Credit, Collections & Insolvency News
A recent survey conducted by Hodge Bank has revealed that the COVID-19 pandemic has led to more people wanting to help younger family members financially. A third (31%)** of those questioned said that since the COVID-19 outbreak giving a financial gift to children or grandchildren is more important to them, compared to 23% who said…
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A third (34%) of consumers have used overdrafts, credit cards, payday loans and buy now pay later schemes to pay for essentials, according to new research by OpenMoney. The number is slightly up from last year when it stood at 33%. Just under a third (28%) have borrowed from family or friends to resolve financial…
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The Financial Conduct Authority (FCA) has published the findings of a review into re-lending by firms that offer high-cost credit. The review, which was completed prior to the coronavirus pandemic, highlights concerns about poor practices by some firms and notes that nearly half of consumers regretted borrowing more money. As firms in this sector begin…
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Gamblers should be protected by a new £100-a-month cap on spending to limit the harm that can be done by online gambling, a new Think Tank report has recommended. The Social Market Foundation (SMF) has also called for a sweeping overhaul of the way gambling firms are taxed, to put financial pressure on companies registered…
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Water companies need to build a stronger relationship with their customers to reduce the risk of households missing out on vital help with their water bills and other assistance when they hit hard times according to the Consumer Council for Water’s (CCW) annual survey. About one in ten customers told CCW their water bill was…
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Borrowing money from friends and family has reduced significantly since 2019, and even more so following lockdown, with a 58% decrease in borrowing, and a 52% decrease in lending, since March of last year according to new research by Lloyds Bank. According to the latest How Britain Lives research from borrowing significant sums of money from friends…
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The number of County Court Judgments (CCJs) issued against consumers in the first half of 2020 (HY1 2020) was 320,494 compared to 587,433, a fall of 45 percent compared to the same period last year according to figures released by Registry Trust. This is the lowest number of records registered in the first half of…
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The number of debt judgments against Northern Irish consumers fell by nearly 40 percent in the second half of 2020 compared to the same period last year, from 3,136 to 1,900, according to figures released by Registry Trust. The value of judgment debt owed by Northern Irish consumers for the half-year fell even more, by…
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Two new reports have called for more support to ensure the Credit Union sector can increase its reach. The Carnegie Trust has published its findings into existing affordable credit provision in seven Scottish Council areas, and called for stakeholders to work together to increase affordable credit providers market share to at least 10% of the…
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Furloughed workers are three times more likely to have defaulted on at least one payment in the last month, new Which? research reveals, highlighting the challenge that the Financial Conduct Authority (FCA) faces as it considers what additional support measures may be needed for those struggling financially once the government scheme comes to an end…
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The Insolvency Service has published its latest figures which indicates that in Quarter 2 (Q2) 2020 personal insolvency numbers increased by 12% (32,153) up from 28,747 in Q1 and by 7% from Q2 2019 (30,076). This is the first quarter that has been properly affected by the lock-down and despite the rise in overall numbers,…
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One in three consumers (35%) have checked their credit score during lockdown, with four million people looking at it for the first time according to latest research from TransUnion The research has revealed that this increased interest is due to people having more time (33%), with many on reduced working hours, combined with concerns about…
Read moreNew insights from Experian’s Credit Barometer suggests consumers’ chances of getting approved for credit are now 60% higher than at the start of the COVID-19 lockdown Consumers now have a wider choice of credit cards and loans, because more lenders are returning to the market as the COVID-19 lockdown restrictions ease. Around half of lenders…
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