Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for November 2019: Personal debt in the UK People in the UK owed £1,661 billion at the end of September 2019. This is up from £1,612 billion at the end of September 2018, an extra £930 per UK adult over the year. The average total…
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New research by iVendi shows that 8% of used cars have potentially conflicting information attached to their digital record – meaning that any finance quotes supplied for them could be incorrect. From a sample of around 140,000 vehicles being sold online, the motor retail technology specialist identified more than 11,000 as having a potential problem.…
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According to recent government figures, Plymouth Moorview has the worst rate of personal insolvencies in the country. With a rate of 54.9 out of 10,000 adults, the area tops the list of all constituencies in England and Wales. Plymouth Sutton and Devonport is not too far behind with a rate of 45.6 per 10,000 adults – the highest since records…
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Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…
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With the annual Talk Money Talk Pensions Week underway. The Money Charity, the UK’s financial capability charity, has highlighted the low levels of confidence with money across the UK with 2 in 3 consumers admitting that they don’t feel confident about managing their money. Only 1 in 2 think that they are a confident and…
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New research from PayPlan has revealed that Christmas is so expensive that people are now struggling to pay the rest of their essential bills. The free debt help service surveyed 1,000 people about how they are managing their finances. They found that 55% of parents will rely on their credit cards to cover their essential living…
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New research by comparethemarket.com has found that one in five UK adults do not know the difference between a personal loan and payday loan. Comparethemarket.com says that payday loans have come under intense criticism for charging very high-interest rates, often with a representative APR of 1,266%, and many lenders have closed down. By contrast, personal…
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New research from equity release lender, more2life, has revealed that more than a third (35%) of over-55s say their expenditure exceeds their income, with a significant majority of these individuals (68%) dipping into their savings to help plug the gap. A further 25% of over-55s say that the increasing cost of living will mean that it…
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Home repossessions have increased by 19 per cent to 1,330 in the third quarter of 2019 compared to the same period last year, new figures from UK Finance have revealed. UK Finance says the slight increase in possessions has been driven in part by a backlog of historic cases which are being processed in line…
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New research from TSB shows that a quarter (24%) of UK consumers who have shopped on Black Friday or Cyber Monday say they have experienced attempts at fraud during the weekend sales in the past. TSB’s research shows that only one in ten (14%) think about whether a website appears fraudulent when shopping in these…
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Recent research from the University of Edinburgh Business School has revealed that including gender information in credit scoring models increases the proportion of women accepted for consumer credit without altering the predictive accuracy of these models, The reseearch suggests that women can benefit from gender being taken into consideration in automated decision-making processes, increasing their…
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Energy regulator, Ofgem has called for insolvency firms to treat customers more fairly when they are left in debt when energy companies collapse. Fourteen small energy firms have exited the domestic energy market since 2018. Toto Energy became the seventh small supplier to go out of business this year in October – just three months…
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StepChange debt charity has published the key measures that it wants the next Government to prioritise to address the harm of problem debt and to help households build greater financial resilience for the future. The StepChange election manifesto calls on each of the political parties to commit to these measures during the General Election campaign.…
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