Credit, Collections & Insolvency News
One in every two first-time buyers aged under 35 is receiving financial support from the Bank of Mum and Dad (BoMaD), new research from Legal & General and Cebr has revealed. More than half (56%) of those under the age of 35 received a financial gift to help them step onto the housing ladder. In…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2020 by 11% compared with the same month in 2019, and contracted by 21% in the eight months to August 2020. Consumer car finance new business grew in August by 8% compared with the same month…
Read more
Almost three million households owe £188 million to their energy suppliers before winter has even begun, half a million more households than 2019 according to the latest winter energy debt research from Uswitch.com. The jump in the number of homes in debt comes at a time when energy accounts should ideally be in credit after…
Read more
An increase in personal debt as a result of the Covid-19 lockdown is likely to be a key driver behind many bankruptcies between now and Christmas, according to a top insolvency practitioner. Ian Defty, Partner at insolvency and restructuring firm CVR Global, believes the UK is set to face a deluge of bankruptcies or debt…
Read more
Londoners are the least content when it comes to their financial situation and have the lowest ‘money wellness’ in the country according to new research by First Direct bank,. Financial researchers used a complicated aggregation index to create a table that ranks ‘money wellness’ on a scale from 0-100, with the national average standing at…
Read more
More than 40% of workers are relying on at least one new loan, credit card or overdraft in order to make ends meet, according to new research by Hastee. Over a third of those surveyed said they were being even more cautious with their cash every month, while 27% needed to sacrifice essential purchases due to…
Read more
Here is an overview of The Money Charity’s latest statistics for September 2020 Personal debt in the UK People in the UK owed £1,681 billion at the end of July 2020. The average total debt per household, including mortgages, was £60,403 and per adult was £31,907, around 114% of average earnings. Net mortgage lending rose by…
Read moreCredit Connect’s hosted it’s first-ever Online Collections Technology Think Tank last week which saw collections strategies and the impact of the pandemic discussed by eleven collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, vulnerable customers, affordability, and open banking collections were discussed by panelists and Chair Vanessa Northam…
Read more
Following the stresses and strains of the Covid-19 pandemic, 26% of UK consumers say they are not confident about their financial situation, according to a Chartered Institute for Securities & Investment (CISI) survey. This most recent survey builds on past surveys the CISI has undertaken. In 2017, 30% of respondents said that they would not…
Read more
The Public Sector is failing debtors, especially the most vulnerable, and needs to urgently learn the lessons from the private sector according to the Chartered Institute of Credit Management (CICM). The concept of ‘vulnerability’ is also too vague, and as such many of those most in need of help are falling between the cracks. The…
Read more
The Financial Conduct Authority (FCA) has today published its final report of its market study into the pricing of home and motor insurance. The FCA says that anyone renewing their home or motor insurance should pay no more than they would as a new customer, under a proposed shake-up of the sector. The FCA is…
Read more
Ninety-three percent of consumers are struggling to afford essentials after Government collection measures according to research by debt charity StepChange. The report has found that fundamental and specific improvements are needed for ‘deeply flawed’ government debt collection practices,. The deadline for responses to the Cabinet Office on Government debt collection practices sees StepChange Debt Charity…
Read more
Research from Indesser, a joint debt management venture between the Cabinet Office and TDX Group, shows 39% of people’s finances have been negatively affected by the COVID-19 pandemic, with Generation Zers feeling the sharpest impact (44%). The survey reveals the toll of the pandemic on people’s sense of financial stability, with 43% admitting they worry…
Read more