Credit, Collections & Insolvency News
Controlling spending temptations and unintentionally falling into debt are the main consumer concerns when it comes to owning a credit card, according to research from Equifax, the consumer and business insights expert. The online survey of over 2,000 people does however reveal positive awareness about the potential benefits of spending on credit cards, including credit…
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RSM is predicting that official figures, due to be published next Tuesday, will show a 9 per cent rise in personal insolvency rates in England and Wales in quarter two when compared to the same quarter last year. The data from Tracker, RSM’s early online warning system, predicts that total insolvencies for the quarter will reach…
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Research by TotallyMoney has revealed that credit card owners are often caught out by high fees because of not knowing what classifies as a cash advance. The annual Financial Awareness Survey 2019, carried out by OnePoll and commissioned by TotallyMoney asked a nationally representative sample of 2,000 UK adults about cash advance fees. It reports:…
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The amount spent on childcare by parents in Scotland has risen sharply in recent years, according to research by Bank of Scotland. The survey, which saw YouGov poll more than 3,000 people across Scotland, found that parents are now spending an average of £276 on childcare each month, or £3,312 over the course of a…
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Households are missing out on savings of over £400 by failing to switch the energy, home and car insurance providers. Research from comparethemarket.com has shown that the top three regions where households can save the most by switching are the West Midlands (£732), the East Midlands (£665) and the North East (£660). The insight from…
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The number of County Court judgments (CCJs) issued against consumers in England and Wales in the first half of 2019 rose just three per cent, to 586,765, compared to the same period of 2018, according to latest figures released by Registry Trust. First half-year judgment numbers were rising every year since 2012’s record HY1 low…
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The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland rose by 7% in April-June 2019 compared with the previous quarter (January-March 2019), and rose by 9% compared with the same quarter the previous year (April-June 2018) according to latest Accountant in Bankruptcy (AiB) statistics. The figures showed that there were 3,520 personal…
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Here is an overview of The Money Charity’s latest statistics for July 2019: Personal debt in the UK People in the UK owed £1,640 billion at the end of May 2019. This is up from £1,592 billion at the end of May 2018, an extra £922 per UK adult over the year. The average total debt per household, including mortgages,…
Read moreNine in ten students have a student loan or plan to have one, but only 26% think they will be able to pay it back in full, according to research from the Association of Investment Companies (AIC) conducted by Opinium Research. The figure is lower among graduates with a student loan, with only 13% expecting to…
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The Financial Conduct Authority (FCA) has launched a consultation on proposed guidance for firms on the fair treatment of vulnerable customers. The guidance sets out the FCA’s view of what the FCA Principles require of firms to ensure that vulnerable consumers are consistently treated fairly across financial services sectors. The FCA wants to see doing…
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The number of payday loans being taken out by consumers has collapsed by third according to a freedom of information request, made to the Financial Conduct Authority (FCA) by income streaming app Wagestream. The latest statistics for Q1 2019 show that there were 861,781 payday loans taken in the first three months of the year.…
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Cifas, the UK’s fraud prevention service, has released a report in conjunction with WPI Economics, showing one in seven (14%) British adults have committed one or more types of consumer fraud, while two in three (66%) know someone who has. There are many types of first-party fraud – including: Fronting – setting up a service in…
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Nearly a third of tenants are struggling to afford their rent according to new data published by the Government’s English Housing Survey. The study has found that 29 per cent of tenants in the private sector surveyed in 2017/18 said they found it “fairly difficult” or “very difficult” to pay their rent. The remaining 71…
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