Credit, Collections & Insolvency News
To mark World Mental Health Day, four leading banks have announced they are backing Money and Mental Health’s campaign to ‘Stop the DebtThreats.’ Barclays, Monzo, Nationwide and Metro Bank have joined over 30 charities in calling on the government to change out-of-date rules on debt letters, to make them less intimidating, and more supportive to…
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Poverty is rising for all groups – even those in work – according to a new financial inclusion monitor report. The report from the University of Birmingham and the University of Lincoln shows nearly 1.6 million people falling behind with council tax payments, with six in ten people in the poorest fifth of the population reporting…
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New research has shown that more than half (63%) of UK consumers are worried about contactless fraud. The research, published by IDEX Biotmetrics ASA, revealed that the UK is now ready to welcome more secure payment methods. These methods include biometric payment authentication such as fingerprint scanning and voice recognition. In response to these findings,…
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The Financial Conduct Authority (FCA) has published its interim report of its market study into the pricing of home and motor insurance. The FCA found that competition is not working well for all consumers in these markets. It sets out concerns about how pricing in these markets leads to consumers who do not switch or…
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A new version of the Debt and Mental Health Evidence Form (DMHEF) has launched following a review conducted by the Department of Health and Social Care, along with the British Medical Association, Money and Mental Health Policy Institute, Money Advice Trust, UK Finance, the Credit Services Association and other key stakeholders. Findings from the review…
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Here is an overview of The Money Charity’s latest statistics for September 2019: Personal debt in the UK People in the UK owed £1,647 billion at the end of July 2019. This is up from £1,600 billion at the end of July 2018, an extra £888 per UK adult over the year. The average total…
Read moreUK Finance’s latest Household Finance Update has revealed that credit card spending reached £11 billion in August, up one per cent compared to the same month the previous year. Repayments have remained in line with credit card spending, showing that consumers are managing their finances effectively overall. Personal deposits grew by 1.4 per cent in…
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Over a million self-employed workers believe that they will not own their own home with over two thirds (68%) finding it difficult to get a mortgage according to research by Kensington Mortgages. A survey of more than 2,500 self-employed Britons has revealed that more than two thirds (68%) of self-employed individuals feel disadvantaged by their…
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The majority of University students in the UK do not feel as though they have sufficient money to live on while studying, new research from KnowYourMoney.co.uk has revealed. The financial comparison website has commissioned a survey of more than 1,000 people who are currently doing an undergraduate degree at a UK university. It found 54% believe…
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Nearly half (47%) of first-time buyers are partially funded by grandparents or parents according to research conducted by independent equity release adviser Key. Retired homeowners are increasingly considering cashing in buy-to-lets, acting as guarantors as well as remortgaging or taking out new mortgages (including equity release) to help children and grandchildren on to the property…
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In areas where Universal Credit has been rolled out for at least a year, food banks in the Trussell Trust’s network have seen a 30% increase in demand. In areas with the new system for at least 18 months this jumps to 40%, and increases again to 48% for food banks in areas with Universal…
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The British Retail Consortium (BRC) has launched its latest Payment Survey which shows that credit card spending overtook cash spending in 2018. Whilst debit cards remain the most popular method of payment, accounting for almost three-in-five transactions. The use of cash payments has been falling steadily. Over the past five years, cash use has dropped…
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Credit cards can be a responsible way to spread the cost of large but infrequent purchases, however new research suggests that this is not the way many young people are choosing to take on debt. A new study from comparethemarket.com reveals that nearly a fifth (18%) of 18-24-year olds use their credit card every day.…
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