Credit, Collections & Insolvency News
Which? is calling for action to help the most vulnerable after it found that more than a quarter could be at risk of going hungry because they have faced difficulty accessing basic food and essential groceries. With shielding measures due to end soon in some parts of the UK, the consumer champion is calling on…
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A new study into the nation’s finances has shown that a fifth (20%) of consumers believe Coronavirus has been a financial wakeup call, with almost a third (30%) admitting they were unprepared money-wise for the situation. The research, conducted to mark the launch of Zopa’s bank, shows 38% of people are now likely to create…
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Spending on non-essential items improved in May relative to the record fall seen in April, data from Lloyds Bank shows. Following April’s 42% year on year fall, the biggest on record, spending in May was down 32% giving hope to businesses that demand is still there. Whilst the lockdown was eased slightly in the month…
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The Financial Conduct Authority (FCA) has confirmed that the credit card payments freeze could be extended for another three months for customers still suffering from the economic impact of coronavirus. After imposing a three-month pause on repayments for those struggling amid the fallout of the pandemic on the economy, the Financial Conduct Authority (FCA) has…
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A survey of over 4,000 customers by Virgin Money found one in eight had called on their bank for help in the form of overdrafts and payment holidays on mortgages, personal loans and credit cards, the equivalent of about 8 million people. Virgin Money’s Financial Happiness report found that 1 in 4 (24%) of those…
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The Bank of England’s latest money statistics reports that households repaid more loans from banks than they took out. A £4.6 billion net repayment of consumer credit more than offset a small increase in mortgage borrowing. Approvals for mortgages for house purchases fell further in May to 9,300. The repayments on consumer credit dropped to…
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Households are increasingly struggling to make ends meet as the covid-19 pandemic crisis continues, with research suggesting a worrying increase in family debt. Research by the Institute for Fiscal Studies (IFS) shows that one in seven households are falling behind on repaying their mortgages due to the coronavirus pandemic. The study found that 1.4 million…
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Parents are spending hundreds of pounds extra a month to take care of their children during lockdown. New data from comparethemarket.com’s Household Financial Confidence Tracker shows that 40% of families with children at home have spent more on their children during lockdown than they would normally. Of these, parents are spending an average of £52…
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Three-quarters of people will struggle to pay off their debt after lockdown according to new research bey free debt advice company, PayPlan. The company conducted a survey to find out how people in debt have been affected during the Coronavirus outbreak. The FCA have extended payment holidays for mortgages and other debts, and although the…
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New research from Admiral home insurance has revealed that one in five consumers has confessed to spending on new things to make lockdown at home more bearable during the lockdown. The analysis suggests that housebound consumers splashed out an average of £792 each on everything from craft equipment to garden furniture, technology to toys, which…
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New research by Policy in Practice shows that people on low incomes could lose £100’s of pounds if they are asked to self isolate due to Test and Trace. Some households who are asked to self-isolate will struggle to bear the immediate financial costs of relying on Statutory Sick Pay. If their loss of earnings…
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Families falling out of work during the coronavirus pandemic crisis are on average £1,600 worse off in benefits than they would have done without a decade of austerity according to new analysis by the Institute for Fiscal Studies (IFS). The IFS says benefits for out-of-work households are worth 10% less than in 2011. The analysis…
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The UK’s three largest credit reference agencies (CRAs) have collaborated on a new guide to help people understand how their credit-related information is used by lenders. Equifax, Experian and TransUnion have launched the guide – Understanding your credit information and how lenders use it – to inform people about the factors lenders consider when deciding…
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