Credit, Collections & Insolvency News
New research from data insight specialist Consumer Intelligence has indicated that homeowners are considering cancelling their insurance as the cost of insurance rises to create further financial strains. The research shows the cost of buildings and contents insurance has risen 0.5% in the last 3 months (to an average premium of £151), but remains competitive,…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in April 2020 by 64% compared with the same month in 2019, and decreased by 19% in the first four months of 2020. Credit card and personal loan new business together fell in April 2020 by 48% compared…
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New data from Barclaycard has indicated that consumer spending contracted 26.7 per cent year-on-year in May. The data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that spending on essential items grew slightly by 0.9 per cent. This was bolstered by a 24.5 per cent rise in supermarket…
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The Covid-19 crisis has reduced financial wellbeing in the UK and consumers expect a further decline in the next six months, according to a European survey by credit management group Intrum. Despite this, some UK consumers have experienced a positive effect on their spending. The whitepaper outlines the financial impact of Covid-19 on private households…
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Debt charity StepChange has published a briefing revealing that a personal debt tsunami of £6 billion directly attributable to the pandemic is already being stored up among some 4.6 million households and, if left unchecked, is set to worsen. The charity warns that coronavirus-related debt will act as a drag on economic recovery and will…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in April 2020 by 94% compared with the same month in 2019, and by 33% in the first four months of 2020. The consumer new car finance market reported new business volumes 97%…
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More than a third of furloughed private renters (37%) are worried about being able to pay their rent when the coronavirus lockdown ends, according to new research published today by the independent Joseph Rowntree Foundation (JRF). This means around 250,000 people in this group could be in a position where they struggle to meet their…
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A new international study by Yolt, has suggested that UK consumers are less likely to regularly save for emergencies than their European peers, but this could soon change. Just 58% of UK respondents said that they regularly save money to ensure they have funds in the case of an emergency. This is compared to 79%…
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The economic fallout of the pandemic could leave 1.1 million more people below the pre-Covid poverty line at year end, including a further 200,000 children, according to analysis released by an IPPR think tank. The think tanks says that without urgent action to protect families from the financial hardship caused by the pandemic, this would…
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Families with children at home during the coronavirus lockdown are turning to payment holidays to help them through the crisis. According to comparethemarket.com’s Household Financial Confidence Tracker, fewer than one in ten (9%) households without children at home say they have taken a payment holiday, but this figure leaps to over a fifth (21%) among…
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Mortgage lending was flat in the first three months of 2020 compared with a year ago with an increase in buy-to-let activity offset by a drop in first-time buyers, according to UK Finance’s Household Finance Review for Q1 2020 . The report finds also highlighted that there was a modest pick-up in arrears towards the…
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More than eight in ten consumers have spent significantly less money during lockdown by not being able to buy treats and everyday items, according to new research from AA Financial Services. The analysis shows those that have saved money, 75% intend to pay off outstanding credit card debts, build up their investments and or add to…
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Consumers repaid £7.4 billion debt in April, the largest net repayment since the series began according to the latest figures from the Bank of England’s monthly Money & Credit statistical release data. This is the largest net repayment since records began in 1993 and double that of March, which was the previous record. The figures…
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