Credit, Collections & Insolvency News
The Bank of England’s latest money statistics has indicated that despite an increase in mortgage borrowing there was still a significant net decline in consumer credit. The statistics indicate that the amount consumers owed on credit cards and loans fell by a record amount over the last 12 months. A slump in borrowing and spending…
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The Financial Conduct Authority (FCA) has set out new best practice guidance for firms to do more to protect vulnerable consumers. The second consultation is its revised guidance for firms on the fair treatment of customers in vulnerable circumstances, alongside new research on the experiences of vulnerable consumers. More than 24 million people display one…
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The financial questions consumers find most baffling are – what loan-to-value means, the difference between PCP and PCH finance and what a balloon payment is, according to new research by Virgin Money. The bank’s survey of 2,000 UK adults revealed almost a third of consumer (31 per cent) are confused when it comes to money…
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Average spending on UK credit cards dropped by 26.5 percent for the period January to May 2020 compared to the same period in 2019. according to new research analysis by Fico. The research says that whilst typically spend in May is lower than April when Easter and school holidays normally occur, the spend in May…
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People suffering financial, health or emotional problems should be treated fairly and given the right support by phone, broadband and pay-TV providers, under best practice industry guidance issued by communications regulator Ofcom. The regulator says that the coronavirus pandemic has increased the potential for customers’ circumstances to change suddenly and providers are already offering additional…
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Leading debt and housing organisations have written an open letter to MHCLG minister Robert Jenrick, warning that without urgent action, people will lose their homes when the rental eviction ban lifts on 23rd August 2020. StepChange has joined forces with housing campaign group Generation Rent to urge Robert Jenrick MP to ensure that no-one who…
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Six in consumes are feeling optimistic about their finances amidst Covid-19 pandemic with nearly half of consumers are staying positive after lowering their spending due to lockdown according to new research by Topcashback.co.uk The research found that as stores reopen, the fashion industry may take another big hit as 69% of consumers are consciously spending…
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Consumers over-55s are expected to borrow £19 billion less over the next two years as a result of the coronavirus crisis, according to new research from equity release lender, more2life, and economics consultancy, Cebr. The reduction is expected to be due to the older generation being more cautious amid the current economic uncertainty and cutting…
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The Resolution Foundation says working-age households have suffered the worst income shock since mid-1970s, with the coronavirus crisis delivering a 4.5% decline in typical household incomes in May. The decline is the steepest since the 5.1% recorded in 1974 and exceeds the 2.7% fall in incomes seen in the wake of 2008’s financial crash. The…
Read moreEssential spend in June has returned to levels seen in 2019 as the UK continues to emerge from lockdown life, new data from Lloyds Bank has found. Whilst it is the first time in three months that essential spend has reach levels consistent with what was seen last year (down 3% in May and down…
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Lenders have provided over one million payment deferrals on credit cards to help customers whose finances have been affected by Covid-19 over the past three months, according to figures published by UK Finance. The trade body’s members have also provided almost 707,000 payment deferrals on personal loans for customers impacted by the pandemic. In addition,…
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Latest figures in The Bank of England Credit Conditions Survey’ have found that demand for lending suffered a fall during the three months to the end of May. The survey suggests demand for loans is set to increase at a time when banks start to slow down lending and prepare for a wave of bad…
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New research from TransUnion’s study tracking the impact of the pandemic has shown that over a quarter (27%) of UK households now do not expect any future financial impact as a result of the pandemic, almost double the figure (14%) when the study began in March. TransUnion says that this demonstrates the steadying effect that…
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