Credit, Collections & Insolvency News
New credit card accounts plummeted following the start of the first UK lockdown, but potentially riskier sub-prime approvals have bounced back hardest, more than doubling since August 2020, according to data from the new Equifax Market Pulse series. The overall volume of new credit card accounts bottomed out in May, 86% below March levels when…
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Almost two in five people in Scotland are concerned about their income during the Covid-19 pandemic, research for Citizens Advice Scotland (CAS) has found. The research, carried out by the Diffley Partnership, found 39 per cent of people concerned about their income during coronavirus. The research concludes seven months of tracking attitudes by CAS and…
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A quarter of a million older workers have stopped making pension contributions to make ends meet during the pandemic, according to new study by SunLife. According to Sunlife’s ‘Finances After 50’ research, before the crisis, around 22% working people over 55 were making regular contributions into a personal pension, UK-wide, this is equivalent to 2.4million…
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New research by Royal London has revealed a startling picture of people’s personal finances during the pandemic. the figures above show, household incomes have fallen while bills have risen, with many people believing that things are going to become even bleaker. The company found that the self-employed have been more acutely affected by Covid-19 than…
Read moreExperian is launching the UK’s first service to give consumers the ability to instantly improve their credit score, using information such as regular video and music streaming payments and council tax payments. The company says early analysis suggests over half of people (51%) using the new service will receive an instant increase to their Experian…
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Latest figures from the Financial Ombudsman Service (FOS) have indicated that there was a surge in complaints about consumer credit services in the three months to September, with claims management companies said to have driven a big rise in complaints being upheld. FOS says that between July and September 2020, there was a continued increase…
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Consumers have kept at least 21 million financial products secret from their loved ones, according to a new study of people’s financial behaviours from the Money and Pensions Service (MaPS) to mark Talk Money Week. Of those who have kept financial products a secret, the most common were hidden credit cards (37%), undisclosed personal loans (23%)…
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A new report from Money and Mental Health has shown that the ease and convenience of online shopping can offer a lifeline for many people experiencing mental health problems, especially in the context of lockdown restrictions. However, it also warns that the design of retail websites is making it extremely difficult for people with poor…
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More than a third of adults have become more aware of their finances since the start of the pandemic due to having more time to review their spending and wanting to prepare for the future according to new research by Experian A study of 2,000 adults found attitudes towards saving and spending have changed considerably…
Read moreNew data from global analytics software provider FICO has revealed that consumers found contact with lenders difficult in the early days of the pandemic. Now, as another country-wide lockdown begins and the number of financially vulnerable customers rises, the FICO research highlights the importance of timely, tailored communications with customers in financial stress. The data…
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A third (34%) of those who are planning to retire in 2020 continue to financially support their families with regular handouts amounting to over £3,700 per year, new exclusive research from specialist adviser Key shows. The research found that with retirees planning on an average retirement income of £20,663, figure that may drop due to…
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People in the UK continue to feel the strain on their finances due to Covid-19 pandemic with those aged 18 to 24 most affected according to credit reference agency Credit Kudos’ second Borrowing Index. The survey of 2,000 people across the UK found that almost two in five (37%) of the youngest adults have seen…
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A new study by GoCompare has revealed that 9.7million households are facing Christmas on a reduced income, compared with this time last year, with 13% saying that Christmas is going to be financially very difficult indeed. The research carried out ahead of the festive season, found that 35% of UK households are living on less…
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