Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for October 2019: Personal debt in the UK People in the UK owed £1,650 billion at the end of August 2019. This is up from £1,604 billion at the end of August 2018, an extra £876 per UK adult over the year. The average total…
Read more
A significant number (32%) of 18-34 year olds have had financial help from grandparents to get on the property ladder according to new research by Trussle. Nearly one-in-four prospective buyers expect help from their grandparents, whilst the research also identifies a growing trend of assistance with just 3% of over 55s previously receiving help from…
Read more
Google has announced new steps to restrict debt services advertising only to firms meeting new accreditation standards. These will be subject to an application and approval process, and will take effect from mid-November. Debt charity, StepChange has said that it welcomes this intervention and now urges other digital advertising platforms to adopt a similar approach.…
Read more
Without support, people in their 70s and 80s are vulnerable to making decisions that lead to financial deprivation according to a new report by the Pensions Policy Institute. The Pensions Policy Institute (PPI) has published ‘Supporting later life’ report which suggests that preparing for later life requires people to make complex plans for the unpredictable…
Read more
Consumers say banks should track their personal data to help them avoid debt problems according to a new report published by the Money and Mental Health Policy Institute, supported by Barclays. It explores how banks and building societies could monitor customer data to spot signs that people are at risk of falling into debt, such…
Read more
New research by StepChange reveals many households are struggling to cope financially, with women, younger adults and single parents disproportionately affected. Nearly a quarter (24%) of Welsh adults are showing at least one sign of financial distress according to new analysis by the debt harity. This includes 8% of the Welsh population experiencing severe debt…
Read more
Seaside towns dominate this year’s rankings for the areas with the highest levels of personal insolvencies in the UK (year-end December 31 2018), according to research by UHY Hacker Young. The data suggests that these seaside towns are still a long way from recovering from the decades of contraction in their traditional coastal industries such…
Read more
Latest research from Kensington Mortgages, the specialist mortgage lender, reveals that homeowners were borrowing more in the second quarter of 2019. Broken down by type, the figures show that self-employed borrowers are more conservative than first-time buyers. The average self-employed mortgage customer in the UK could have taken out a mortgage 29% larger than the…
Read more
Consumers are underestimating how long they’ll live and could end up facing an £80,000 shortfall in retirement savings. Research from Scottish Widows reveals that one in five people (19%) base their own life expectancy on the age to which their grandparents lived – despite lifespans increasing by 11 years across three generations. The average life…
Read more
More than half (57%) of residential mortgage products currently available have a standard maximum mortgage term of up to 40 years according to new research from Moneyfacts. The figures show that 40-year mortgage products stand at 2,782, up from 2,412 products (55.55%) this time last year. Darren Cook, finance expert at Moneyfacts.co.uk, said “Historically, a…
Read more
A third (33%) of consumers say they do not regularly save any money, according to new research by Lloyds Bank. Part of Lloyds Bank’s ‘How Britain Lives’ study, the UK-wide analysis conducted in partnership with YouGov, also found that 7% of UK adults have no savings whatsoever to fall back on if they lost their…
Read more
Almost a third (29%) of consumers spend an average of £120 a year paying for unwanted policies, subscriptions, and memberships that they haven’t cancelled, according to new research by online bank Marcus by Goldman Sachs. Online subscription services (32%) are the most frequently forgotten subscriptions and policies to cancel, followed by gym memberships (26%) and magazine…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business held steady in August, and grew by 1% in the twelve months to August, compared with the same period last year. Retail store and online credit new business in August was at a similar level to the same month…
Read more