Credit, Collections & Insolvency News
A scheme designed to ensure people can maintain free access to cash could see banks share branches for the first time. The Community Access to Cash Pilot will test new subsidised ATMs and local cash deposit centres for retailers. Eight locations across the UK, including an army barracks, have been chosen for trials to help…
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Latest figures from UK Finance have shown that consumer credit card spending on some services slowed during March. Lockdown restrictions implemented towards the end of March resulted in a sharp drop in “non-essential” retail activity, travel and entertainment spending. The figures showed that there were 1.6 billion transactions on debit cards made by UK cardholders…
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Millions of consumers have run up unexpected debts – covering the cost of a family member’s funeral. Research polling 4,000 UK adults found 47 per cent have helped pay for a funeral after a family bereavement, setting them back an average of £2,000 – the equivalent of £49 billion across the UK. Two-fifths of those…
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Consumers who have experienced mental health problems are three times as likely to run out of money within a week if they lost their main source of income as those who have never had issues, during pandemic according to a new report by the Money and Mental Health Policy Institute. People with mental health problems…
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New research from Hitachi Capital (UK) has found that 55% of UK consumers living in rural areas feel prepared for the transition to a cashless society. The research found that older generations are embracing boom in cashless technology – 66% of 55+ year olds more comfortable with cashless payments since lockdown with 68% of consumers…
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As high street shops, department stores and shopping centres reopen today as the Government eases lockdown measures consumers have had more time than usual to mull over both spending and life decisions. New research from The Share Centre has found that consumers have spent 22 days deciding what car to buy, 19 days deciding what…
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The Insolvency Service has published its latest insolvency statistics which have shown a year on year rise in individual voluntary arrangements (IVAs) in England & Wales. In the three months ending May 2020 there was a monthly average of 7,899 registered IVAs. The figures show that there were 1,540 Debt relief orders and 739 bankruptcies…
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The Finance & Leasing Association (FLA) continues to call for the Government and the Bank of England to take immediate action to support the non-bank lending market, as new FLA figures released today show that the number of Covid-19 related requests for forbearance reached 1,623,000 (over 1.6 million) in the twelve weeks to 29th May…
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Research by the Office for National Statistics (ONS) has found that during the financial year ending March 2019, UK households spent a weekly average of £182 on activities that they have largely been unable to pursue in recent months due to coronavirus restrictions. Thie savings equates to 22% of a usual weekly budget of £831…
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More than a third (35%) of young people expect to be made redundant or take a pay cut due the economic impact of coronavirus. New data fromcomparethemarket.com’s Household Financial Confidence Tracker shows that 17% of 18-24 year olds believe they will be made redundant in the coming months and a further 18% anticipate that they…
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Over half of financial services professionals neglect safe data practices working from home according to new research by Tessian. 56 per cent of financial services professionals are less likely to follow safe data practices and 61 per cent feel they can ‘get away’ with riskier behaviour when working remotely. The State of Data Loss Prevention…
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New analysis has shown that essential household spending holds has held firm with no change year-on-year but also indicates signs of belt-tightening according to a ‘Spending Tracker’ by Snoop. Despite overall spending across the period increasing 14% year-on-year, the analysis shows the significant impact the Coronavirus (Covid-19) has had on many sectors. Hospitality, travel (-70%…
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The impact of the Coronavirus on the lives of consumers may lead them to consider consolidating loans to pay off debt leading to a healthier financial situation. according to analysis by Moneyfacts.co.uk The company says that despite a drop in base rate by the Bank of England, interest rates on unsecured personal loans are starting…
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