situations of 7.2 million consumers have changed since January, of which 10% can be attributed directly to Covid-19. Whilst the majority (83%)…
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The average adult spends the equivalent of an entire year worrying about money over their lifetime, with more than a quarter admitting it is bad for their mental health. A study of 2,000 consumers found they typically think about their finances four times-a-day, for a total of 28 minutes. This amounts to 170 hours-a-year –…
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New research has found that one in eight families have struggled to cover funeral debts, with a shortfall of almost £2,000 on average causing financial issues. According to SunLife’s ‘Cost of Dying Report 2020’, two in five of us don’t make any financial provision to pay for our own funeral, leaving loved ones to pick…
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New research from StepChange Debt Charity reveals levels of household borrowing and arrears attributable to coronavirus have soared to £10.3 billion since the start of the pandemic, an increase of £4.3 billion (66%) since May. StepChange’s report, ‘Tackling the Coronavirus Personal Debt Crisis‘, has found the number of people affected by Covid who are in…
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